Rivian's First Earnings Report Looks Like Tesla's Early Days, But Here's What's Different
On Dec. 16, high-end electric pickup and SUV maker Rivian Automotive (NASDAQ: RIVN) reported its first-ever quarterly results since going public through its recent IPO. The company delivered 11 electric vehicles (EVs) in total during the third quarter of 2021, bringing in approximately $1 million in revenue. Meanwhile, its market capitalization (market cap) was a princely $100 billion at the time of the quarterly release. Overall, the company looks a lot like Tesla (NASDAQ: TSLA) shortly after it went public, but there are some key differences sounding a note of caution.
Image source: Rivian.
Once investors got a look at Rivian's Q3 earnings report, its share price dropped sharply, bringing its market cap down from $100 billion to a pre-Christmas level of $88 billion. Some analysts have been looking at Rivian's current position and arguing that it's quite similar to Tesla's at the start of its own upward climb. That was when Elon Musk's company also had scant revenue and little more than a few vehicle models and projections of future production to give it stock market traction.
Source Fool.com