With the latest estimated Q3 production numbers for Tesla they will now have a 1 million annualized rate of car production and it will be growing annually at around 50% for many years to come.
(FYI : The numbers came out, real number is 950' annualized.)
I'm sure there is a place for Rivian if they can execute,- I will not argue that the price of Rivian is right, but I would interject that the marketplace is shifting and dramatically so.
The most reasonable argument is that the stock market does not view the automotive incumbents as competitive against new electric car companies and this shows in the valuation.
The old auto companies have not innovated, and now they are being out innovated. Their market share are in free fall and there is a lot of possibility for startups to grab a share of the market.
Here's the latest from Germany;
Translated quote from VW Brand CEO Ralf Brandstätter;
'It is urgently necessary that a new course is set in Wolfsburg. Future competition with Tesla's new Gigafactory will be brutal. The electric car pioneer sets new standards in car production.. ..For example, a Model 3 is built in 10 hours, more than 3 times as fast as a VW ID.3 in Zwickau. This puts Tesla in another dimension in terms of productivity and profitability'
(The ID series of cars were the supposedly Tesla Killers from VW)
From ;
https://www.businessinsider.de/wirtschaft/kampf-gegen-gruenh...
some more context;