The electric vehicle (EV) revolution is in full swing – but you might not feel this way if you own Rivian Automotive (NASDAQ:RIVN) stock. The automaker’s financial performance, unfortunately, includes some disappointing data points.

Furthermore, RIVN stock hasn’t been a strong performer this year. On the other hand, a tie-in with German automotive giant Mercedes-Benz (OTCMKTS:DMLRY) could provide some hope for the hopeless as Rivian’s loyal shareholders await their turnaround moment.

One thing’s for sure: Rivian is among the most interesting and ambitious EV startups on the market. The company’s vehicles are sleek and powerful, with impressive single-charge driving ranges. Moreover, Rivian is building out a network of fast-charging locations and is even preparing to build a large-scale wind turbine.

Still, as we’ll see, staying invested in Rivian this year hasn’t been easy. As the EV maker embarks on a promising joint venture, though, you might consider getting in the van – the electric van, that is – and riding along with Rivian for potential gains.

RIVN Stock Is Tough to Love

Suffice it to say that RIVN stock is testing the investors’ patience in 2022. Disappointingly, Rivian shares traded above $170 in late 2021 but recently dipped into the $30s.

The road to recovery will be a long one. For the time being, Rivian’s investors don’t have much positive financial data to boost their confidence.

There is one indisputable bright spot in Rivian’s second-quarter 2022 earnings report, though. Specifically, the company’s cash, cash equivalents and restricted cash jumped from $3.857 billion as of June 30, 2021, to $15.463 billion a year later.

So, at least there’s that. However, Rivian’s improving capital position doesn’t negate the fact that the company remains unprofitable. Indeed, Rivian’s net earnings loss widened from $580 million in 2021’s second quarter to $1.709 billion in Q2 of 2022.

Clearly, this bottom-line trajectory isn’t sustainable over the long term. What could possibly put Rivian back on track, then?

Electric Van Deal Could Get Investors Excited Again

Finally, downtrodden RIVN stockholders got a much-needed shot in the arm as Rivian announced a joint venture with Mercedes-Benz. As Bloomberg put it, Rivian made a “deal with a new frenemy” while quickly adding nearly $3 billion to the EV maker’s market capitalization.

In this headline-grabbing deal, the two automakers will “produce bespoke” (i.e., custom-made) “large electric vans for Mercedes-Benz and for Rivian.” Not only that, but Rivian teased the possibility of exploring “further options for increased synergies from the joint venture.”

Thus, even beyond building customized electric vans together, there may be further collaborations between Rivian and Mercedes-Benz. Rivian’s press release lacks specificity, but it does state that the two companies will set up “a factory in Europe to produce large electric vans … starting in a few years.”

What You Can Do Now

It’s exciting to consider that, in a “few years,” Rivian could establish a foothold in Europe’s electric van market. Having an automotive giant like Mercedes-Benz as a partner will certainly make this easier.

So, at least RIVN stockholders have something to hang their hats on. It’s been a bumpy ride in 2022 so far. The Mercedes-Benz partnership has a somewhat murky time frame, but at least it can provide some hope fuel for Rivian’s investors.

Therefore, it’s not unreasonable to hold a small position in Rivian shares, with the understanding that the gains might not come for a while.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.