R2 Leads Rivian’s Vehicle Mix in Q3 as Revenue Reaches $2.155 Billion
Key Facts
Rivian said the R2 became its highest-volume vehicle in the third quarter of 2026, surpassing the R1 and EDV models, signaling the model’s growing share of the company’s vehicle mix. The company did not disclose how many R2 vehicles it sold separately during the period. Revenue reached $2.155 billion, up 38% year over year, according to its results filing with the U.S. Securities and Exchange Commission. Rivian’s production also rose to 19,751 vehicles in the third quarter, compared with 10,720 vehicles in the same period of 2025. The performance puts the R2 at the top of the vehicle mix as the company seeks to ramp up production and improve manufacturing economics.
The automotive segment’s results showed an improvement in manufacturing cost per vehicle: Rivian said automotive cost of goods sold per vehicle improved by more than $12,000 sequentially in the third quarter compared with the second quarter. The company attributed the improvement to a higher share of R2 in the production mix and fixed-cost absorption. It also said it had started a second production shift for R2 in Normal, Illinois. Rivian expects the move to increase use of shared facilities across the R1 and R2 models and EDV vehicles, and to improve fixed-cost absorption. The company’s link between the R2 mix and lower per-unit costs means the model is affecting production and cost metrics as well as leading Rivian’s vehicle sales by volume.
In software and services, revenue reached $605 million in the third quarter, up 45% year over year, according to the results statement. The segment posted gross profit of $256 million, with a gross margin of 42%, according to the results presentation filed with the SEC. The figures highlight a source of revenue beyond vehicle sales, as the company said autonomy could reshape competition in the auto industry. Chief Executive RJ Scaringe said, "Autonomy represents a major shift in the overall architecture of the auto industry," adding that it "will be a major driver of market share shifts." Rivian plans to provide more details on its autonomy and artificial intelligence strategy at its Autonomy and AI Day scheduled for December 9, 2026.
On operating guidance, Rivian raised its 2026 delivery range to 67,000–70,000 vehicles, from 65,000–70,000 vehicles. The revision comes alongside higher third-quarter production and the launch of a second R2 shift, while annual delivery figures remain within a range estimated by the company. Rivian also expects a significant increase in capital expenditure during 2027 as construction accelerates at its Georgia factory. The company said the expected spending increase is tied to rising construction activity at the facility. The Autonomy and AI Day on December 9 is the next date the company has set to share additional details on its technology plans.
Rivian shares rose after the company reported third-quarter results on October 29, 2026, climbing 6.03% in extended trading to $12.14 after closing the regular session at $11.45, according to data reported by Investing.com citing Reuters. The share move was tied to the quarterly results release, not to later comments on R2 performance. Raising the low end of its delivery forecast updates the company’s operating outlook for the rest of the year. The effect of R2’s increased share on costs is reflected in the company’s third-quarter comparison with the second quarter. December 9 remains the next dated event Rivian has announced for further details on autonomy and artificial intelligence.