The electric vehicle (EV) industry hasn't been kind to investors. Many emerging EV companies that went public over the past few years have seen their share prices tumble as rising interest rates and increasing vehicle costs dampened EV demand.

Rivian Automotive (NASDAQ: RIVN) hasn't been immune to the EV drop. But it's premature to write the obituaries of electric vehicle companies, especially Rivian. Here's why I'm betting on Rivian, and why it might be a good time to buy the stock while it's under $16.

There's no getting around the fact that Rivian needs to generate more revenue and begin earning a profit on each vehicle it sells.

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Source Fool.com