Rivian (NASDAQ: RIVN) arguably exited 2023 with as much momentum and optimism as any young electric vehicle (EV) maker. That optimism faded pretty quickly when the company later announced its 2024 production numbers would likely be flat compared to the prior year.

Despite investors' dwindling enthusiasm, Thursday, March 7th was a big day for Rivian as it revealed the upcoming R2 crossover and surprised investors with news of a smaller R3 crossover and a R3X performance version.

It's pretty safe to say that early adopters for EVs have long been on the market, and that high-priced EV segments are saturated. As automakers are hurrying to introduce more-affordable EVs for consumers loudly demanding lower prices, Rivian's R2 platform could be the company's home run moment when it begins to reach the scale needed to become a great EV stock.

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Source Fool.com