Rivian Automotive Inc. shares fell after the electric-vehicle maker backed away from a key financial goal and warned of mounting losses, highlighting the pressure it’s facing from President Donald Trump’s tariffs and changes to US environmental rules.

Going forward, leaders affirmed the company’s delivery outlook of 40,000 to 46,000 vehicles and expect Q3 to be the peak of deliveries for 2025. However, they lowered the profit guidance to “roughly breakeven” as opposed to Q1’s projection of “modest profit.”

Rivian's (NASDAQ: RIVN) second-quarter earnings call wasn't pretty, with lowered guidance and the loss of revenue from regulatory credits. The loss of credits will have a big financial impact on the company that's already struggling to make money,