Is Rivian Stock a Millionaire Maker?

Rivian (NASDAQ: RIVN) had a really good third quarter in 2025, with revenue up 78% year over year. That success, however, needs to be taken with a grain of salt. Still, when you step back from the quarter to look at the big picture, the story here is improving.

Rivian remains a risky growth stock, but there's still a lot to like for long-term investors. Here's what you need to know if you want to add this stock to your portfolio in the hopes of it helping you become a millionaire.

What does Rivian do?

Right now, Rivian's core business is making and selling high-end electric trucks, SUVs, and delivery vehicles. The business is not profitable because the company is still in start-up mode. It is spending heavily on the capital investments it needs to grow and compete in the auto sector.

Image source: Getty Images.

Those capital investments are the real story right now. The company is in the process of bringing out a new, lower-priced model of its consumer truck, called the R2. This will help to broaden the market for Rivian as it looks to follow a similar path to Tesla (NASDAQ: TSLA), which started with high-end vehicles and then moved to the mass market. The update on the R2 launch remained unchanged, with the goal of deliveries starting in the first half of 2026.

Ongoing progress here is what investors should monitor. With $7 billion of cash and short-term investments on the company's balance sheet, Rivian is almost certain to get the R2 to market. Still, the first question is execution toward that goal, which will show that management is capable of living up to its promises. Then the hard work starts, with market acceptance taking center stage.

Rivian needs the R2 to be successful if it wants to go from a fringe player to a competitive threat in the auto sector. It has a harder climb toward that goal than Tesla did because, unlike when Tesla introduced its electric vehicles (EVs), every major auto company and a number of EV specialists are now competing for consumer dollars.

More good things from the third quarter

Launching the R2 is a bit nebulous as an achievement, but it is going to be vital to keep watching the progress toward that goal. What is a bit more concrete is the fact that Rivian's software and services business was the driver of its modest gross profit in the quarter. There are two pieces to this -- one is service work on Rivian trucks and the other is the company's joint venture with Volkswagen Group.

The work with Volkswagen is notable because a key goal for Rivian is to sell its technology to other automakers. Volkswagen appears as if it will end up being an important customer, though right now, the big benefit of this relationship is the cash Volkswagen is providing Rivian to fund its business. As Rivian has hit key milestones, more funding has been unlocked. An extra benefit is that this deal is now starting to help boost the income statement.

The one piece of positive news that investors need to take with a grain of salt, however, is the 13,201 vehicle deliveries in the quarter. It was good news, for sure, but Rivian was clear that it would be the high-water mark for the year. The success in the quarter was largely because of government incentives that were ending. The company has reached scale, so volume isn't as huge a deal as it used to be. But again, the next big step is bringing out the R2, which will, the company hopes, be the next notable production boost.

Rivian is still moving along nicely

Rivian is only appropriate for aggressive growth investors willing to buy and hold for the long term. It is losing money and still spending heavily to build out its business. And yet, it is making important progress toward its goals. Given enough time -- think as long as a decade and not just a few months -- the company could help build a million-dollar nest egg if it reaches the goals it has laid out. Those goals are, notably, inching closer to fruition each and every day, with the R2 being the next big achievement for investors to monitor.

Rivian had a good quarter, including what is likely to be a one-time boost to deliveries, but the big picture is the real story. The third quarter shows that nothing has changed about the long-term outlook here, which is really the biggest positive of all.

Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool recommends Volkswagen Ag. The Motley Fool has a disclosure policy.