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It’s not just Tesla.
Rivian Automotive’s Q2 deliveries were also down. The company shared its production and delivery results on Wednesday. It delivered 10,661 vehicles in the quarter ending on June 30. That’s a noticeable drop compared to the same time last year, when Rivian delivered 13,790 vehicles. Reuters reported a 22% decline.
Its stock dipped on Wednesday and closed down 4.45%.
The company shared that it produced 5,979 vehicles at its Illinois-based manufacturing facility during the last quarter. The company produced 9,612 vehicles during the same time in 2024.
“Production was limited during the second quarter in preparation for model year 2026 vehicles expected to launch later this month,” the company said on Wednesday. “Production and delivery results for the quarter are in line with Rivian’s outlook.”
Rivian said it received a $1 billion equity investment from Volkswagen Group as part of a joint venture between the two companies.
Tesla, led by Elon Musk, also shared delivery numbers on Wednesday.
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The company delivered 384,000 electric vehicles during its second quarter, which missed Wall Street analysts’ expectations. It marks the largest quarterly decline in pure numbers in Tesla’s history.
The electric vehicle industry faces headwinds as it navigates consumers’ uncertainty and the fallout from President Donald Trump’s tariffs.
Tariffs and consumer concerns aren’t the only obstacles that could trip up the electric vehicle industry.
Trump’s domestic tax and spending bill would also affect the clean energy sector. The bill, if passed and signed into law, could end the $7,500 EV tax credit on new leases and electric vehicle sales by the end of September, according to Reuters. Although Rivian didn’t qualify for the tax credit, the company relied on a leasing loophole to utilize it. The potential loss of the tax credit could impact companies like Tesla, though.
Representatives for Rivian did not respond to a request for comment from Business Insider.
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