<div id="readability-page-1"><p><strong>Amazon</strong> <span>(NASDAQ: AMZN)</span> has been one of the best investments of all time. But the road hasn't always been easy for investors. From 1999 to 2001, Amazon shares fell in value by as much as 90%. It wasn't until 2009 that shares surpassed their former all-time highs -- nearly a decade of sideways returns! Of course, after that point, shares skyrocketed, making Amazon one of the most valuable companies in the world.</p> <p>Right now, there's one growth stock that reminds me a lot of Amazon in 1999. However, big returns could come much sooner than people expect. In fact, Amazon is the biggest shareholder of the company below, owning roughly 14% of the entire business. </p> <h2>Expectations are incredibly low for this exciting growth stock</h2> <p>In 2021, several electric car stocks went public to great fanfare. Expectations were incredibly high, and at one point, some EV stocks were trading at 7,500 times sales. </p> <p>After going public on Nov. 10, 2021, investors expected big things from <strong>Rivian</strong> <span>(RIVN<span> -2.18%</span>)</span>. Unfortunately, reality did not meet expectations. Sales grew from essentially zero to more than $5 billion in the years that followed the company's IPO but the stock price <em>sank</em> by nearly 90%. Why? Because the market had priced in even more growth than the company was capable of. This is a great reminder to investors: No matter how fast a company is growing, it will ultimately be the price you pay for a stock that determines your final return. Pay too much for growth, and you can still lose money over time.</p>  <p>Right now, Rivian's valuation is near rock bottom. Shares trade at just 2.8 times sales -- a far cry from its 60 times sales valuation in 2022. For comparison, <strong>Tesla</strong> trades at roughly 11 times sales, with EV maker <strong>Lucid Group</strong> trading at around 7 times sales. As we'll see, however, Rivian's growth could be about to surge once again, making today's valuation shockingly cheap. </p> <div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEyMjUvZ2V0dHlpbWFnZXMtMTQ0MTE1NDQxNi0xMjAxeDgwMC01YjJkZjc5LTEuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEyMjUvZ2V0dHlpbWFnZXMtMTQ0MTE1NDQxNi0xMjAxeDgwMC01YjJkZjc5LTEuanBnJnc9NzAw"/></p><p>Image source: Getty Images.</p> </div> <h2>Will Rivian become the next Amazon?</h2> <p>Rivian reminds me of Amazon back before its growth really took off. Rivian has the potential to become a $1 trillion stock. Just look at Tesla. While Tesla has other business segments like solar, distributed battery systems, and a fledgling robotaxi division, the vast majority of its sales still come from electric vehicles. Even before the excitement over Tesla's robotaxi service took hold, the company attained a $1 trillion market cap on several occasions. From today's valuation, Rivian stock would need to rise roughly 65 times in value to reach a $1 trillion market cap. This type of rise would turn a $15,000 investment into more than $1 million. </p> <p>Is this type of rise possible for Rivian? Absolutely. But as with Amazon, it will take many years to fully play out. The company currently only has two vehicles in its lineup: the R1T and R1S. Both can cost upward of $100,000, depending on options. But starting in 2026, management expects to begin production of three new models, all priced under $50,000. When Tesla launched its affordable models -- the Model Y and Model 3 -- sales exploded, turning it into the company it is today. The same could soon be true for Rivian despite its rock-bottom valuation.</p> <p>Rivian has a lot of similarities to Amazon in 1999. Shares were once priced for perfection, only to suffer gigantic losses. But the long-term growth potential remains. Investors willing to stay patient could replicate Amazon's impressive long-term gains.</p>                                                                            </div>

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<p>Rivian (RIVN) shares have plummeted nearly 90% since its IPO in 2021, reminiscent of Amazon's struggles from 1999 to 2001. Despite initial high expectations, Rivian's valuation has dropped to 2.8 times sales, significantly lower than its peak. However, with plans to introduce more affordable models by 2026, Rivian could see a resurgence similar to Amazon's growth trajectory. Investors are encouraged to consider Rivian's long-term potential, as it could become a $1 trillion company, turning a $15,000 investment into over $1 million if it achieves significant growth.</p>

- Amazon has been a remarkable investment, despite experiencing a 90% drop in shares from 1999 to 2001 before its resurgence.  
- Rivian, currently valued at just 2.8 times sales, is compared to Amazon in its early days, with potential for significant growth as it plans to introduce more affordable models.  
- Investors who remain patient with Rivian could see substantial returns, similar to those who invested in Amazon long-term.  

1 Super Growth Stock Is Down 90% and Reminds Me of Amazon in 1999