I don't understand the valuation of these electric car companies. They are completely nuts. A good design doesn't make it valuable.

Take Rivian for example, the car is not out and we don't know if they can even deliver the vehicles as promised in Jan 2022. That means we have no idea how crappy or how good the vehicles will be. Even then a 100b valuation is just nuts. For an electric car the biggest parameter is the charging network. These guys have nothing. So all those adventure trucks are only useful around the city and nothing else. Why are people thinking this is 100b worth?