Electric Vehicle Market Update
In 2023, Rivian Automotive (NASDAQ: RIVN) faced production challenges, decreasing from 57,232 vehicles in 2023 to a projected 42,284 in 2025 due to supply chain issues and high starting prices. However, Rivian aims to boost annual deliveries to between 62,000 and 67,000 vehicles in 2024 with its cheaper R2 SUV, priced at $57,990.
BYD (OTC: BYDDY), China’s largest automaker, overtook Tesla as the world’s top EV maker with 4.6 million vehicle sales in 2025. The company focuses on vertically integrating its supply chain by producing its own batteries, and analysts project revenue growth at a 13% CAGR through 2028.
Joby Aviation (NYSE: JOBY) is developing electric vertical takeoff and landing (eVTOL) aircraft tailored for air taxi services, with plans to launch commercial flights in the U.S. soon, pending FAA certification. Joby’s revenue is projected to increase nearly ninefold from 2025 to 2028, despite a current high valuation of 78 times this year’s sales.
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