Should You Buy Rivian Stock Right Now?

Not long ago, I named Rivian (NASDAQ: RIVN) my top growth stock to buy in 2026. My thesis was two-fold.

First, Rivian is about to begin deliveries of its R2 SUV. As I'll highlight below, this should prove a historic milestone for the company's growth journey. Second, Rivian's AI exposure is undervalued. After the recent market correction, growth and value investors alike should consider Rivian shares.

1. Don't underestimate Rivian's R2 launch

Tesla's (NASDAQ: TSLA) current market cap of $1.2 trillion is now largely driven by speculative business ventures like robotics manufacturing and robotaxis. But what really put Tesla on the map financially was the launch of its first two affordable models: the Model 3 and Model Y.

To put into perspective how important these two models were for Tesla's growth, consider that out of 418,227 Tesla vehicles delivered to customers last year, 406,585 units were either a Model 3 or a Model Y. The rest of Tesla's lineup accounted for just 11,642 units sold.

Right now, Rivian has just two models on the market: the R1T and R1S. Both can easily cost upward of $100,000 when all options, fees, and taxes are included. That price point effectively prices out the vast majority of consumers. Its R2 SUV, however, will have a starting price of just $45,000. That's below the key $50,000 threshold that nearly 70% of prospective car buyers in the U.S. want to stay below, according to a recent study.

Following the R2 launch will be two additional Rivian models priced under $50,000: the R3 and R3X. Will these vehicles help scale Rivian's sales as much as the Model 3 and Model Y helped Tesla? That remains to be seen. But Tesla already set a precedent for Rivian's growth potential, at a time when electric vehicles (EVs) accounted for a far smaller percentage of U.S. auto sales than today.

Image source: Getty Images.

2. Rivian's bets on AI are already paying off

After the latest market sell-off, Rivian shares trade at just 3.2 times sales. That's far below what most artificial intelligence (AI) stocks trade at. And it's reasonable for the market to lag in valuing Rivian as a bona fide AI business. Last December, the company held its first "AI Day," in which it outlined a three-pronged strategy that should guide the company over the coming years.

First, Rivian wants to add more AI into its factory design and production process, improving throughput times and reducing costs. Second, the company wants to expand AI in its in-vehicle entertainment system. Third, Rivian wants to aggressively accelerate how AI guides its approach to self-driving software, with the potential for Rivian to produce its own AI chips down the line.

Last week, we saw the first fruits of these efforts, with Uber Technologies (NYSE: UBER) committing to invest up to $1.25 billion in Rivian in exchange for up to 50,000 Rivian R2 SUVs, which will be used to power that company's robotaxi efforts.

The Uber deal is conditional on Rivian meeting certain autonomy milestones. Whether or not Rivian will hit those milestones remains unclear. But what is clear is that other companies are willing to bet more than $1 billion on Rivian's AI efforts. That should get investors excited.

Ryan Vanzo has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla and Uber Technologies. The Motley Fool has a disclosure policy.