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Rivian has just posted its latest letter to shareholders, detailing its financial numbers and accomplishments for Q3 2025. In addition to some steady financials, we’ve gained a clearer view of the American automaker’s 2025 outlook, as well as its timeline for the R2 next year. Oh, and apparently, it also created a new AI company.
As always, we will dig into the Q3 2025 report below, but we want to give a quick recap of what Rivian has been up to over the last three months. To begin, most of our coverage was speculative. We explored the possibility of the American automaker offering a “Grimace-like” purple exterior to customers in the future, and kept tabs on several patent filings the Rivian team had been busy submitting.
On the software side, Rivian rolled out several OTA updates in Q3 2025, including its annual Halloween theme, which I personally tested. Last month, we also confirmed that Rivian was laying off over 4% of its staff to lean down and optimize for the launch of its second all-electric model, the R2.
We have plenty of exciting information on that in Rivian’s Q3 2025 report, available below. Before then, however, Rivian shared a tidbit of its Q3 numbers, relaying that it had delivered 13,201 EVs, beating initial expectations.
The automaker also built 10,270 vehicles at its Normal, Illinois, production facility during that time. Normal has grown significantly to make way for the R2 as mentioned above, which was again outlined in Rivian’s Q3 2025 letter to shareholders, as shown below.
Rivian’s Q3 2025 report by the numbers
Rivian’s full financial report and letter to shareholders for Q3 2025 is available here, but we’ve noted some highlights below. As we outlined above, deliveries continued to rise from Q1 to Q3 2025 as Rivian reported the following tallies, respectively:
- 8,640 in Q1
- 10,661 in Q2
- 13,201 in Q3
Production is also up compared to only 5,979 builds in Q2 2025. These numbers make sense considering Rivian said it expected Q3 to be its peak quarter for the year. Here’s Rivian’s breakdown of notable revenues and gross profits:
- Revenues
- $1.56 billion consolidated revenues (+78% YoY)
- $1.14 billion of that was automotive revenues (+47% YoY)
- $416 million was from software and services revenue (a 324% increase YoY)
- Gross Profits
- $24 million of consolidated gross profit (+$416 million YoY)
- $(130) million automotive gross profit loss, (+$249 million YoY)
- $154 million software and services gross profit (+$167 million YoY)
As a result, Rivian as slightly honed in on some of its 2025 outlook compared to Q2:
| Current outlook | |
| Vehicles Delivered | 41,500 – 43,500 |
| Adj. EBITDA | ($2,000) million – ($2,250) million |
| Capital Expenditures | $1,800 million – $1,900 million |
Rivian Founder and CEO RJ Scaringe spoke in the Q3 2025 letter to shareholders:
In Q3, we continued to make significant progress across our strategic priorities which includes R2 and our technology roadmap. R2 delivers on the adventurous spirit customers expect from Rivian. It’s also a great daily driver that will fit so many different use cases for our customers. Over the long term, we believe the automotive industry will be fully electric, autonomous and software-defined. We continue to believe that Rivian’s vertically integrated technologies and direct-to-customer ownership experience position our company to build a category-defining brand with a strong product portfolio for the U.S. and European markets.
According to Rivian, it has recently completed construction of the R2’s new 1.1 million square-foot body shop and general assembly building at the Normal, Illinois, site, as well as a 1.2 million square-foot supplier park and logistics center.
The R2 validation builds are currently completing durability, performance, aerodynamics, thermal, and noise, vibration, and harshness testing. Rivian expects to begin manufacturing validation builds at the end of 2025, ahead of initial customer deliveries in the first half of 2026 (e.g., progress remains on track).
I would like to highlight another interesting point in the letter to shareholders. In Q3 2025, Rivian spun out a new e-bike brand called ALSO, which our team was able to experience firsthand. The automaker highlights that milestone in a section called “Innovation Leverage” on page ten, but theres something else worth mentioning – a second new company called Mind Robotics, that Rivian apparently founded in the past four days. Per the letter:
We believe there are synergies shared between the development of autonomous driving and physical AI. In November, we set up a new company, Mind Robotics, and secured approximately $110 million of external seed capital. Mind Robotics will focus on the advancement of industrial AI to reshape how physical world businesses operate and leverage Rivian operations data as the foundation for a robotics data flywheel. We believe AI-enabled robotics can support a wide range of industrial applications.
If you’re looking for details about Rivian’s new AI company, we already asked and this is all the public is getting, at least for now. Perhaps we will learn more during Rivian’s Autonomy and AI Day, which Rivian confirmed it will host on December 11, 2025. It promises to “share more details on the company’s autonomy vision and technology roadmap.”
For now, we will focus on the Q3 2025 numbers and letter to shareholders. As always, Rivian is following up with a live webcast at 5 PM ET today, available here.
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