The Rivian R2 is on display during the 2025 Los Angeles Auto Show at the Los Angeles Convention Center on Nov. 23, 2025 in Los Angeles, California.
Rivian Automotive on Thursday beat Wall Street's fourth-quarter expectations and said it's targeting a significant increase in vehicle deliveries this year, but the automaker also cautioned that it will continue losing money as it launches its crucial R2 next-generation vehicle.
Rivian's 2026 guidance includes increasing vehicle deliveries to between 62,000 and 67,000 units, which would be up by 47% to 59% compared to 2025. That increase is expected to be driven by the launch of the R2 SUV during the second quarter.
Rivian CEO RJ Scaringe told CNBC's Phil LeBeau on Thursday that the R2 is expected to be the "majority of the volume" of the business by the end of 2027, as it ramps up production at its sole factory in Normal, Illinois.
The electric vehicle maker also said it expects adjusted pre-tax losses for 2026 of between $1.8 billion and $2.1 billion and capital expenditures between $1.95 billion and $2.05 billion. That compares with nearly $2.1 billion in adjusted pre-tax losses and $1.7 billion in capital expenditures last year.
Shares of Rivian were up more than 15% during after-hours trading Thursday after closing at $14, down roughly 5%.