Electric vehicle stocks Rivian Automotive Inc ( RIVN ) and Lucid Group Inc ( LCID ) are in the spotlight Wednesday after the pair of EV makers reported first-quarter financial results.

RIVN Q1 Earnings: Rivian reported first-quarter revenue of $1.24 billion, beating analyst estimates of $1 billion, according to Benzinga Pro. The company reported a first-quarter loss of 48 cents per share, beating estimates for a loss of 87 cents per share.

Rivian said it produced 14,611 vehicles in the first quarter and delivered 8,640 vehicles. The company expects to deliver 40,000 to 46,000 vehicles in 2025, down from prior guidance of 46,000 to 51,000. Rivian also noted that its R2 platform is set to begin production in the first half of 2026.

“This quarter we hit our second consecutive gross profit and our highest gross profit to date at $206 million. We have continued to make significant progress on R2, including vehicle validation builds underway and our Normal, Illinois manufacturing facility expansion on track,” said RJ Scaringe, founder and CEO of Rivian.

Following the print, Needham and Wells Fargo analysts lowered price targets to $16 and $13, respectively. Cantor Fitzgerald analysts maintained a $15 target.

Check This Out: Rivian CEO RJ Scaringe Says Donald Trump’s Tariffs Could Increase Costs By ‘A Couple Of Thousand,’ Slashes Delivery Projections

LCID Q1 Earnings: Lucid reported first-quarter revenue of $235.05 million, missing analyst estimates of $250 million. The company reported a first-quarter loss of 20 cents per share, beating analyst estimates for a loss of 23 cents per share, according to Benzinga Pro.

Lucid said it produced 2,212 vehicles in the first quarter and delivered 3,109 vehicles. The production number doesn't include more than 600 vehicles in transit to Saudi Arabia. The company continues to expect to produce approximately 20,000 vehicles in 2025.

"Lucid Gravity is beginning to arrive in more customers' driveways and at our studios, and combined with our progress toward future initiatives, our company is well-positioned for future success,” said Marc Winterhoff, interim CEO of Lucid.

Following the print, Cantor Fitzgerald analysts reiterated a Neutral rating with a price target of $3.

RIVN, LCID Price Action: At the time of publication, Rivian shares were down 0.26% at $13.54 and Lucid shares were up 1.07% at $2.35, according to Benzinga Pro.

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