Rivian Automotive's stock has fallen more than 80% since its November 2021 IPO at $78 per share, including a nearly 30% decline this year. CEO RJ Scaringe told CNBC that 2027 will be an "inflection year" for the company, driven by production of its midsize R2 SUV and advances in autonomous driving technology.

The R2, priced at about $45,000 for an entry-level model, was already Rivian's best-selling vehicle by volume in the third quarter of 2026. The company delivered 19,248 vehicles that quarter, up 46% year over year. Scaringe said the R2 is central to the path to profitability and significant revenue growth.

Rivian's automotive cost of goods sold per vehicle improved by more than $12,000 in the most recent quarter, helped by a higher R2 mix and better fixed-cost leverage. The company's automotive business posted an $80 million gross loss in the third quarter, though its software and services unit generated $256 million in gross profit at a 42% margin.

The company operates one factory in Normal, Illinois, capable of producing 215,000 vehicles annually, including up to 155,000 R2s. Rivian is building a new Georgia factory expected to produce up to 300,000 units annually once initial construction completes in late 2028. A $4.5 billion U.S. Department of Energy loan is funding part of that buildout.

Rivian said its total available future liquidity is expected to be about $13 billion, including available credit and partnerships with Volkswagen and Uber. The company had $5.5 billion in cash, cash equivalents, and short-term investments at the end of the third quarter. Scaringe said Rivian plans to be "opportunistic" about raising additional capital.

On autonomy, Rivian plans to release "point-to-point" driving capabilities in coming weeks and months, first to employees and then to customers. Scaringe said these features will use multiple sensor types to help vehicles see better, especially in bad weather. Tesla is currently the only automaker offering such features. Rivian expects to deploy autonomous vehicles with Uber by 2028.

Rivian's stock currently carries an overweight rating with a $17.70 target price, according to FactSet estimates.