Rivian cracks top 5 best-selling EVs in February

Rivian $RIVN ( ▲ 7.6% ) is generating a lot of buzz with recent news that the R1S ranked as one of the top five best-selling EVs in February. However, the brand’s surge has some pondering what’s driving it all, given the unpredictability of the EV market.

First things first: Rivian—which is coming off a pretty impressive 2024 with 51,500 deliveries—earned the top five ranking in February, with the R1S solidifying the fifth spot on the list, as detailed in Cox Automotive’s February EV Market Monitor.

• According to Cox, Rivian sales increased 34% compared to January 2024, with the luxury EV brand delivering over 4,000 vehicles last month.

• The EV Market Monitor report reveals that the only four EVs to sell better than Rivian’s R1S in February were the Tesla Model Y, Tesla Model 3, Ford Mustang Mach-E, and Honda Prologue.

Overall, there were a total of 95,692 electric vehicles sold in the U.S. in February, which was a slight decline month to month, but a record high for February, according to the Cox Automotive EV market report.

Between the lines: The factors driving Rivian sales are difficult to pinpoint, but there are a few indicators as to why the brand is gaining more traction in the market, especially as it relates to the R1S, which has a starting price of $77,700.

• In February, the California-based EV brand slashed the lease price for its R1S by over $200 a month, making it a better deal than the higher-priced R1T. 

• A report by Inside EVs credits part of the appeal to the claim that Rivian is one of only two EV brands that is a true “software-defined” vehicle, with the other being Telsa. 

• In a 2024 JD Powers appeal study, Rivian topped the list of any auto brand, with a 900 rating on a 1,000-point scale, though it couldn’t be officially included in the ranking because the brand didn’t meet certain criteria for the award.

Bottom line: Rivian’s momentum will likely continue to build well into 2025 as the company prepares for the 2026 launch of the highly anticipated R2. The smaller SUV, which will have a starting price of around $45,000, will give Rivian a huge boost amid signs that car buyers are opting for mass-market EVs over luxury models, especially amid concerns that the $7,500 federal EV tax credit could end.

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