When Rivian Automotive's (NASDAQ: RIVN) stock closed at its all-time high of $172.01 in November 2021, the electric vehicle (EV) maker was worth $153 billion -- making it more valuable than Ford and General Motors. Yet that market cap was also unsustainable, since it valued Rivian at 85 times the sales it was expected to generate in 2022.

Today, Rivian trades at about $16 per share with a market cap of $14.5 billion -- which is less than 3 times its projected revenue for 2023. Its stock plunged as investors fretted over its cooling growth, supply chain challenges, and persistent losses. But could its business stabilize over the long term and become a trillion-dollar company by 2030?

Image source: Rivian.

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Source Fool.com