Rivian: High Growth At A Cheap Price - Reiterate Buy

RIVN's R2 mass-market ramp up is underway, targeting two production shifts by the end of 2026 while delivering higher volumes at richer gross margins via significant cost reductions. Software/services revenue surged +48.7% YoY in FQ1'26, driven by Autonomy+ monetization and a joint venture with VWAGY, aided by the promising future robo-taxi opportunities with UBER. With nearly $8B in available liquidity and diversified funding avenues, RIVN is well-capitalized to bridge near-term losses and elevated capex trends before achieving profitability.