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Rivian Automotive builds electric vehicles in the United States, including the R1T pickup, R1S SUV and commercial delivery vans. Vehicle sales provide most of its revenue. It sells directly rather than through franchised dealerships, although state laws limit where it can sell, lease and service vehicles directly. Chase Bank buys vehicles to lease to customers and accounts for a substantial share of Rivian’s revenue. Rivian also sells credits earned from producing electric vehicles to buyers that need them to meet regulatory requirements.
Amazon is a major commercial customer and supplies a significant share of automotive revenue. Amazon Logistics decides how many vans to buy and when, with no minimum purchase requirement. Rivian can sell vans to other customers, but its Amazon agreement imposes fees and customer-type and volume limits. Production also depends on continued deliveries from mostly single-source suppliers, often without readily available replacements.
Rivian’s second business earns money by developing vehicle electronics architecture—the system connecting and controlling a vehicle’s electronics—and software through its equally owned joint venture with Volkswagen Group, as well as by reselling trade-in vehicles and providing repairs and maintenance. Volkswagen supplies a significant share of software and services revenue. The joint venture is also Rivian’s primary development partner for vehicle electronics architecture and software, so the relationship supports both this revenue stream and Rivian’s own vehicles.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Watch Volkswagen Group: Rivian’s customer and equal partner in its software joint venture generated $836 million of related-party revenue through development programs in 2025.
Tesla’s electric SUVs and Cybertruck compete for buyers of Rivian’s consumer vehicles, making Tesla’s pricing and demand important signals for Rivian.
Lucid Group’s Gravity SUV competes with Rivian’s R1S for premium electric-SUV buyers, and both must make vehicle production profitable as they scale. Watch Gravity pricing and incentives for signs of competition for those buyers.
Ford competes with Rivian for US pickup, SUV and commercial-fleet buyers, with electric vehicles and delivery vans among the competing offerings.
General Motors competes for Rivian’s R1T and R1S buyers through its Chevrolet and GMC electric pickups and premium electric SUVs.
Amazon pays Rivian for electric vans used in its delivery fleet, making it a direct source of commercial-vehicle demand. Its initial global order was for 100,000 vans, subject to modification; watch for changes to that order.
Polestar competes with Rivian for premium electric-vehicle buyers, including electric-SUV shoppers. Watch Polestar’s expansion of selling channels for how it reaches those customers.
Stellantis competes with Rivian for North American buyers seeking adventure-oriented SUVs and pickups through its Jeep SUVs and Ram pickups. Jeep and Ram sales in North America are the relevant part of its business to watch.
Xos competes with Rivian to sell commercial fleets electric vehicles for last-mile delivery and software to manage those fleets. Watch its commercial-vehicle business and Xosphere fleet-management software, which overlap with Rivian’s vans and FleetOS.
Workhorse Group, Inc’s electric step vans compete with Rivian’s commercial vans for last-mile delivery and other fleet customers. More than half of Workhorse’s vehicle deliveries in 2025 went to repeat customers, making repeat fleet purchases worth watching.
General Motors Company earningsGM
GM's report will show how its electric pickups and premium electric SUVs are selling, offering a demand and competition signal for Rivian's R1T and R1S buyers.
Look at GM's sales of electric pickups and premium electric SUVs. Stronger sales would show that buyers are still choosing vehicles in these segments, but would not prove Rivian is selling more; weaker sales would point to a tougher demand or competitive backdrop for Rivian's pickup and SUV buyers. The takeaway is whether this pool of buyers looks more active, not how Rivian's own sales performed.
Tesla, Inc. earningsTSLA
Tesla's report will show how electric-vehicle demand and pricing pressure are changing, a competitive signal for Rivian as it seeks consumer buyers.
Read Tesla's reported vehicle demand alongside any changes in prices or incentives. Steady demand without deeper price cuts or richer incentives suggests less need to win buyers by lowering prices; weaker demand alongside more discounting points to a tougher fight for EV buyers and potentially greater pricing pressure on Rivian. Tesla's results signal the competitive backdrop, not Rivian's own sales or prices.
Fed Interest Rate Decision
The Fed’s policy rate sets a benchmark for borrowing costs across the economy, which can affect how affordable Rivian’s R1 vehicles are to buy and what Rivian pays on future borrowing to fund its business.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher borrowing costs may make R1 purchases less affordable and weigh on sales; they may also raise the cost of Rivian’s future borrowing, leaving less cash for operations and investment.
If it comes in below expectations
Lower borrowing costs may make R1 purchases more affordable and support sales; they may also reduce the cost of Rivian’s future borrowing, preserving more cash for operations and investment.
Rivian Automotive, Inc. earningsThis company
Rivian's report will show whether its vehicle business can improve gross profit while deliveries hold up, and whether Software and Services growth is adding gross profit too.
Read Automotive deliveries, revenue and gross profit together. If deliveries hold while gross profit improves, pricing, vehicle mix or manufacturing costs are leaving more money from each vehicle; if gross profit improves only as deliveries fall, weaker volume may be offsetting the cost gains. Then compare Software and Services revenue with its gross profit: growth in both means services are adding profit, while revenue growth without gross-profit growth has not yet done so. Together, these results show whether improvement reaches both vehicle economics and services.
Workhorse Group, Inc earningsWKHS
Workhorse's report will show whether fleets are still buying and reordering electric delivery vans, a competitive signal for demand for Rivian's commercial vans.
Read Workhorse's electric-vehicle deliveries alongside repeat purchases. Rising deliveries and returning customers would show that at least some fleets are still adopting electric delivery vans; weaker deliveries or fewer repeat buyers would signal a harder market for this type of vehicle and a less supportive backdrop for Rivian's commercial vans. Workhorse's customers and vehicles are not Rivian's, so the takeaway is the direction of fleet demand, not Rivian's order count.
