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| Period | Printed mark | What was printed |
|---|---|---|
| 2019. Initial EDV order | 100,000 ordered, subject to modification | FY2025 10-K: Amazon has ordered an initial volume of 100,000 EDVs globally, subject to modification. Contract print, not vans in service. |
| 2024-Q4. Fleet floor | Over 20,000 EDVs on the road | Q4 2024 shareholder letter. Same letter: Amazon EDVs delivered more than one billion packages to U.S. customers in 2024. Not an exact count. |
| 2025-Q4. Fleet floor | Over 30,000 custom-built EDVs | Q4 2025 shareholder letter: Amazon now has over 30,000 custom-built Rivian Electric Delivery Vans delivering packages across thousands of cities in the U.S. Not an exact count. No Q1 2025 or Q2 2025 floor was printed in the materials used here. |
| 2026-Q2. Fleet floor and miles | Over 40,000 active; 1 billion miles on the van platform | Q2 2026 earnings release and Exhibit 99.2. Active in Amazon's North America fleet. Commercial van platform surpassed one billion miles driven in the second quarter. Still a floor, not an exact unit count. |
| Period | Milestone | Printed status |
|---|---|---|
| 2026-01. Manufacturing validation builds | First R2 MVB at Normal | Q4 2025 Exhibit 99.1 and shareholder letter: in mid-January, completion of the first R2 manufacturing validation builds using production tools and processes at Normal, Illinois. Launch variant described as Dual-Motor AWD. First customer deliveries were then expected in Q2 2026. |
| 2026-04. Saleable production and employee deliveries | Employee deliveries; external still pending | Q1 2026 Exhibit 99.1 (30 Apr 2026): started production of saleable R2 vehicles in Normal and made first deliveries to employees, with external customer deliveries expected in the coming weeks. Q1 2026 10-Q: deliveries of the R2 began in late April 2026. |
| 2026-06-09. External customer deliveries | External R2 deliveries began | Q2 2026 earnings release: on 9 Jun 2026 Rivian began external deliveries of R2. Produced on a new manufacturing line at Normal. The 2 Jul 2026 production-and-delivery 8-K said Q2 delivery results included the introduction of R2 deliveries. |
| 2026-Q2. Georgia capacity outlook | Up to 300,000 annual units (outlook) | Q2 2026 earnings release: Rivian is constructing a second plant in Georgia expected to add up to 300,000 units of annual capacity for R2, a future Robotaxi variant of R2, and upcoming models including R3. Not a printed start-of-production date. Not plotted as a volume series. |
| Period | Cash / instrument | Printed detail |
|---|---|---|
| 2024-06-25. JV intent announced | $1 billion convertible note; up to $5 billion total as then printed | Equally controlled JV for next-generation electrical architecture and software. Further $4 billion described as planned additional investment, not cash received that day. |
| 2024-11-12. Transaction Agreement signed | $1.32 billion cash at close | Form 8-K: cash consideration for Volkswagen Group's Joint Venture interest and licensing of applicable IP. Closing planned 13 Nov 2024. Each party to contribute $30 million working capital. 50/50 ownership. |
| 2024-11. Launch size print | Up to $5.8 billion by 2027 (ceiling) | Volkswagen Group launch release: $1 billion convertible note already made; about $1.3 billion at close for background IP and 50% JV equity; remaining up to $3.5 billion in equity, convertible note, and debt on milestones. Ceiling, not cash in hand. |
| 2024-12. Convertible note converted | $1.0 billion 2026 Convertible Note converted to Class A | FY2025 10-K: initial equity investment was an unsecured convertible promissory note due June 2026 that converted into Class A in December 2024. Same 10-K: $1.3 billion received in November 2024 for IP licensed to Volkswagen Group. |
| 2025-03-31. Financial Milestone | Milestone achieved; cash not this date | FY2025 10-K: Financial Milestone required for the first additional equity tranche was achieved as of 31 Mar 2025. |
| 2025-06-30. First additional equity tranche | $1.0 billion cash received | FY2025 10-K: received $1.0 billion from Volkswagen Group in exchange for $750 million of Class A (33% premium structure from the Nov 2024 Investment Agreement). |
| 2026-03. Testing Milestones | Milestone achieved; cash on 30 Apr 2026 | Q1/Q2 2026 10-Q: Testing Milestones defined in the Investment Agreement were achieved in March 2026. Q1 2026 Exhibit 99.1: winter testing of production-intent zonal architecture completed; unlocked the $1 billion equity investment received 30 Apr 2026. |
| 2026-04-30. Testing Milestone equity close | $1,000 million cash received | Q2 2026 10-Q: about 63 million Class A shares at the 30-trading-day VWAP prior to issuance ($15.90 per share). Q1 2026 Exhibit 99.1: 'which we received today' on the 30 Apr 2026 earnings date. |
| 2026-Q2. Remaining printed commitments | $460 million SOP equity; $1,000 million term loan window | Q2 2026 10-Q: remaining Investment Agreement amount is $460 million upon the earlier of 3 Jan 2028 and the Start of Production Milestone, in exchange for $250 million of Class A. Committed $1,000 million term loan available in a single draw on any business day from 1 Oct 2026 through 30 Oct 2026, subject to customary conditions. Not funded as of 30 Jun 2026. Q2 2026 earnings release: company expects the $1 billion Volkswagen non-recourse debt later in 2026, subject to conditions. |
Founded by RJ Scaringe in Florida (originally Mainstream Motors); pivots in 2012 to focus on electric adventure vehicles and renames to Rivian after the Indian River Lagoon where Scaringe grew up.
Rivian acquires former Mitsubishi Motors plant in Normal, Illinois for $16M: the deeply discounted purchase becomes Rivian's primary U.S. manufacturing site and Illinois EV employment anchor.
Reveals R1T pickup and R1S SUV at LA Auto Show: the first 'electric adventure vehicle' lineup. Skateboard architecture with quad motors, 750 hp, and 400-mile range positions Rivian as a Tesla-of-trucks.
Amazon leads $700M investment round; Amazon also commits to 100,000 Rivian-built electric delivery vans by 2030: providing both capital and the largest fleet EV order in U.S. corporate history at the time.
First customer R1T rolls off the line at Normal, Illinois: the first U.S. mass-produced electric pickup beats Ford F-150 Lightning and GMC Hummer EV to market by months.
IPO on NASDAQ at $78/share: market cap briefly hits $100B+, the largest U.S. IPO of 2021. Surges past Ford and GM's market cap on debut day despite minimal deliveries.
EDV (Electric Delivery Van) hits 10,000-vehicle milestone with Amazon as primary customer: proves out Rivian's commercial-fleet thesis and complements the consumer R1 line.
R2 platform announced for sub-$50K SUV at planned new Georgia plant: Rivian's bid to scale beyond luxury and reach the $30B-$50K SUV mass-market that defines U.S. EV volume.
Rivian pauses Georgia plant construction; shifts R2 production to expanded Normal, Illinois plant to save $2.25B: a defensive move to preserve cash through the 2024-25 EV demand softness.
Volkswagen announces $1B initial investment as preview of Rivian-VW JV: providing critical liquidity bridge that keeps Rivian solvent through R2 ramp.
Rivian-VW JV finalized at $5.8B: both automakers will share Rivian's electrical and software architecture; first VW models on Rivian's Gen2 architecture targeted for 2027.
Rivian books first quarterly net profit on adjusted basis: driven by R1 Gen2 cost reductions and the steady cash inflow from VW JV partnership.
R2 production starts at Normal, Illinois plant: first Performance trim deliveries planned for spring 2026 at sub-$50K starting price; Rivian's volume-EV-maker test.