Rivian Beat The Street’s Q1 Projections. Its Stock Fell Anyway.

Shares of Rivian (RIVN) fell Wednesday, retreating after a climb off 2025 lows seen just last month.

The electric vehicle’s shares were recently down about 5%. Rivian earlier today announced production and delivery totals for the first quarter, also reporting a full-year outlook that aligned with its previous projections.

Rivian said it produced 14,611 vehicles at its manufacturing facility in Illinois and delivered 8,640 vehicles during the quarter. Those numbers came in above the outlook it offered during its last earnings call, which was for 14,000 vehicles produced and 8,000 vehicles delivered. The company also reaffirmed its 2025 guidance of 46,000 to 51,000 deliveries.

Rivian had earlier warned that seasonality, a “challenging demand environment” and the effect of the wildfires in Los Angeles might weigh on first-quarter numbers.

The stock, down about 5% in 2025, had bounced off March year-to-date lows. The shares closed Tuesday at $13.28, a bit below Wall Street’s current consensus target of $14.39, according to Visible Alpha data.

Rivian’s numbers arrived amid some concern about the path forward for the auto industry. In a report this week, JPMorgan analysts said they expect sales to finish this year below 2024 levels. Solid auto sales in March, the analysts wrote, were due to buyers rushing to purchase before impending tariffs arrive, perhaps pulling some demand forward.

Tesla (TSLA) on Wednesday also reported quarterly deliveries, turning in numbers far below analyst and investor expectations.