Electric vehicle (EV) maker Rivian Automotive (RIVN -4.56%) released first-quarter deliveries today, and the stock tanked. If you liked Rivian stock before today, though, you should like it even more now.

While Rivian's EV deliveries declined by 36% year over year, the number of units shipped (8,640) was in line with guidance and expectations. Investors punished the stock, though. Shares were lower by 5.6% as of 10:33 a.m. ET.

Rivian looks toward the R2

Rivian management had alerted investors to expect a drop in deliveries to start the year. Fires in California and general demand malaise for fully electric EVs were the main reasons. Yet there was good news hidden in today's report as well.

Even as the company is working to retool its factory for the roll-out of its less expensive R2 SUV next year, first-quarter production was higher year over year. It manufactured over 14,600 vehicles, compared to 13,980 last year.

Management also reiterated guidance of 46,000 to 51,000 vehicles for 2025 deliveries.

Investors who liked the stock before today's report should be happy with the market reaction. Shares now are in the red by about 5% for the year. That's an opportunity for those looking to buy or add shares. More critical data will come later in the year.

Rivian is counting on its R2 to juice consumer interest in its brand. That will more directly compete with Tesla's popular Model Y and could lead to high-volume sales for Rivian. But Rivian isn't immune to cost increases from tariffs even though its lone manufacturing plant is in the U.S. Parts are brought in from both Mexico and Canada to supply its factory. Tariffs could also stoke inflation and force consumers to pull back on large purchases.

Rivian will announce first-quarter financial results on May 6. That's when investors should pay attention to what management says about tariff-related costs as well as any updates on the R2.