What Happened?
Shares of electric vehicle manufacturer Rivian (NASDAQ: RIVN) fell 3.3% in the afternoon session after the company kept its full-year delivery guidance unchanged despite reporting third-quarter deliveries above expectations.
Rivian released its production and delivery figures for the third quarter of 2026. During the quarter, the company manufactured 19,751 vehicles at its facility in Normal, Illinois, and delivered 19,248 vehicles. Although third-quarter deliveries were above expectations, the company reaffirmed its full-year delivery guidance range of 65,000 to 70,000 vehicles.
The shares were trading at $14.19, down 3.9% from the previous close.
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What Is The Market Telling Us
Rivian’s shares are extremely volatile and have had 40 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The biggest move we wrote about over the last year was 10 months ago when the stock gained 14.1% on the news that the company announced ambitious plans for autonomous driving technology, including a proprietary AI chip, during its inaugural Autonomy & AI Day. The new in-house chip, named the Rivian Autonomy Processor, was designed to power its future self-driving features, replacing processors from Nvidia in upcoming vehicles. By developing its own custom silicon, the company aimed to reduce dependence on outside suppliers. Rivian also unveiled a new paid driver-assistance package called Autonomy+, priced at $2,500 as a one-time payment or $49.99 per month, which was significantly below the cost of Tesla's competing system.
Following the announcements, analysts reacted positively, with brokerage Needham and Co raising its price target on the stock by 64% to $23 per share.
Rivian is down 26.9% since the beginning of the year, and at $14.19 per share, it is trading 36.8% below its 52-week high of $22.45 from December 2025. Investors who bought $1,000 worth of Rivian’s shares at the IPO in November 2021 would now be looking at an investment worth $140.82.
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