Rivian’s R2 led the company’s vehicle sales by volume in the third quarter as Rivian reported a $913 million loss and tied a potential $250 million Uber investment to a year-end autonomy milestone.
Rivian delivered 19,248 vehicles in the three months ended Sept. 30, a 46% increase from the year-earlier quarter. The company said the R2 outsold the R1 and its electric delivery van (EDV), making the R2 its best-selling model by volume.
The company’s earnings presentation says another $250 million in equity investment from Uber could follow an autonomy milestone Rivian expects to reach by the end of 2026. The investment is subject to milestones and other conditions, and Rivian says the targeted funding would support its autonomy development roadmap. CEO RJ Scaringe told Reuters the company was “very confident” it would meet the target and said the timing was “right on time” with its internal plan. Reuters reported Scaringe did not disclose the criteria for individual funding tranches.
The presentation also lists up to $700 million in further Uber investment through 2031, contingent on milestones. The companies’ March agreement announced up to $1.25 billion in Uber investment through that year, also subject to autonomy milestones. Under the deal, Uber or its fleet partners expect to purchase 10,000 fully autonomous R2 robotaxis, with an option to negotiate for as many as 40,000 more starting in 2030. The companies plan initial deployments in San Francisco and Miami in 2028, with expansion to 25 cities by 2031.
Rivian reported a $913 million net loss attributable to common stockholders and $758 million in net cash used in operating activities for the quarter. Its automotive gross loss was $80 million. Automotive cost of goods sold per vehicle improved by more than $12,000 from the previous quarter, but the R2 production ramp also generated about $120 million in incremental costs of revenue, Rivian said.
Software and services revenue was $605 million, including $354 million attributed to Rivian’s joint venture with Volkswagen Group. The company raised its 2026 delivery outlook to 67,000 to 70,000 vehicles. Rivian’s first-quarter filing said Uber’s milestone investments would be exchanged for shares or warrants, a structure that could dilute existing shareholders.
Rivian has scheduled an Autonomy and AI Day for Dec. 9, 2026.
