Rivian is an American EV manufacturer focused on consumer trucks and SUVs and commercial delivery vans. Its core consumer products are the R1T pickup truck and R1S SUV — premium, adventure-oriented vehicles priced around $88,000-$90,000 on average. On the commercial side, Rivian makes the Electric Delivery Van (EDV) for last-mile delivery fleets, with Amazon as its primary customer under a 100,000-unit order. Rivian sells all vehicles directly, bypassing dealerships. The company operates two segments: Automotive (~65% of revenue), which covers new vehicle sales and regulatory credit sales; and Software and Services (~35% of revenue), which includes a joint venture with Volkswagen to develop electrical architecture and software, vehicle servicing, a DC fast-charging network, and software subscriptions. The VW JV represents roughly half of Software and Services revenue, with Rivian expecting to recognize ~$2B of total consideration over several years. The most important near-term catalyst is the R2, a midsize SUV targeting the ~$45,000-$55,000 price point launching in Q2 2026, with a bill of materials projected at roughly half that of the R1. Rivian also plans to charge for its Autonomy+ driver assistance features starting April 2026, and management views autonomy as a long-term monetization opportunity through subscriptions or technology licensing. A Georgia facility targeting 400,000 units of additional R2 capacity is expected to begin production in 2028.