Rivian’s Q2 2025 Earnings Call Is Tomorrow. Here’s What to Watch

Rivian is set to report Q2 2025 earnings tomorrow at 2PM Pacific, and there’s a lot riding on this one. Between shifting production numbers, changing incentives, and a fresh wave of 2026 model year vehicles starting to roll out, there’s plenty to unpack. So let’s break it down.

In Q2, Rivian delivered 10,661 vehicles. That’s a decent jump from the 8,640 delivered in Q1. But production tells a different story, just 5,979 vehicles were built in Q2, down significantly from the 14,611 built in Q1.

Rivian’s full-year delivery guidance is still between 40,000 and 46,000 vehicles. With 19,301 delivered so far this year, they need to move at least 20,699 units in the second half just to hit the low end. That’s about 10,350 per quarter. Based on Q2’s numbers, it’s doable, but not a guaranteed lock.

Expect the company to speak to its delivery confidence during the earnings call, especially since this would require Rivian to keep demand strong and production consistent as they ramp up the refreshed models.

There’s more to this than internal planning. The EV lease credit is currently scheduled to go away on September 30. That’s pushing Rivian (and other EV makers) to get vehicles into customer hands before the deadline.

So What’s the Bottom Line?

• Deliveries are strong, production is temporarily down due to model year transitions
• Rivian still needs to deliver over 20,000 vehicles in H2 to meet guidance
• Incentives like the $7,500 lease credit are expiring soon, adding urgency
• Tariff pressure is real, but Rivian is navigating it with updated plans and VW’s support
• Tomorrow’s call should provide clarity on where things go from here

We’ll be tuning in to the call and breaking down the most important updates right after. Stay locked in here on RivianTrackr for the full recap.