Rivian

Rivian (NASDAQ: RIVN) builds adventure EVs and Amazon's delivery vans in one Illinois plant and sells them direct, and today the cars still cost more to make than they sell for: automotive gross profit was −$432M in FY2025. The margin comes from elsewhere: a software and services segment that earned $576M of gross profit on $1.56B of revenue (37%), more than half of it from the Volkswagen joint venture ($836M, INFERENCE 54%), plus $197M of regulatory credits. FY2025 revenue was $5.39B (+8%) on 42,247 deliveries (−18%), total gross profit $144M and an operating loss of $3.59B. Revenue is concentrated: Chase Bank (leasing buyer) was 36% of revenue, Amazon about 17% and VW about 16% (INFERENCE). Then the volume bet: R2, a cheaper midsize SUV, began external deliveries on June 9, 2026. Q2 2026 revenue was $1.658B (+27%), gross profit $179M (11% margin, with $108M of credits), operating loss $836M and free cash flow −$849M; Q3 2026 deliveries were 19,248 and Rivian reaffirmed 65,000–70,000 for the year. Rivian has funded the gap with partner money (VW, Uber, a July equity offering) and a $4.5B Department of Energy loan for a Georgia plant — Rivian itself says its path to profit depends on R2 volume, software and services, and cost reduction, which are goals, not yet results.

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