Rivian to Tesla: You think your Q1 sales were bad? Hold my beer

Tesla isn’t the only EV maker getting dumped after Q1 sales dropped a ton.

Shares of Rivian are off about 4% in early trading after the company said it delivered 8,640 cars in the first quarter, which was a bit above Wall Street’s estimate but still down 36% year on year.

Production, however, surprised to the upside, with output of 14,611, well ahead of the anticipated 12,380.

Management also reaffirmed guidance for deliveries ranging from 46,000 to 51,000 for the full year.

Rivian had been a relative outperformer among auto companies lately because its domestic operations make the firm less vulnerable to tariffs. Bank of America analysts noted that the company, along with Tesla and Lucid, are unique in producing all the cars they sell in the US stateside.

Management may be doing even more to blunt the impact of levies. Bloomberg Intelligence analysts Steve Man and Peter Lau wrote that the upside surprise on production might be “a preemptive strategy to mitigate Trump’s April 2 auto import tariffs, with output increasing in February and March before duties are implemented.”