With a modest market cap of $22 billion, Rivian is evolving beyond its luxury niche as it gears up for substantial growth in vehicle production with

Rivian (NASDAQ: RIVN) and Tesla (NASDAQ: TSLA) are two critical players in the electric vehicle market, with Tesla the leading EV maker in the U.S. and Rivian carving out a niche in the adventure EV market with its pickup trucks and SUVs.

Tesla shares closed at a record-high $489.88 on Tuesday, days after CEO Elon Musk announced the company had been testing driverless vehicles in Texas.

In spite of declining revenue and tighter margins, Tesla (TSLA) ’s stock experienced a remarkable increase of 63%, in the past nine months, driven by an astonishing 130% rise in its P/E ratio.

While Tesla stock hits records on robotaxi hype, Jed Dorsheimer of William Blair says the core EV market is only worth a fraction of the current $480 per share price tag.

Shares saw their first record close since December 2024, helping support the continued reign of the “Magnificent Seven.”

The Dow Jones Industrial Average and the other major stock indexes were mixed Wednesday, as Wall Street tried to bounce back from Tuesday's market drop. Meanwhile, Tesla TSLA wavered as it tried to rally to more record highs on the stock market today while Oracle ORCL was slammed following a report about a financing snag for a massive data center.