Oct 29, 2026 earnings call — R2 ramp and Autonomy progress
Consolidated revenue was $2.155 billion for the quarter, while full-year delivery guidance was raised to 67,000 to 70,000 units.
Revenue $2.2B (est $2.0B) · EPS $-0.48 (est $-0.64)
Key quotes
"We achieved record production volumes in Normal as we continue to ramp R2 manufacturing. We also had record deliveries, with R2 delivering much of that gain."
"A limited rollout of Point to Point is expected to begin later this year with our invitation-only Autonomy Early Access Program, with a general release to all Autonomy+ subscribers in 2027."
"We remain on track and expect to achieve our next milestone by the end of this year, which is expected to unlock an additional $250 million of equity investment from Uber."
Analyst Q&A 12
Autonomy for vans and Auto margins
Q (George Gianarikas · Canaccord Genuity): How reusable is the Autonomy platform for commercial vehicles? And will Automotive gross margins be positive for a full quarter or just exit run rate?
A: The Autonomy platform is built as a Large Driving Model that adapts to R1, R2 and commercial vans. Management said they intend to exit the quarter at Automotive gross profit, so expect positive margin by quarter-end rather than a full positive quarter.
"The way we phrased it in the prepared remarks was that we intend to exit the quarter at an Automotive gross profit." — Derek Mulvey (CFO)
R2 unit margins and cost cuts
Q (Joseph Spak · UBS): What is R2's contribution margin before launch inefficiencies? And what engineering or manufacturing changes help keep gross margin targets despite commodity inflation?
A: They said the $120 million extra cost mostly comes from not running full 2-shift production and some expedited freight, and R2 reduced cost of goods sold by about $12,000 per unit in Q2. Engineering and plant teams are finding cost savings across operations, logistics packaging and supplier component redesign without cutting vehicle performance.
"I think when you look at R2 today, in the second quarter, we saw about a $12,000 per unit step down in cost of goods sold per unit delivered." — Derek Mulvey (CFO)
Autonomy+ demand and Point-to-Point
Q (Mark Delaney · Goldman Sachs): How much did Autonomy+ help Software & Services growth, and do buyers cite Autonomy+ when choosing Rivian? How important is Point to Point?
A: They said Autonomy+ take rates exceeded expectations and Universal Hands-Free is the core feature today. Management highlighted Point to Point as the next big capability that will navigate fully to destinations and expects it to drive more demand over time.
"Autonomy+, the take rate on Autonomy+ has exceeded our expectations, and we're quite encouraged by it." — Robert Scaringe (CEO)
EDV demand and VW joint venture
Q (Dan Levy · Barclays): Why did Amazon buy more EDVs this year and are other fleets adopting EDV? How is the Volkswagen JV progressing and could it attract other automakers?
A: They said Amazon's large deployed fleet and performance data created structural cost advantages, prompting more purchases, and that other commercial operators are starting to consider EDV. For the JV, the first product is the Volkswagen ID.1 launching next year to show Rivian tech in Europe and act as a 'billboard' for capability.
"Well, the first real output from the joint venture is going to be launching next year." — Robert Scaringe (CEO)
Point-to-Point timing and simulation tools
Q (Itay Michaeli · TD Cowen): Are consumers buying now for future Point to Point? And how does the Third Dimension acquisition help Autonomy development?
A: They said most buyers so far did not buy mainly for autonomy, but Point to Point should be an inflection that reduces driver cognitive load and boost demand. The Third Dimension acquisition strengthens simulation and closed-loop validation so models can be iterated and deployed more rapidly.
"The acquisition of Third Dimension is supporting the simulation work that we've been building on within the company and the ability to have more rapid closed-loop simulations that allow us to deploy models more rapidly" — Robert Scaringe (CEO)
Early Access goals and pickup/drop-off edge cases
Q (Alexander Perry · BofA): What must the Early Access Program show before broader 2027 release? And how will Point to Point handle pickup/drop-off edge cases?
A: They said the Early Access Program collects diverse user feedback on functionality, UI and different geographies to prepare for broad 2027 release. For pickup/drop-off edge cases, they noted consumer Point to Point is supervised, so the driver can handle complex situations and the UI will guide the experience.
"I think the Early Access Program is -- it's a very common approach for newer technologies to get feedback from a broad spectrum of users." — Robert Scaringe (CEO)
AI compute costs and CapEx timing
Q (Shreyas Patil · Wolfe): Are leased AI compute prices rising and how will R&D spend change? Also, why was CapEx reduced for the year?
A: They said they are seeing increased pricing for leasing compute and expect R&D to grow more in 2027 than 2026 as autonomy investments expand. The CapEx reduction this year was described as a timing shift related to lumpy equipment and contract payments for the Georgia facility.
"We are seeing some increased pricing as we think about leasing compute." — Derek Mulvey (CFO)
Walmart-wrapped van and other customers
Q (Xin Yu · Deutsche Bank): Is the Walmart-wrapped EDV a test or a deal? And what does Third Dimension add to autonomy?
A: They said they continue discussions with customers beyond Amazon and are working with potential partners as interest grows. Third Dimension boosts simulation and validation to speed model iteration and deployment.
"we do continue to look for and work with other potential partners as we go forward." — Robert Scaringe (CEO)
Brand awareness with R2
Q (Tobias Beith · Rothschild & Co Redburn): How will you raise brand awareness and measure if that drives customers and revenue over 2–3 years?
A: They said R2's lower price range brings Rivian into a much larger market segment, which will increase vehicles on the road and awareness. They also use creative marketing (example: Halloween Mode with Sony) to reach broad audiences and boost brand equity.
"So with the R2, the price starting at $45,000 and going up through mid- to high $50,000s puts it right back sort of overlapping with the average price of a new car in the United States" — Robert Scaringe (CEO)
LiDAR R2 variant and test drive conversion
Q (Christopher Pierce · Needham): Why is the R2 LiDAR variant employee-only now and how do test drives convert to orders versus R1?
A: They said the RAP1-based hardware with LiDAR is in employee testing and validation this year and will be available in 2027. They also said conversion for the R2 launch premium trim has exceeded expectations and test drives grew significantly after R2 availability.
"That, as you said, is going through employee -- like an employee program late this year and validation builds and validation process this year." — Robert Scaringe (CEO)
Autonomy attach rates and pricing plans
Q (Gautam Narayan · RBC): Can you disclose Autonomy hands-free attach rates and will Point to Point be priced higher than current Autonomy subscription?
A: They declined to give attach rates. They said Point to Point is an inflection in experience versus hands-free, and that pricing models could vary over time (subscription, embedded, etc.) and will be market-driven.
"I do think it's an important to call out. We really think of Point to Point as being almost an inflection point in terms of the type of experience you can have with autonomy." — Robert Scaringe (CEO)
R1 positioning and pricing
Q (Andrew Percoco · Morgan Stanley): How will R1 be positioned and priced over time given R2's success? Could R1 price fall to gain volume?
A: They said R1 is being moved upmarket intentionally and they expect the average selling price for R1 to increase a bit. R1 will be a flagship, lower-volume premium offering rather than a lower-priced volume vehicle.
"we actually expect the R1 pricing to go up a bit." — Robert Scaringe (CEO)