Rivian Automotive raised its 2026 delivery outlook after a stronger-than-expected second quarter, supported by solid demand across its R1 lineup, commercial vans, and early interest in its new R2 SUV. Shares jumped more than 10% following the update.

The company now forecasts 65,000–70,000 vehicle deliveries for 2026, up from 62,000–67,000 previously. Second-quarter deliveries rose over 14% to 12,194 vehicles, comfortably beating analyst expectations.

A key driver of the improved outlook is the R2, Rivian’s more affordable SUV aimed at the mass market and positioned to compete with the Tesla Model Y. The R2 began deliveries in June and is expected to expand Rivian’s customer base as additional variants roll out, including lower-priced versions planned for later years.

Commercial demand is also strengthening, including a major partnership with Uber, which intends to deploy up to 10,000 autonomous R2-based robotaxis from 2028.

While EV affordability remains a challenge after the expiration of U.S. tax credits, Rivian is betting the R2 will support longer-term growth. Tesla also reported strong quarterly deliveries, reflecting a competitive but recovering EV market.