Key Highlights

● Rivian reported third-quarter Revenue of $2.155 billion, up 38% from a year earlier.

● Record deliveries of 19,248 vehicles were led by the R2 becoming its best seller.

● Rivian raised its 2026 delivery outlook to 67,000 to 70,000 vehicles.

● A brokerage upgrade to Buy with a $17 target added to premarket momentum.

On a morning dominated by red, Rivian Automotive (NASDAQ:RIVN) is one of the standout gainers. The electric vehicle maker was indicated up 6.46% at $12.19 as of 8:23 a.m. ET, according to a premarket table, after one social-media report showed a gain of more than 9% earlier in the morning and market data showed about 7.2% at 4:04 a.m.

The move follows third-quarter results released after Thursday's close that beat expectations on nearly every line.

Rivian reported revenue of $2.155 billion, up 38% from a year earlier and above the $2.02 billion consensus cited by market data. Its adjusted loss of $0.48 a share was narrower than the $0.61 to $0.64 analysts expected, depending on the source. Gross Profit came in at $176 million, versus roughly $110 million estimated, according to market data.

Deliveries reached a record 19,248 vehicles, up 46%, and production totaled 19,751, according to the company's 8-K. "We had great results with R2 becoming our best selling vehicle by Volume in the third quarter," CEO RJ Scaringe said.

Guidance improved too. Rivian raised its 2026 delivery outlook to 67,000 to 70,000 vehicles from 65,000 to 70,000, improved its adjusted EBITDA loss forecast by $100 million at the midpoint to a range of $1.75 billion to $1.85 billion, and trimmed planned Capital spending by $300 million at the midpoint to $1.40 billion to $1.50 billion. One social-media report also cited strong R2 Demand and a reaffirmed Volkswagen partnership.

Wall Street warms to the EV trade

A brokerage upgraded Rivian to Buy from Hold with a $17 price target, according to market reports. One reference price for the stock was $11.45, implying meaningful upside to the new target if it is reached; that is arithmetic, not a forecast.

Rivian trades on Nasdaq and is part of the Nasdaq Composite. Its gain runs against the grain of the index this morning, with Nasdaq-100 futures down about 2.6% around 8 a.m. ET, according to market data, on Amazon (NASDAQ:AMZN) and Intel (NASDAQ:INTC) results.

The R2, a smaller and cheaper model, has been central to Rivian's plan to move beyond its premium R1 trucks and SUVs. Its emergence as the best-selling vehicle suggests the strategy of reaching more mainstream buyers is gaining traction, which could revive interest in other EV makers that have struggled with demand.

Retail traders are paying attention. Rivian appeared on a social-media trending bar this morning alongside Intel, Sandisk (NASDAQ:SNDK) and Amazon. Tesla (NASDAQ:TSLA) ranked second in WallStreetBets mentions in an Oct. 27 retail-sentiment snapshot, showing the EV theme remains a retail favorite, though no Tesla-specific news was reported today.

Risks and what to watch

Rivian is still losing money, and its adjusted EBITDA loss is expected to be around $1.8 billion this year. Rising interest rates make auto financing more expensive: the Fed hiked in September and markets price about 85% odds of a December hike, according to market reports. Oil above $100 could help EV demand at the margin, but it is not a guaranteed tailwind if consumers pull back overall.

Execution on R2 production ramp-ups and Supply chains, including tariffs on materials, also remains a risk. Section 232 tariffs of 50% on steel, aluminum and copper remain in force, according to a government-affairs Tariff tracker.

Watch whether Rivian holds its premarket gains through the open, how other EV names trade in sympathy and whether additional analysts revise targets. Delivery data for the fourth quarter, typically released in early January, will be the next big test of the raised outlook.