Investing.com -- Despite near-term headwinds, Rivian (NASDAQ:RIVN)'s long-term trajectory remains intact, according to Benchmark analysts, who maintained a Buy rating and an $18 price target on the stock. 

The firm sees Rivian’s access to capital, upcoming R2 launch, and growing software and services business as key drivers of future growth.

Benchmark adjusted its first-quarter delivery estimate to 8,000 vehicles, down from a previous forecast of 10,000, in line with Rivian’s own guidance. 

“Lower 1Q deliveries are expected due to seasonality and limited demand, partially due to the Los Angeles fires,” analysts noted. 

However, they note that Rivian still expects 46,000 to 51,000 deliveries for the full year, with a stronger ramp anticipated in the second half of 2025 as expectations realign and anticipation builds for the R2 platform launch in early 2026.

On the financial side, the firm highlights that Rivian is well-funded, having secured $2.3 billion from its joint venture with Volkswagen (ETR:VOWG_p), part of an expected $5.8 billion in total funding for 2024. 

Additionally, the company closed a $6.6 billion DOE loan in January 2025, bringing its total capital on hand to over $10 billion, alongside an existing $7.7 billion cash balance. 

“We believe the company has sufficient capital to fund the business in the near-term on its path to profitability,” Benchmark stated.

The firm also highlighted Rivian’s software and services segment, which posted a 28% gross margin on $60 million in revenue in Q4. 

This segment is expected to generate nearly $1 billion in revenue for 2025, helping the company move closer to positive gross profit.

While regulatory uncertainty and changing EV incentives remain risks, Benchmark sees Rivian’s DOE loan and domestic manufacturing expansion in Georgia as aligned with government policy, supporting its long-term growth outlook.

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