In its third quarter of 2021, Rivian Automotive's actual revenues where $1 million. Now look at how much the company was valued around the time of their 2021 IPO.
IMHO Rivian’s purpose is not to make EV trucks and make a profit. Its purpose is to exist enough to scare the major auto manufacturers to make EV trucks and quit telling the gubment overlords that EV trucks are both impractical for truck owners (which they are for major truck chores) and unprofitable for the manufacturers (imagine the R&D that went into the F-150 Lightning and the Hummer EV and how many they have to sell to make profit). With Rivian the gubment can tell Ford and GM: “See. Rivian is doing it. Why can’t you. I’m about to regulate you to death.” Thus Ford and GM say, “way ahead of you, master”.
In its third quarter of 2021, Rivian Automotive's actual revenues where $1 million. Now look at how much the company was valued around the time of their 2021 IPO.