However, even as this market is expanding, competition could limit future growth, and I’m not just talking about Tesla (NASDAQ:TSLA). As you may recall, RIVN collapsed in price during 2022, as investors responded to high inflation, rising interest rates and slowing economic growth. Besides the boost provided by the EV bubble, the reason why RIVN stock commanded such a high valuation right after its 2021 debt was due to the presumption that it would ultimately produce hundreds of thousands, if not millions, of vehicles per year.