it's absolutely not a scam, they make a very tangible, very real car and soon-ish delivery vans. The question is will they do well as a business? I think so.
They’re already starting out at 10% of Tesla’s market cap and a valuation higher than most auto companies. Let’s say they become the next Tesla in a decade. That would be 25% growth per year which is good, but comes with a lot of risk compared to Apple, Google, Amazon, etc.
Tesla also launched before the rest of the industry was shipping competitors. Rivian will be facing near immediate competition.
Does Rivian have secret sauce others can’t replicate? I haven’t followed them so I truly don’t know. Tesla has massive battery manufacturing, a great brand, a supercharger network, and a decade head start. What makes Rivian special compared to what Ford will be shipping in its F-150 Lightning? Or what so many companies will be shipping in the coming years?
Third, they don't really compete with Ford, they compete with Land Rover and Jeep and they are the first brand to bring something to that segment of the market that's electric.
Plus I've seen the car and it's an awesome vehicle, I have no crystal ball but I'm willing to bet they'll do well.