Rivian Q3 2026: Revenue Up 38% Thanks to R2 and VW

Rivian Q3 2026 Results: R2 and Volkswagen Deal Push Revenue Up 38%

Rivian grew its revenue strongly in the third quarter of 2026, helped by the new R2 SUV and its software partnership with Volkswagen. The company is still losing money, but less than a year ago, electrive reported on 30 October.

R2 takes the lead

The smaller, more affordable R2 outsold the R1 models and the electric delivery vans, which are mainly used by Amazon. Production is ramping up at the Normal plant in Illinois, where a second shift for the R2 has started. Ramping up still costs money: Rivian booked about 107 million euros (US$120 million) of extra R2 production costs in Q3 2026.

Automotive revenue rose 36% to about 1.38 billion euros in Q3 2026. The car business still made a gross loss of about 71 million euros in 2026 terms, better than about 116 million euros a year earlier. The adjusted EBITDA loss shrank to about 388 million euros (US$435 million) in Q3 2026.

Volkswagen brings in the money

Software and Services revenue grew 45% to about 540 million euros (US$605 million) in Q3 2026, with a 42% gross margin. That gross profit of about 228 million euros in Q3 2026 was higher than Rivian's gross profit for the whole group. Of this revenue, 59%, about 316 million euros in Q3 2026, came from the joint venture with Volkswagen, which is developing a zonal electronic architecture and software for future VW models. Rivian expects income from this project until about mid-2028.

On 7 October Volkswagen fully drew a US$1 billion ten-year credit facility, about 892 million euros at 2026 rates, provided through the joint venture. A further equity investment of US$460 million, about 410 million euros in 2026 money, is due by January 2028 at the latest, subject to conditions.

New 2026 forecast

Rivian now expects 67,000 to 70,000 deliveries in 2026, up from 65,000 to 70,000. Its adjusted EBITDA forecast improves by US$100 million, and planned capital spending falls to US$1.4 to 1.5 billion, about 1.25 to 1.34 billion euros in 2026.

What it means for you

Rivian does not sell its cars officially in Europe yet, so the direct effect for buyers here is small. The bigger impact is indirect: Rivian's electronics and software are set to appear in future Volkswagen Group models, including affordable electric cars sold in Europe. The R2's success also makes a European launch more realistic in the long run.

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