Rivian Automotive Inc. (NASDAQ: RIVN) on Friday reported a sharp increase in third-quarter vehicle production and deliveries while reaffirming its full-year delivery outlook.

The electric vehicle maker produced 19,751 vehicles at its Normal, Illinois, plant during the quarter ended Sept. 30. It delivered 19,248 vehicles during the period. Rivian said both figures were in line with its outlook.

CNBC reported that deliveries came in above Wall Street's expectation of 18,000 vehicles, based on the average of estimates compiled by FactSet.

Deliveries Jump From Second Quarter

Third-quarter deliveries rose about 58% from 12,194 vehicles in the second quarter. Production increased about 57% from 12,613 vehicles.

The latest results also marked a strong improvement from a year earlier. Rivian delivered 13,201 vehicles and produced 10,720 vehicles in the third quarter of 2025. That means deliveries increased about 46% year over year, while production jumped roughly 84%.

Reuters attributed the growth to the production ramp-up of Rivian's R2 SUV, which launched in June as a smaller, lower-priced alternative to its flagship R1 SUV.

Analysts see the R2 as key to Rivian's growth strategy as the EV industry faces a tougher U.S. policy backdrop, including the end of federal EV tax credits, tariffs and softer industrywide demand, Reuters reported.

Maintains 2026 Delivery Outlook

Rivian reaffirmed its full-year 2026 delivery guidance of 65,000 to 70,000 vehicles. The company had raised that range in July from its previous forecast of 62,000 to 67,000 vehicles after second-quarter deliveries exceeded its outlook.

The company said at the time that stronger quarter-over-quarter growth in its electric delivery vans and R1 vehicles, along with the introduction of R2 deliveries, helped drive the second-quarter performance.

Rivian Stock Falls

Rivian shares were trading lower despite stronger-than-expected third-quarter deliveries. Reuters reported that investors appeared disappointed after management maintained its full-year guidance rather than raising it.

"The market is reacting to management maintaining full-year guidance," Morningstar senior equity analyst Seth Goldstein told Reuters. He said investors were likely looking for an increase after the strong third-quarter results.

Goldstein added that the results suggest Rivian's R2 production ramp remains on track. Higher volumes over the coming quarters could help the company meet its full-year delivery target, he said.

Rivian confirmed it will report its third-quarter financial results after the market closes on Oct. 29.

RIVN Price Action: Rivian Automotive shares were down 3.69% at $14.21 at the time of publication on Friday, according to market data.