Overview

• Tessla remained the largest producer of battery EVs last year, with over 90% of output coming from the sub-$50,000 Model 3 and Model Y.
• Rivian is reported to be preparing three new vehicles with starting prices under $50,000, with production targeted as early as next year, a timeline that has not been formally confirmed.
• Lucid is pursuing a robotaxi opportunity through a partnership with Uber, while deliveries of its teased affordable models are not expected until 2027 at the earliest.
• For now, neither Rivian nor Lucid offers an affordable model for sale, underscoring the challenge of hitting the key sub-$50,000 price point for mass adoption.
• Tesla trades at about 15.8 times sales versus roughly 3.7 for Rivian and around 7.6 for Lucid, with some commentators citing a potential $5 trillion to $10 trillion robotaxi market and one analyst projecting Tesla could reach a $2 trillion valuation by late 2026, both highly speculative.