Rivian is, by every measure, a maker and seller of EVs. But in 2025, it was the company’s software and services that helped its annual revenue grow by 8%.
Rivian reported Thursday $5.38 billion in total revenue in 2025, up from $4.97 billion from the prior year. That rosy picture dulls a bit when looking just at its automotive revenue, which fell 15% to $3.8 billion in 2025. The fall was fueled by a $134 million drop in regulatory credit sales and lower vehicle deliveries, which were partially offset by higher average selling prices, according to Rivian.
Meanwhile, software and services revenue grew more than threefold to $1.55 billion for the year. And the joint venture with Volkswagen Group was behind most of that growth, according to Rivian. The “services” component of this line item, which Rivian doesn’t break out, includes a variety of items, including vehicle repair, vehicle trade-ins, and maintenance services. The remainder, and the bulk of the revenue, is from software, and specifically due to the joint venture with VW Group.
VW and Rivian formed a technology joint venture in 2024 that is worth up to $5.8 billion. The joint venture is milestone-based and in 2025 Rivian hit the mark, which meant a $1 billion payout in the form of a share sale. Under the terms of the JV, Rivian will supply VW Group with its existing electrical architecture and software technology stack.
Rivian received an initial $1 billion convertible note in 2024 and another $1 billion payment in July 2025.
Rivian is expected to continue to receive payments from VW Group through 2027. Rivian is expected to receive an additional $2 billion of capital as part of the joint venture in 2026, CFO Claire McDonough said Thursday on the company earnings call. About $1 billion of that is subject to the successful completion of winter testing, which is underway. The remaining $1 billion is nonrecourse debt, which is expected to be received in October.
And while the funds provide a hefty stopgap, Rivian’s financial success in 2026 will hinge largely on the rollout of its next EV, the R2.
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