When Rivian went public in November 2021 at a valuation of $86 billion — more than Ford or General Motors — it seemed to confirm that the electric vehicle revolution would mint a new generation of automotive giants. Five years later, the picture looks very different.
Rivian's market capitalisation has fallen by more than 70% from its peak. Lucid Motors is burning through cash at a rate that analysts describe as 'unsustainable without sovereign intervention'. Fisker filed for bankruptcy. And even Tesla, the company that defined the category, has seen its US market share fall from 79% in 2020 to under 50% today.
The Chinese Factor
The most disruptive force in the global EV market is not coming from Silicon Valley or Stuttgart. It is coming from Shenzhen. BYD, SAIC, and a cohort of well-capitalised Chinese EV manufacturers are now selling vehicles in Europe, Southeast Asia, and Latin America at price points that Western manufacturers cannot match.
James Harrington
Automotive Industry Correspondent
James Harrington has covered the automotive industry for 15 years, specialising in the transition to electric mobility and the geopolitics of battery supply chains.
