According to its own figures, Rivian delivered 42,247 battery-electric vehicles in 2025, marking an 18% decline compared to its delivery record of 51,579 units in 2024. Although the market had known about the drop in deliveries for several days, Rivian only recently published the corresponding financial data. The company’s vehicle business generated 15% less revenue year on year, falling to $3.83 billion. Rivian increased revenue per vehicle slightly compared to the previous year, but this improvement came nowhere near offsetting the overall decline in revenue.
Nevertheless, Rivian managed to increase its total revenue by 8% to $5.387 billion. This growth was driven by a significant 222% rise in the Software and Services segment, which generated $1.557 billion in revenue. This substantial increase is primarily attributed to the development of E/E architecture and software within the joint venture with Volkswagen established in 2024. Volkswagen plans to first implement this technology in the new ID.1 in 2027, and later in vehicles based on the new SSP architecture. As part of the collaboration, VW has held a 12.3% stake in Rivian since the summer 2025, making it the second-largest shareholder. VW intends to further increase its stake and could potentially overtake Amazon as the largest shareholder. Amazon, which commissions Rivian to build its electric delivery vans (EDV), now has more than 30,000 units in its fleet, according to Rivian.
However, despite the positive revenue growth driven by the VW collaboration, Rivian continues to incur significant losses: in 2025, the company reported a net loss of $3.6 billion. While this is considerably less than the $4.75 billion loss in the previous year, it remains a substantial deficit.
In addition to the full-year 2025 figures, Rivian has also released its results for the fourth quarter of 2025. Overall, there was a marked decline: total revenue amounted to $1.29 billion, compared to $1.73 billion in the same quarter of the previous year. Revenue from the automotive sector fell to $839 million, down from $1.52 billion in the previous year’s quarter.
Rivian attributes this 45% decline to a $270 million reduction in the sale of regulatory credits, lower vehicle deliveries due to the phasing out of state electric vehicle incentives in the US, and a lower average selling price resulting from a higher proportion of electric delivery vans in total deliveries. In contrast, revenue from software and services (linked to the VW collaboration) increased by 109% to $447 million. The net loss rose from $743 million to $804 million.
For 2026, Rivian is pinning its hopes on the new R2 model, a compact electric SUV, with customer deliveries expected to begin in the second quarter of 2026. The first validation models of the R2 were completed in January at the plant in Normal, Illinois. The launch version of the R2 will be a well-equipped vehicle with dual motors and all-wheel drive, Rivian stated. Further product and model details are expected to be revealed on 12 March.
With the new model in mind, Rivian aims to significantly increase its delivery figures this year, from the aforementioned 42,247 units to between 62,000 and 67,000 vehicles. This would represent an increase of approximately 47% to 59%. The company also expects its losses to reduce substantially this year, to between $1.8 and $2.1 billion.
rivian.com (press release), rivian.com (investor letter as PDF)
