But Rivian Automotive's (NASDAQ: RIVN) stock has been a clear exception to this broad trend. Shares of this electric vehicle maker are down 22% year-to-date, extending lethargy that has lingered since 2023 despite the recent launch of its ballyhooed R2 battery-electric SUV with a palatable starting price of under $60,000. The company expects this particular vehicle to become a major profit center over time.
Indeed, although the R2 accounted for only a small portion of the 12,194 EVs it delivered last quarter, it's eyeing an annual production capacity of more than 400,000 R2 vehicles, plus the eventual R3. This may well be the automobile that not only puts Rivian on the map, so to speak, but gets it over the profit hump. This Rare Signal Is Flashing Again.
In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue » It could also be the catalyst that finally shakes RIVN stock out of its rut.
It's not the biggest name in the EV business -- that honor still belongs to Tesla (NASDAQ: TSLA) in terms of market cap, and China's BYD Company (OTC: BYDDY) in terms of total automobile production. There's room for more than one name in the business, though, even within the United States, where interest in electric vehicles remains tepid. And Rivian is doing the most American of things to ensure it penetrates the domestic market.
That's exclusively making all-electric pickup trucks and SUVs that look like their combustion-powered counterparts. Rivian's plan is working too. Although it's taken some time to establish some meaningful production capacity (which is still being added), consumers and institutions alike are buying as many of its electric vehicles as it can make.
Last quarter's revenue of $1.66 billion was up 27% year over year, driven by a 14% increase in total deliveries. Perhaps most encouragingly, the company swung from a gross loss of $206 million in the second quarter of 2025 to a gross profit of $179 million in Q2 of this year, hinting that more scale can and does bring Rivian closer to fiscal viability. This is still only the beginning, though.
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