Over the last few years, several new companies have entered the electric vehicle (EV) market to capture growing demand. What was once a small industry with (NASDAQ: TSLA) as the premier player is now brimming with companies trying to weaken its decade-plus dominance. 

One of those new companies is Rivian (NASDAQ: RIVN). With its lineup of off-road-capable EVs, the company has made a name for itself as it caters to the adventure-seeking consumer looking to explore the outdoors. The hype surrounding Rivian led to its grabbing the most valuable initial public offering (IPO) of 2021 at nearly $12 billion, enough to be the second largest in the last ten years, with only Uber Technologies outdoing it.

For investors looking to capitalize on the EV market's lucrative potential, the question arises: Which company is a better buy? The up-and-coming new kid on the block, Rivian, or the seasoned veteran, Tesla?

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Source Fool.com