Rivian Automotive, Inc. / DE (RIVN)

Rivian Automotive, Inc. is an American automotive technology company that develops and manufactures electric vehicles along with vertically integrated technologies and services. It designs its own electrical architecture, end-to-end software, autonomous driving platform, AI and propulsion, with the goal of accelerating the transition to zero-emission transportation and energy. Its vehicles are built in the United States and sold directly to consumer and commercial customers. The company holds over 1,200 granted patents and registrations worldwide and over 2,700 registered trademarks.

Rivian reports two segments, Automotive and Software and Services. The Automotive segment includes the R1T pickup and R1S SUV, the Rivian Commercial Van platform and its Electric Delivery Van variant, and the planned midsize platform. That platform underpins the R2 midsize SUV, with customer deliveries expected to begin in the second quarter of 2026, and the future R3 crossover and R3X performance variant. The segment also earns tradable emissions credits, although its ability to keep earning and selling them is uncertain as programs change. The Software and Services segment includes an equally owned joint venture with Volkswagen Group, which develops electrical architecture, ECUs and software based on Rivian's zonal architecture. It also covers Autonomy+ driver assistance features, with fees expected from April 2026, remarketing, repair and maintenance through service centers and mobile vans, and the Rivian Adventure Network of DC fast chargers, over 95% of which is open to non-Rivian EVs. Other offerings are Connect+ and FleetOS subscriptions, insurance and financing arranged with third parties, and the Rivian Gear Shop.

Rivian sells to families and individual consumers as well as commercial fleets. Amazon is its first commercial customer and has ordered an initial 100,000 EDVs globally, subject to modification. Sales are made directly to customers in the United States and Canada, subject to state dealer licensing rules and Canadian provincial licensing. Its competition includes traditional internal combustion and electric vehicles in consumer and commercial markets. Downstream competitors include remarketers, repair, charging and software providers, autonomous vehicle software developers and fleet management companies. Demand is influenced by seasonality and by government incentives, such as the federal EV tax credits that expired on September 30, 2025.

Vehicles are manufactured at the Normal Factory in Normal, Illinois, which can produce up to 215,000 vehicles annually at full rate. A 1.2 million-square-foot supplier and logistics park sits across the street from it. Rivian plans a second plant near Social Circle, Georgia, with anticipated capacity of 400,000 vehicles in two phases and production on the first line starting in 2028. It designs many components in-house, including motors, gearboxes, inverters, battery packs, electronics and chassis systems, plus the Rivian Autonomy Processor (RAP1). It works with hundreds of mostly single- or limited-source suppliers worldwide, and it faces risks from component shortages, tariffs, and the supply of battery raw materials and rare earth magnets. The business is subject to NHTSA, EPA, California Air Resources Board, battery transport and environmental regulations.