Elon and Jeff are not just vying for supremacy in space (if that weren't enough!), they both want to take over transportation on earth too. Electric vehicles ("EV") are all the rage (at least among investors) and Telsa is the $1 trillion colossal in the space (no pun intended). Musk's company is more than three times bigger than Toyota by market capitalization, even though Telsa sells only about 5% of the cars per year that Toyota does. Yes, yes, it's all about growth...but still...there are limits? There were 56 million cars sold worldwide in 2020, 3 million were EVs, Telsa sold 500K of those, and it is worth more than all those other car manufacturers combined!
Well, Bezos has certainly taken notice. After all of Musk's snarky tweets and jokes, Bezos has hit back with him own EV-maker Rivian, that went public on Wednesday in the largest share sales since Facebook in 2012. Sort of...Amazon owns 20% of Rivan, and Bezos maintains a 10% ownership of Amazon (Musk owns 17% of Telsa). At one point in the trading day Rivian was worth $100 billion, more than Ford or General Motors, even though the company had delivered just 53 vehicles, so far, in 2021. Why not? It's electric, and it's being funded by Amazon, err Bezos. Rivian is 10% the size of Tesla by market cap even though (based on full-year 2021 projections) it sells about 0.2% of the cars as Telsa. Makes sense.
The only question is which one would you buy? And if you're keeping score Elon is ahead...
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