Is Rivian's business growing?

In short, yes - Rivian's business is growing. The huge "but" here is that they are still far from profitable. Rivian is a young company in a massively expensive industry, so a steep climb to profitability is expected.

Despite not being profitable, things are trending in the right direction:

• Rivian’s gross loss per vehicle improved in 2024 – automotive gross profit was –$1.2B, much better than –$3.1B in 2022.

• Rivian’s operating loss shrank to –$4.69B in 2024 from –$5.74B in 2023.

• Loss per share improved to $–4.69 in 2024 from –$7.40 in 2022.

The company is still burning cash, but at a lower rate as production efficiencies kick in.

Moreover, Rivian is pushing product too:

• Q4’24 was Rivian’s best quarter of the year with 14,183 deliveries (though still below a peak of ~15k in a quarter back in 2023.

• Overall, in its first three years Rivian has gone from essentially zero to 50k+ vehicles annually, a strong ramp by automotive standards.

Lastly, Rivian is getting money from multiple sources:

• An IPO in November 2021 brought in the possibility of investor money from the public market

• In 2024, Rivian also welcomed a new strategic investor: Volkswagen. VW invested $1 billion in Rivian in mid-2025, and the two formed a joint venture on EV software.

• This collaboration (Rivian and VW Group Technology LLC) is aimed at co-developing electrical and software architectures – a boost to Rivian’s tech resources.

Overall, Rivian is making bold moves and spending a lot of money but, it's money they have from investors and market peers that believe in the company and the promise of future profitability.