Rivian Stock Drops on Sales Decline. The Stakes Are High for the Rest of 2025.

Rivian’s guidance implies a roughly 17% drop in deliveries in 2025. (Mario Tama/Getty Images)

Shares of electric-vehicle start-up Rivian Automotive fell Wednesday: Investors don’t like waiting for sales to turn around.

Wednesday morning, Rivian reported second-quarter sales of 10,661 vehicles, down 23% from the year-ago quarter, and reiterated its guidance for full-year sales between 40,000 and 46,000 vehicles.

Typically, maintaining guidance isn’t a problem for investors. But Rivian stock still dropped 4.5% on Wednesday, to $12.87, while the S&P 500 gained 0.5% and the Dow Jones Industrial Average finished flat.

One reason for the decline could have been back-half loading—in other words, Rivian is relying heavily on the last six months of the year to improve its sales numbers.

Investors don’t like it when guidance implies a big end to the year. It raises the stakes for that period, adding risks to estimates if things don’t turn out as rosy as planned.

Rivian delivered 19,301 vehicles in the first half of 2025, down 30% year over year. That leaves the company to deliver about 24,000 cars in the second half of 2025, a 23% jump from the first half, to meet the midpoint of its guidance.

Along with deliveries, Rivian reported production of 5,979 vehicles at its manufacturing facility in Normal, Ill. Production was down to prepare for the 2026 model year, the company said. The updated models are scheduled to launch later this month, according to the company.

Rivian’s guidance implies a roughly 17% drop in deliveries in 2025. It has been tough to sell luxury EVs to Americans this year. Tesla’s first-half sales fell about 13% year over year.

Ford Motor sold about 16,000 all-electric cars in the U.S. in the second quarter, down 31% year over year. It had more traction with hybrids, selling about 66,000 vehicles, up 24% year over year.

General Motors had a better quarter, selling about 46,000 all-electric cars, up more than 100% year over year. More models helped: GM started selling the all-new Cadillac OPTIQ, VISTIQ, and Escalade IQ in the quarter.

Overall, Ford and GM’s second-quarter sales, including gasoline-powered cars, jumped 14% and 7%, respectively. It was a strong first half of the year for the traditional auto makers, with car buyers looking to get ahead of tariff-induced price increases.

Coming into Wednesday trading, Rivian stock was up about 1% year to date. Ford shares were up about 15%. GM and Tesla stocks were down about 2% and 26%, respectively.

Write to Al Root at allen.root@dowjones.com