Rivian Automotive is looking to challenge Tesla, Ford and General Motors with its adventure-styled electric vehicles. Adam Jonas, Morgan Stanley's high-profile autos analyst, met with Rivian management in late May. The analyst came away from the gathering with the belief that Rivian is "uniquely positioned within autos (other than Tesla) on scaling a fully integrated software stack critical to unlocking the AI opportunity." "At a market value 1/60 that of Tesla," Jonas added.
Tesla stock has retreated around 30% in 2024 as analysts focus on the upcoming shareholder meeting and Elon Musk's 2018 pay package.
Tesla Board Chair Robyn Denholm says it is imperative that Chief Executive Elon Musk's 2018 $56 billion compensation package is reapproved if the EV giant wants to continue "motivating him" to work for the company, according to a regulatory filing Thursday. TSLA shares angled lower early. In a letter sent to Tesla shareholders Wednesday, Denholm implored investors to give Musk his 2018 pay deal.