Rivian Automotive, Inc. (RIVN) shares plummeted 5.28% in the 24-hour period, as investors reacted to the company's first-quarter delivery report. Despite meeting both internal guidance and market expectations, the electric vehicle manufacturer reported a significant 36% year-over-year decline in deliveries, raising concerns about potential demand and production challenges.

The company announced that it delivered 8,640 vehicles in Q1 2025, aligning with Wall Street estimates of around 9,000 units. Rivian also reaffirmed its full-year 2025 delivery guidance of 46,000 to 51,000 vehicles. However, the lack of an upward revision in the guidance likely contributed to the negative market sentiment. The sharp drop in deliveries compared to the same period last year has intensified scrutiny on Rivian's growth trajectory in an increasingly competitive EV market.

This decline comes at a time when the broader EV sector is facing challenges, as evidenced by Tesla's recent delivery miss. While Rivian's performance was largely in line with expectations, the contrast with its previous year's results and the absence of positive surprises appear to have dampened investor enthusiasm. The stock's movement also reflects the broader market's cautious stance ahead of potential new tariffs on imported vehicles, although Rivian's U.S.-based manufacturing may partially insulate it from such impacts.