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Is Rivian Stock a Millionaire Maker?

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As an investor, your goal is to grow your money and perhaps achieve financial freedom. And who wouldn't want to tap into the incredible wealth-building potential of the stock market? Every investor dreams of nailing the next big investment -- one that skyrockets in value like the success stories of Nvidia, Netflix, and Amazon over the past few decades.

Rivian (NASDAQ: RIVN) is an electric vehicle manufacturer that has made significant progress over the past few years. The company closed out 2024 with a record year and has more vehicles in development as it grows and expands its business.

With the global electric vehicle market projected to grow by 32% annually through 2030, is Rivian a millionaire-maker stock?

Rivian is making solid progress

Last year was a record for the EV maker, as it produced 49,476 vehicles and delivered 51,579 to customers. The company celebrated a notable achievement in the fourth quarter, reporting a gross profit of $170 million, its first ever, bolstered by cost improvements. Rivian is optimistic, projecting a "modest gross profit" in 2025 as it continues to carve out its niche in the competitive electric vehicle market.

That said, the outlook for 2025 it delivered in February was softer than expected, and some worry about increasing risks in the EV space and slower demand for EVs. The automaker guided for deliveries of 46,000 to 51,000 in 2025, below analysts' consensus estimate of around 55,000.

RIVN Revenue (Quarterly) Chart
RIVN Revenue (Quarterly) data by YCharts

Rivian is facing headwinds to its business, including an uncertain macroeconomic and regulatory environment. Reports have emerged that President Donald Trump could eliminate the $7,500 federal tax credit for EV purchases. This and a rollback of other EV incentives could affect adoption rates for Rivian and other automakers.

What's next for the EV maker

Looking forward, Rivian is preparing to launch its R2, an electric midsize SUV designed to be a compact and affordable alternative to its R1S with a starting price of $45,000. CEO R.J. Scaringe says the "combination of capabilities and cost efficiencies along with the amazing level of excitement from customers will make R2 a truly transformational product for Rivian." R2 production is scheduled to start in 2026.

A Rivian R2 SUV on the road.
A Rivian R2 SUV. Image source: Rivian.

A recent loan from the U.S. Department of Energy should help Rivian ramp up production. In January, Rivian closed on a loan agreement for up to $6.6 billion, which will be used to construct its next manufacturing facility in Georgia. Construction is set to begin in 2026, and vehicle production at that facility will not start until 2028. "This additional capacity for our mass-market products is key to U.S. leadership in the electric vehicle industry," said Scaringe.