Rivian Automotive is working with JPMorgan Chase on a potential high-yield bond offering to raise up to $2 billion, partly aimed at refinancing bonds maturing in 2026, Bloomberg News reported on Friday, citing people familiar with the matter.
Initial pricing discussions suggest the bonds could yield around 10%, according to the report. JPMorgan is sounding out investor interest, and the transaction could launch as early as next week. However, sources cautioned that the deal remains under consideration and may not proceed.
The potential debt deal comes as Rivian adjusts its outlook for 2025 vehicle deliveries and navigates headwinds from newly imposed U.S. tariffs on imported vehicles and components. The company reported deliveries of 8,640 vehicles in the most recent quarter—a decline attributed to a previously disclosed supply shortage affecting its in-house Enduro motor system.
Despite initially maintaining its full-year delivery target, Rivian has now revised its guidance downward to a range of 40,000 to 46,000 vehicles, compared with its original forecast of 46,000 to 51,000 units.
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“About the impact of tariffs, it’s a couple of thousand dollars of cost that we’re going to see on a per-vehicle basis,” CEO RJ Scaringe told Reuters earlier this month.
While Rivian manufactures its vehicles in the U.S. and sources most components from North America, it remains dependent on Asian suppliers for key elements such as lithium-ion batteries. These parts are now subject to elevated import duties, which are contributing to higher costs across the EV sector.
