Rivian Automotive, Inc. (RIVN) shares plummeted 6.57% in intraday trading on Thursday, as investors reacted to a combination of disappointing first-quarter delivery numbers and the announcement of new tariffs by President Donald Trump. The electric vehicle manufacturer is facing headwinds that have amplified concerns about its growth trajectory in an increasingly competitive EV market.

Rivian reported delivering 8,640 vehicles in Q1 2025, meeting both internal guidance and market expectations. However, this figure represents a significant 36% year-over-year decline, raising eyebrows among investors. Despite reaffirming its full-year 2025 delivery guidance of 46,000 to 51,000 vehicles, the lack of an upward revision and the sharp drop in deliveries compared to the previous year have intensified scrutiny on the company's performance.

Adding to Rivian's woes, President Trump's announcement of new tariffs has sent shockwaves through the EV industry. A baseline 10% tariff on most imports is set to take effect on April 5, with higher reciprocal tariffs on major trading partners following on April 9. Although Rivian's U.S.-based manufacturing may provide some insulation, the broader impact on the EV supply chain and potential increases in parts prices have contributed to the negative sentiment surrounding the stock. This development has affected other EV makers as well, with Tesla and Lucid also experiencing declines in their stock prices.