Tesla sales already cars, sure, but they also oversell a future that at the moment cannot deliver (Semi, Cybertruck, Roadster, robotaxis). The whole point of jumping early in an IPO is to sell this future promise.
Neither Tesla, nor Rivian are doing something wrong if people believe their narrative and invest in such a future.
The difference is that the future Tesla promised came just not on the timeline Tesla promised. I have high confidence that Semi, Cybertruck, Roadster, and Robotaxis will be here as promised, just not on the promised time.
Rivian, on the other hand, has not met the promised future on any timeline yet. Perhaps they will, but their past experience does not leave me with such high confidence.
Well then you’d agree that Tesla’s current stock price is completely fine, just that the timing is off and should be what it is today in 20 years time when all cars sold on earth are Teslas
Neither Tesla, nor Rivian are doing something wrong if people believe their narrative and invest in such a future.