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Rivian's mere existence is historic. The all-electric automaker has not only outlived rivals, it's delivering America's bestselling three-row SUV.

The big picture: Rivian introduced America's first electric pickup, the R1T, in the fall of 2021, and one year later rolled out the country's second three-row SUV, the R1S. 

Catch up quick: Rivian raised about $10.5 billion from private investors before going public in November 2021. (Tesla, by comparison, raised just $783 million before its IPO in 2010.) 

The automaker designed a pair of rugged vehicles expertly tuned to American tastes for aspirational outdoorsiness — yet also blazed a path to early revenue by delivering thousands of vans to Amazon.

And when the time came to go public, Rivian chose a traditional IPO instead of a riskier SPAC.

"They had a lot of runway to ramp up production, get products delivered, and even though they were losing money, at least start generating cash flow," autos expert Sam Abuelsamid, VP of market research at Telemetry,  tells Axios. 

Between the lines: That cash kept Rivian afloat as breakneck EV sales growth in 2021 and 2022 started to slow.

Yes, but: It's tenuous. After reporting gross profits for two straight quarters, it  lost $19,323 per vehicle sold last quarter.

"Their vehicles were significantly more expensive to produce than they expected," Abuelsamid says. "They burned through cash quite a bit faster than they were anticipating."

What we're watching: Rivian launched with a pair of snazzy upmarket trucks, but its future depends on reaching a wider pool of buyers.

A photo of the interior of a Rivian R1S SUV, with black leather seats, a black steering wheel, and dual screens.

The R1S's interior has the basics of what you'd expect in an upmarket SUV. Photo: Yuki Iwamura/Bloomberg via Getty Images

Rivian provided me with a fully charged Rivian R1S that I drove all over town and on the highway.

Why it's the BFD: The truck had everything you might look for in a three-row SUV.

By the numbers: The base price for the R1S is $76,990. I tested the Tri Max, which is equipped with three motors instead of two, and is priced at $105,900.

The driving range is 371 miles, or as far as 405 miles in battery-sipping "Conserve" mode. Recharging takes about 40 minutes from 10% to the recommended 80%.

What I liked: The car offers assertive acceleration and a large, airy-feeling cabin. It also offers acres of storage in the trunk and frunk.

What I disliked: The driver-alert system has a hair trigger, often leaving me guessing what it was trying to warn me about.

There are also few luxury trimmings for the price: stiff seats, a no-frills interior, and doors that often don't close fully unless slammed shut.

Rivian isn't compatible with Google Maps — and its own version is a slow, unreliable RC Cola to Google's tried-and-true Coke.

Bottom line: The Rivian R1S may be missing some upmarket comforts, but it's a very good three-row electric SUV.

A gif shows the back of a white Rivian R1S electric SUV, with green tail lights illuminating in a blinking pattern toward the right to illustrate the charge level as it recharges.

The R1S features a recharging animation that displays the charge level. Gif: Alan Neuhauser

The R1S is a good kid-hauler, with ample space for a carseat, plus plenty of cargo room for pack-and-plays, sports gear, and whatever else.

Yes, but: It lacks a running board, which makes installing a carseat — or chauffeuring grandparents with stiff knees — harder than it should be.

The Bottom line: The R1S is best once the kids are old enough to seat themselves.

A light-blue VW ID.4 electric SUV charges at a Rivian charging stall.

A VW electric SUV recharges at a Rivian charging stall. Photo: David Paul Morris/Bloomberg via Getty Images

Rivian's future hinges on a pair of SUVs it doesn't expect to deliver until 2026: the two-row R2 and even smaller R3.

The intrigue: It's getting a multibillion-dollar assist from Volkswagen — which may be getting itself in position to acquire the electric startup if things go south.

Zoom in: Rivian expects to begin selling the five-seat R2 in 2026 for about $45,000, comparable to a Honda Passport or Mazda CX-70.

It's then setting its sights on the still-cheaper R3, which resembles a lifted hatchback or rally car.

Each of the new vehicles will have a driving range beyond 300 miles.

Yes, but: There's a long bridge between Rivian's lived reality and its mass-market aspirations.

Threat level: The automaker's global deliveries through the first half of the year fell 29.5% from last year.

Costs meanwhile climbed amid intense trade upheaval, further squeezing Rivian.

Meanwhile, the tax credits that Rivian was able to sell to conventional automakers will disappear as compliance pressures ease under Republicans' deregulation efforts in Washington.

What they're saying: "While they've made some progress on cutting their costs and getting closer to break-even, they haven't really been able to grow sales," Abuelsamid says.

What we're watching: The clock as Rivian races to deliver its R2 and R3 — and VW's possible M&A machinations.

A bar chart showing U.S. sales of three-row EVs in Q1 and Q2 2025. The Rivian R1S is the top seller at 11.5k, followed by the Tesla Model X (6.7k) and the Jeep Wagoneer S (6.3k).

U.S. sales of three-row EVs

Data: Cox Automotive and Kelley Blue Book; Chart: Axios Visuals

The R1S overtook Tesla's Model X in 2023, unseating what was once the only three-row SUV in the U.S.

Why it matters: Tesla's other models vastly outsell their competitors.

Between the lines: Rivian's category dominance suggests Americans want their family-haulers to go electric — they simply want some choice in the matter.

Yes, but: Virtually every EV has seen its U.S. sales plummet through the first six months of 2025 compared to the same period last year.

Rivian: American-made, battery-powered

An all-American 3-row SUV that checks most of the boxes.

A white Rivian R1S is parked on a suburban street.

Rivian arranged for an R1S to be dropped off at my home. Photo: Alan Neuhauser

Rivian&#x27;s mere existence is historic. The all-electric automaker has not only outlived rivals, it&#x27;s delivering America&#x27;s bestselling three-row SUV.The big picture: Rivian introduced America&#x27;s first electric pickup, the R1T, in the fall of 2021, and one year later rolled out the country&#x27;s second three-row SUV, the R1S.

Rivian: American-made, battery-powered

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