Rivian Stock Plunges 18% on $1.5B Offering as R2 Buyers Report Delivery Delays

According to StockTwits data, Rivian Automotive (RIVN) stock fell 18% on Tuesday (July 7) after the EV maker announced a $1.5 billion share offering, marking its worst day in over two years. The offering includes 75 million Class A shares, with underwriters receiving an option to purchase up to 11.25 million additional shares.

The selloff intensified as R2 buyers reported stalled deliveries, with customers on Rivian forums and social media citing delays in VIN matching—the step where orders are assigned to specific vehicles before delivery dates are scheduled. Content creator Chris Hilbert noted that R2 inventory at the Normal, Illinois plant has grown since his recent visit, suggesting vehicles are being produced but facing bottlenecks in logistics or quality checks rather than production halts.