Rivian (RIVN +0.10%) hasn't minted any new millionaires since its IPO in Nov. 2021. The EV maker went public at $78 per share, but it now trades at about $15. Its stock plummeted as it struggled to ramp up its production and racked up steep losses.
From 2023 to 2025, Rivian's total vehicle deliveries dropped from 50,122 to 42,247 as it struggled with supply chain bottlenecks, macro headwinds, and fierce competition. But could its newest vehicle -- the R2 SUV -- finally end that slowdown and drive its stock to deliver millionaire-making gains over the next few years?
Image source: Rivian.
Why 2026 could be a turning point for Rivian
The R2 is significantly cheaper than Rivian's R1T pickup and R1S SUV. It expects its lower price tag to expand its total addressable market while boosting its per-vehicle gross margins, since the R2 costs less to manufacture than its higher-end predecessors.
Rivian expects its deliveries to soar to 65,000-67,000 vehicles this year, with the R2 accounting for about 20,000-25,000 of that total. If it achieves that goal, analysts expect its revenue to surge 38% to $7.5 billion this year and 60% to $11.9 billion in 2027.
NASDAQ: RIVN
Key Data Points
With a market cap of $22.5 billion, Rivian trades at less than two times next year's sales -- so any good news could cause its stock to double or triple. Over the long term, it could deliver millionaire-making gains as it ramps up its production of the R2 and launches new vehicles.
