Rivian Automotive stock gained 8% to $16.42 after closing Thursday at $15.20, while Tesla and Nio were slightly lower. The move is tied to expectations for the R2 launch and a ramp in software revenue. Q1 2026 results showed revenue of $1.38 billion versus $1.37 billion consensus and adjusted EPS of -$0.54 versus -$0.72. Vehicle deliveries increased 20% year over year to 10,365 units. Production of saleable R2 vehicles began in Normal, Illinois, with a bill of materials around 50% of R1. Software and Services revenue rose 49% year over year to $473 million, supported by a Volkswagen RV Tech joint venture and a $1 billion equity infusion, alongside a large Volkswagen share acquisition.
"Today clearly belongs to Rivian. The longer lens tells a more nuanced story, though, as Rivian stock is still down 17% year to date (YTD). Tesla stock is down 2% YTD but has rallied 18% over the past month, owning the four-week leaderboard among the three. Tesla's Q1 2026 delivered EPS of $0.41 against a $0.36 estimate, with automotive gross margin expand"
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