Let's do a comparison:
(soon after IPO)
Auto Rev:
$39M vs $54M
Auto Gross Margin:
22% vs -709%
OpEx:
$77M vs $2,071M
Net Loss:
$59M vs $2,461M
These two companies are NOT the same. Even IF Rivian is able to manufacture solid state batteries, that does not mean they'll be able to do so profitably (just look at those -709% GM's). Rivian is wildly overvalued and still has much to prove.