Rivian's stock surged 36% over the last year as the electric vehicle maker prepares to launch its R2 platform in early 2026. The company began manufacturing validation builds at its Normal, Illinois factory in January, marking a critical step toward customer deliveries expected in the first half of this year.
Despite the recent gains, Rivian shares remain roughly 90% below their late 2021 peak.
The electric vehicle specialist delivered 13,201 vehicles in the third quarter of 2025, but reported fewer total deliveries for the year compared to both 2024 and 2023.
Rivian posted a $24 million gross profit in Q3 2025, a $416 million improvement from the prior-year period's steep loss. Revenue grew 78% year-over-year to approximately $1.56 billion. However, automotive operations still showed a $130 million loss, though this represented a $249 million improvement from Q3 2024.
The R2 SUV represents Rivian's push into mass-market pricing with a starting point around $45,000. CEO RJ Scaringe confirmed validation units are rolling off production lines, with customer deliveries scheduled to begin "soon." The company expanded its Normal facility by 1.1 million square feet to accommodate R2 assembly lines.
Rivian recently appointed Greg Revelle as chief customer officer to oversee sales, marketing, and operations ahead of the R2 launch. Revelle previously served as CMO at Kohl's and Best Buy, bringing retail marketing experience to the electric vehicle maker's leadership team.
The R2 platform targets direct competition with Tesla's Model Y, which was among the world's best-selling vehicles last year. Rivian's validation builds undergo final certification, crash testing, and EPA range validation before full-scale production begins.
Earlier this month, Rivian announced it delivered 9,745 vehicles in the fourth quarter of 2025.
The company's path to profitability continues to depend on scaling production and deliveries while managing operating expenses per unit.
Rivian plans a Route 66 road trip with R2 manufacturing validation vehicles, documenting the 2,448-mile journey on social media channels. The company expects to begin deliveries to employees by late March or early April, expanding to outside customers in the second quarter.
