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As we find ourselves in the midst of earnings season, it’s a time that I personally look forward to. Earnings reports provide a clear picture of a company’s performance, cutting through the marketing noise and revealing the true state of affairs. This season, Rivian’s fourth-quarter and full-year earnings stood out to me. The standout factor was the crucial role that software, particularly its technology joint venture with Volkswagen Group, played in Rivian’s success in 2025. Looking ahead to 2026, another $2 billion is expected from VW Group, which will support Rivian as it gears up to launch its highly anticipated lower-cost R2 SUV.
Rivian’s earnings also shed light on its efforts to reduce the cost of goods sold per unit. While the cost per unit for its current portfolio remains high, there has been a noticeable decrease. In 2025, the automotive cost of goods sold per unit delivered was $100,900, down from $110,400 in the previous year. The upcoming R2 SUV, set to be more affordable in terms of production cost and price, will serve as a significant test for Rivian. Production is expected to kick off in the first half of the year, with Rivian aiming to deliver between 62,000 and 67,000 vehicles in 2026, marking a potential 59% increase from the previous year.
Investors responded positively to Rivian’s guidance, with the company’s stock surging by 27% following the earnings report.
Moving on to other notable developments in the mobility space, there seems to be a divergence in how Uber and Lyft are approaching autonomous vehicles. Uber is actively forging partnerships in the AV space, while Lyft appears to be lagging behind. Industry insiders have raised questions about Lyft’s approach, especially considering the company’s significant cash reserves and recent share repurchase program. The departure of key executives over the past year has also raised eyebrows within the industry.
In terms of deals, Ouster, a lidar company that has seen significant growth through mergers and acquisitions, recently acquired Stereolabs, a company specializing in vision-based perception systems. This acquisition reflects a broader trend of consolidation among perception sensor suppliers in the industry.
Additionally, other notable deals include Ever, an EV-only marketplace, securing $31 million in a Series A funding round, and Natilus, a startup focused on blended-wing aircraft, raising $28 million in a Series A round led by Draper Associates.
In the realm of autonomous vehicles, Aurora announced that its self-driving trucks can now travel nonstop on a 1,000-mile route, surpassing the capabilities of human drivers. The U.S. Securities and Exchange Commission closed its investigation into Fisker, Lyft introduced teen accounts for minors to hail rides independently, and Rivian made adjustments to the rear door manual release on its upcoming R2 SUV.
Moreover, developments from companies like Uber, Waymo, and DoorDash highlight the progress and challenges in the AV space, with initiatives ranging from robotaxi services in Dubai to innovative solutions for door closure in autonomous vehicles.
As the industry continues to evolve, it’s clear that the future of transportation holds exciting possibilities and challenges. Stay tuned for more updates and insights by signing up for our newsletter.
