Rivian Automotive Inc. (NASDAQ: RIVN) announced that its second-quarter deliveries totaled 10,661. That was down 23% from the same quarter of last year. Afterward, its stock dropped 4.5% to $13. It is down 14% in the past year, while the S&P 500 is 13% higher.

Rivian said tariffs hurt its sales, but it is unclear why that would be true. Trade wars could make some of its components more expensive, which could lower margins. Another challenge could be elimination of electric vehicle (EV) text credits, which will likely stay in place until later this year. (However, Rivian does not qualify for the tax credits at all.)

Rivian’s core problem is that in the world of EVs, it is tiny. And its vehicles are expensive, even by EV standards. Its R1T pickup has a base price of $71,000, and with special features, it can run as high as $100,000. It is up against the Tesla Cybertruck and Ford F-150 Lightning, neither of which sells more than a few thousand units each quarter.

Rivian’s sales problems show up in its financial numbers. And its huge losses are unlikely to disappear. Its next earnings report will not be until August 5, but no one thinks the company will post anything close to a profit.

In its most recently reported quarter, Rivian had revenue of $1.2 billion. It lost $541 million. Many EV company experts fail to see how it will ever make money.

The company did recently get $1 billion from partner Volkswagen. However, these cash infusions do not solve Rivian’s troubles. The U.S. EV market is in trouble. And every major legacy car company is rushing for a piece of the action. There is nowhere for Rivian to fit in.

Rivian Stock Price Prediction and Forecast 2025-2030

 

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