Rivian has achieved important milestones and will soon launch new vehicles -- but the EV industry's future looks cloudy.

Rivian ( RIVN -1.78% ) is gearing up for its launch of a new electric vehicle model next year, and is coming off a year in which it met gross profit milestones that unlocked additional funding from its partnership with Volkswagen .

That's the good news.

The bad news is that Rivian narrowed its vehicle delivery guidance for the year, the electric vehicle industry just had its federal tax credits axed, and the company reported a gross loss again in the most recent quarter.

To say Rivian's challenges are increasing would be an understatement. Here's why Rivian stock likely won't make you a millionaire anytime soon.

Rivian's slow but steady progress

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