1. Tesla for trucks and SUVs.

2. An electric Ford F-Series, also making delivery vans for Amazon.

• R1T: An all-electric, adventure-focused pickup truck designed for both on-road and off-road capabilities.
• R1S: An all-electric, seven-passenger SUV built on the same platform as the R1T, offering similar adventure and performance features.
• Electric Delivery Van (EDV): A line of commercial electric vans developed for last-mile delivery services, most notably for Amazon's fleet.

Rivian Automotive (symbol: RIVN) sells its vehicles to both commercial customers and individual consumers. While Rivian offers its R1T electric pickup truck and R1S electric SUV directly to individuals, its most significant and defining major customer is a corporate entity:

• Amazon.com, Inc. (NASDAQ: AMZN)

Rivian has an exclusive agreement with Amazon to produce 100,000 Electric Delivery Vans (EDVs) for its delivery fleet by 2030. Thousands of these EDVs have already been delivered and are in service, making Amazon Rivian's primary major corporate customer and a foundational part of its commercial business strategy.

• Samsung SDI
• Magna International (MGA)
• Bosch
• Pirelli
• NXP Semiconductors (NXPI)
• Infineon Technologies (IFNNY)

RJ Scaringe, Founder and Chief Executive Officer

RJ Scaringe founded Mainstream Motors in 2009, which later became Rivian Automotive. He holds a bachelor's degree in mechanical engineering from Rensselaer Polytechnic Institute and a master's degree and Ph.D. in mechanical engineering from MIT's Sloan Automotive Lab. Initial funding for Mainstream Motors came from second mortgages, friends, family, and state funding. He has led Rivian to raise over $3.1 billion in funding.

Claire McDonough, Chief Financial Officer

Claire McDonough joined Rivian in early 2021. Prior to Rivian, she served as a Managing Director and co-head of the Disruptive Commerce Group at J.P. Morgan from 2014 to 2021. She also held finance positions at Fairway Market and Credit Suisse.

Javier Varela, Chief Operating Officer

Javier Varela joined Rivian in May 2024. Before his role at Rivian, he was the Chief Operating Officer and Deputy Chief Executive Officer at Volvo Cars.

Jeff Hammoud, Chief Design Officer

Jeff Hammoud has served as Rivian's Chief Design Officer since 2023. Previously, he was the Head of Design at Rivian and also held the position of Chief of Design for the Jeep brand.

Wassym Bensaid, Chief Software Officer

Wassym Bensaid serves as Rivian's Chief Software Officer.

1. Persistent Financial Losses and Cash Burn: Rivian has a history of significant net losses and is projected to incur substantial expenses and continuing losses for the foreseeable future. The company has been burning billions in cash and, despite recently achieving a consolidated gross profit, still faces considerable operating and net losses as it scales production and invests heavily in future platforms.
2. Challenging Electric Vehicle (EV) Market and Weakening Demand: The EV market is experiencing slowing adoption rates, which is a significant headwind for Rivian. The expiration of the $7,500 federal EV tax credit has directly impacted consumer demand for the R1 platform, leading to narrowed delivery guidance. Additionally, the company faces persistent consumer concerns regarding range anxiety, charging infrastructure, and overall affordability, further exacerbating demand challenges.
3. Production Bottlenecks, Supply Chain Disruptions, and Quality Control: Rivian has encountered challenges in ramping up production, including inconsistent output due to underutilized automation systems and labor shortages. The company has also faced supply chain disruptions, particularly concerning critical battery materials like lithium and nickel, and semiconductors. Quality control issues, evidenced by multiple vehicle recalls due to software flaws and seatbelt issues, can erode consumer confidence and lead to regulatory scrutiny and increased costs.

• Intensifying Competition from Legacy Automakers: Established automotive giants like Ford and General Motors are rapidly scaling production and market penetration of their electric trucks, SUVs, and commercial vans. Ford's F-150 Lightning directly competes with Rivian's R1T, and its E-Transit is a competitor to Rivian's EDV. Similarly, GM's Silverado EV and BrightDrop offerings are expanding, bringing significant manufacturing scale, established supply chains, and extensive brand loyalty against Rivian in its core segments. This creates substantial pressure on market share, pricing, and brand differentiation.
• Slowing Overall EV Demand and Increasing Pricing Pressure: Recent industry trends indicate a moderation in the growth of electric vehicle demand, particularly as the initial wave of early adopters has been satisfied. This slowdown, combined with higher interest rates and economic uncertainty, is leading to increased pricing pressure across the EV market. Companies like Tesla and Ford have already implemented price cuts, forcing all EV manufacturers, including Rivian, to potentially lower prices, which can impact profitability and margin growth, especially for a company still scaling production and aiming for sustained profitability.

Rivian Automotive (RIVN) operates in the electric truck, electric SUV, and electric delivery van markets.

Electric Pickup Truck (R1T)

The global electric truck market was valued at USD 815.3 million in 2023 and is projected to reach USD 13,045.4 million by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 36.4% during the forecast period of 2024-2032. Asia Pacific held the largest share of this market, accounting for 51.74% in 2023. Another estimate places the global electric truck market at USD 1.22 billion in 2024, with a projection to reach approximately USD 18.63 billion by 2034, growing at a CAGR of 31.34% from 2025 to 2034. North America is projected to expand at a notable CAGR during this forecast period. Furthermore, the global electric truck market size was valued at USD 852.5 million in 2024 and is estimated to reach USD 6,652.6 million by 2033, with a CAGR of 25.6% from 2025-2033. North America dominates this market, holding over 37.8% of the market share in 2024.

Electric SUV (R1S)

The global electric SUV market was estimated at USD 558.34 billion in 2023 and is projected to reach USD 4.33 trillion by 2030, growing at a CAGR of 31.9% from 2024 to 2030. The U.S. electric SUV market is expected to grow at a considerable rate of 37.7% from 2024 to 2030, dominating the North American market. Europe held the largest share of the global electric SUV market in 2023, accounting for 46.04% of the revenue. Another report values the global electric SUV market size at USD 740.91 billion in 2024, with a projected increase to approximately USD 11,953.03 billion by 2034, at a CAGR of 32.06% from 2025 to 2034. Europe led this market with a 47% share in 2024. Overall, the global electric SUV market is expected to reach US$4 trillion by 2030, with a CAGR exceeding 30% from 2020 to 2030. Rivian is considered a market share leader in premium SUVs over $70,000 in the U.S., and in premium SUVs in California and Washington regardless of powertrain.

Electric Delivery Van (EDV)

The U.S. market opportunity for cargo vans, which includes Rivian's delivery vans, is estimated to be over 3.6 million vehicles. As of June 2023, only 0.39% of these vehicles were electrified. The global electric delivery van market size was estimated at USD 3.248 billion in 2024 and is projected to reach USD 47.8 billion by 2035, demonstrating a CAGR of 27.69% during the forecast period 2025-2035. North America is a leading market for electric delivery vans, with the U.S. accounting for approximately 70% of the market share. The global electric van market size was estimated at USD 13.33 billion in 2023 and is projected to reach USD 32.02 billion by 2030, growing at a CAGR of 13.8% from 2024 to 2030. Asia Pacific held the largest share of 53.12% of the global revenue in 2023.

Rivian Automotive (RIVN) is poised for significant revenue growth over the next 2-3 years, driven by several key initiatives and market expansions:

1. Launch and Ramp of the R2 Platform: The R2, a midsize SUV with a target starting price of $45,000, is expected to be a primary growth engine for Rivian. Production is anticipated to commence in the first half of 2026, aiming to penetrate the mass market and significantly boost sales volumes. This more affordable vehicle is designed to have substantially lower production costs compared to the R1S, contributing to improved profitability as volumes scale.
2. Expansion of Commercial Van Sales: Following an exclusivity period with Amazon, Rivian has opened sales of its Commercial Van (RCV), including the Electric Delivery Van (EDV) platform, to all U.S. businesses. This expansion into the broader commercial market leverages a proven product, with over 20,000 units already in Amazon's fleet, and aims to tap into the substantial U.S. commercial van market.
3. Growth in Software and Services Revenue: Rivian's Software and Services segment has demonstrated strong growth and is projected to continue contributing to overall revenue. This includes revenue from software and electrical hardware development services, particularly through its joint venture with the Volkswagen Group.
4. Increased R1 Average Selling Price (ASP) and Mix: The company expects to see an increase in the R1 average selling price due to an improved sales mix. This is specifically driven by a more meaningful contribution from Tri-Motor R1 sales.
5. Strategic Partnership with Volkswagen Group: The joint venture with Volkswagen Group is a significant driver, combining Rivian's zonal architecture and software capabilities with VW's global manufacturing reach. This collaboration is expected to create new scalable EV platforms, facilitate technology licensing, and enhance market penetration, alongside providing substantial capital infusions to Rivian.

Share Repurchases

Rivian has not engaged in significant share repurchases over the last 3-5 years, with data for June 30, 2025, showing a negative value of -$783.00 million, indicating no buybacks or potential share issuance.

Share Issuance

• Rivian's Initial Public Offering (IPO) in November 2021 involved offering 153,000,000 shares of Class A common stock at $78.00 per share, raising approximately $12 billion.
• Shares outstanding significantly increased by 347.55% from 2021 to 0.913 billion in 2022.
• As of September 30, 2025, shares outstanding were 1.220 billion, marking a 20.32% year-over-year increase.

Inbound Investments

• The Volkswagen Group made a $1 billion equity investment in Rivian on June 30, 2025, as part of an up to $5.8 billion agreement for a joint venture focused on vehicle electrical architecture and software systems.
• Rivian has raised a total of $10.5 billion across 16 funding rounds, including a Series E round of $2.65 billion in January 2021 led by T. Rowe Price.
• The company also secured an anticipated loan of up to $6.6 billion from the U.S. Department of Energy.

Outbound Investments

• In Q3 2025, Rivian spun out a new e-bike brand named ALSO.
• During Q3 2025, Rivian established a new company called Mind Robotics, securing approximately $110 million in external seed capital to focus on industrial AI.

Capital Expenditures

• Rivian's capital expenditures averaged $1.249 billion annually for the fiscal years ending December 2020 to 2024.
• For 2025, capital expenditures are projected to be between $1.8 billion and $1.9 billion.
• These expenditures primarily focus on preparing for the launch of the R2 platform, advancing autonomy features, expanding the Normal, Illinois manufacturing facility, and constructing a new multi-billion dollar manufacturing plant in Georgia, which is expected to add 400,000 units of annual production capacity by 2028.