Key Points
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Tesla (NASDAQ: TSLA) delivered 480,126 vehicles in Q2 2023, surpassing analyst expectations of 407,000.
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Rivian Automotive (NASDAQ: RIVN) delivered 12,194 vehicles in Q2 2023, exceeding projections of 11,000, and raised its full-year delivery forecast to between 65,000 and 70,000 vehicles.
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The global electric vehicle market is projected to exceed $1 trillion in 2023, with an expected growth to nearly $2.2 trillion by 2034, representing a compound annual growth rate of just under 10%.
Tesla reported a profit of $3.8 billion on nearly $95 billion in revenue last year. Despite experiencing a 9% drop in stock value this year, the company remains a dominant force in the EV sector. In contrast, Rivian’s market cap is around $27 billion, significantly smaller than Tesla’s approximately $1.6 trillion valuation. While Rivian has shown improvements in revenue and reduced losses, its challenge lies in achieving profitability amidst rising competition.
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