Overview

• Needham’s Chris Pierce reiterated a Buy rating with a $14 target, citing survey data showing roughly 60% brand awareness for Rivian in select lower‑penetration EV markets and projecting strong R2 demand.
• The R2’s roughly $50,000 price point is presented as a key lever to expand Rivian’s addressable market beyond its premium R1 models, with a realistic chance to top modest 2026 delivery expectations.
• Rivian expects to begin shipments of three lower‑priced models in 2026 — the R2, R3, and R3X — all targeted to start below $50,000, marking its pivot to the mass market.
• Financially, Rivian posted modest gross profit in Q4 2024 and Q1 2025 but missed that mark in Q2 2025, while revenue growth has slowed to about 2.1% since June 2025.
• Partnerships remain central, with Amazon’s anchor order driving Electric Delivery Van deployments and Volkswagen providing strategic support, as shares recently traded near $13.13.