Rivian not only hit third-quarter deliveries out of the park Friday. It kept its eye on its full-year guidance-and still it wasn't enough for the stock.

In morning trading, shares were down 3.2% at $14.29. The S&P 500 was up 0.9%.

Rivian reported quarterly sales of 19,248 vehicles, up 46% year over year. The new R2 vehicles drove strong growth. Wall Street was looking for about 18,000 vehicles, according to FactSet.

The auto company also maintained 2026 sales guidance of 65,000 to 70,000 vehicles. Guidance implies fourth-quarter sales of about 26,000, in line with Wall Street estimates. Last year's sales totaled about 42,000.

Investors cried foul because they simply wanted more. They Investors like a "beat and raise," not a "beat and maintain."

Still, the strong third-quarter number means Rivian will have an easier time hitting the fourth-quarter Wall Street estimates, wrote StoneX analyst Mickey Legg.

A weakening American EV market could be another reason why investors are taking swings at the stock.

Also Friday, Ford Motor reported third-quarter U.S. sales of 509,764 vehicles, down about 7% year over year. EV sales, however, were 6,047 vehicles, down 80% year over year.

General Motors had its turn Thursday. It reported third-quarter U.S. sales of 670,974 vehicles. EV sales plunged more than 60%.

Car buyers lost the $7,500 Federal EV purchase tax credit last September. That reduced the domestic EV market and shifted it back to pure-play EV makers.

Through June, Americans bought about 463,000 all-electric cars, down 24% year over year. Tesla sales, though, were down only 11%. Its market share increased to 52% from 45% over the same period last year.

Both Tesla and Rivian are gaining share. But Rivian's stock just hasn't benefited much from rising EV sales. Share are down almost 30% this year.

Investors may worry about Rivian's ability to be profitable in a smaller U.S. EV market.

Wall Street projects positive free cash flow of about $400 million in 2029 on vehicle sales of 330,000 units. Positive free cash flow is good, but that estimate was closer to $800 million at the start of 2025.