2 EV Stocks Dinged by Dismal Delivery Numbers

RIVN and TSLA put options are growing in popularity

Patrick Martin

Managing Editor

Apr 2, 2025 at 11:03 AM

TSLA
RIVN

Electric vehicle companies, just like any other automaker, live and die on vehicle delivery numbers. Today is no different, with Rivian Automotive Inc (NASDAQ:RIVN) and Tesla Inc (NASDAQ:TSLA) both in the red after their first quarter delivery reports.

RIVN was last seen down 6.5% to trade at $12.41, after soft demand resulted in a 36% decline in first-quarter deliveries year-over-year. The stock is 6.7% lower year-to-date but is coming off a third-straight weekly win and remains 18.3% higher in the last 12 months.

TSLA, meanwhile, is 1.9% lower to trade at $264.29, after the 336,000 vehicle deliveries for the first quarter represented a 13% year-over-year drop. The shares have taken a 45% haircut off their Dec. 18 record high of $488.53, but are coming off back-to-back weekly wins.

Both stocks have seen an uptick in bearish betting, despite call options winning out on an absolute basis. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), RIVN's and TSLA's respective 10-day put/call volume ratios sit in the 82nd and 73rd percentile of their annual range.

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