Tesla Investors Dismiss Musk’s Remarks on Rivian
Tesla investors Gary Black and Ross Gerber taunted the EV giant’s CEO, Elon Musk, over his comments regarding rival EV manufacturer Rivian Automotive.
Rivian’s CEO RJ Scaringe Defies Musk’s Statements
Ross Gerber mentioned, “RJ (Rivian’s CEO RJ Scaringe) doesn’t sleep at the factory,” in response to Gary Black’s prediction of Rivian achieving 526,000 deliveries and $2.5 billion in EBITDA by 2030.
Musk’s Critique and Rivian’s Optimism
Musk had implied that Rivian executives needed to commit more time at the factory to avert potential bankruptcy. Despite acknowledging Rivian’s attractive product design, Musk highlighted the industry’s challenges in achieving scale production and cash flow.
Analysts Look Beyond Musk’s Pessimism
Contrary to Musk’s viewpoint, both Gerber and Black hold an optimistic outlook on Rivian. Black projects a promising future for the startup akin to Tesla’s trajectory, with Rivian’s shares potentially reaching $67 by 2030.
Gerber echoed similar sentiments, emphasizing Rivian’s brand strength and the need for substantial capital to drive growth, contributing to the stock’s downturn.