The market for electric vehicles in the U.S. continues to grow: In January 2023, 7.1 percent of all new light-duty vehicles registered were electric, a 74 percent year-over-year increase. During that same period, Tesla's market share dropped from 72 percent to 58 percent, a sign of serious competition in the space.
Unfortunately, not every company is reaping the benefits: According to a report from Bloomberg, market analysts are increasingly skeptical about the future prospects of Rivian, maker of luxury all-electric trucks and SUVs. In the years since its founding, the company has received multi-billion-dollar investments from established firms like Ford and Amazon, and the state of Georgia is giving as much as $1.5 billion in state incentives for Rivian to build a factory there.
