TechCrunch Mobility: Rivian’s savior

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We are successful the midst of 1 of my 4 favourite times of twelvemonth — net season. And it’s not conscionable that I similar numbers. These required filings chopped done a batch of the selling sound presented by companies the remainder of the year. They besides assistance maine measure the short- and semipermanent stakes the companies face.

Rivian’s fourth-quarter and full-year net did precisely that. My takeaway: Software, and specifically its exertion associated task with Volkswagen Group, was the company’s savior successful 2025. It volition besides buoy the institution into 2026 (another $2 cardinal is expected from VW Group) arsenic Rivian launches its astir important merchandise to date: the lower-cost R2 SUV.

The company’s net besides provided a advancement study connected its bid to little the outgo of goods sold per unit. The TL;DR is that the cogs per portion for its existent portfolio is inactive precocious but dropping, meaning it’s losing little connected each conveyance it sells. According to Rivian, the company’s automotive cogs per portion delivered was $100,900 successful 2025, down from $110,400 successful 2024.

The upcoming R2, which is expected to beryllium considerably cheaper (both successful accumulation outgo and terms tag) than its flagship R1T motortruck and R1S SUV, volition beryllium the adjacent large test. We’ll get immoderate penetration into the results of that aboriginal this year.

The R2 is expected to spell into accumulation successful the archetypal fractional of the twelvemonth (we’re proceeding June), and based connected its guidance for 2026, Rivian is assured it has the request and the quality to ramp production. The institution expects to present betwixt 62,000 and 67,000 vehicles successful 2026 — which could supply up to a 59% bump from past year. Rivian delivered 42,247 vehicles successful 2025, which includes its 2 R1 user vehicles and the electrical transportation van (EDV).

The marketplace loved that guidance, btw. Rivian banal changeable up 27% successful the time aft it reported earnings.

Over the past 18 months, I’ve noticed a divergence successful however Uber and Lyft are approaching AVs. Uber is locking up AV partnerships with each subordinate it can. Lyft is trailing behind. Turns out, I americium not unsocial successful this observation.

Insiders person shared their puzzlement astir wherefore Lyft hasn’t been much assertive connected this front. They noted that Lyft is sitting connected astir $1.8 cardinal successful cash, currency equivalents, and restricted cash, and precocious announced a caller $1 cardinal stock repurchase programme that represents astir 15% of its marketplace cap, per CNBC. That has immoderate wondering wherefore Lyft did not put successful parts of the AV worth concatenation similar Uber is doing versus buying shares back.