TSLA vs RIVN: Tesla vs Rivian Stock Comparison
Tesla (TSLA) and Rivian (RIVN) are the two largest US pure-play EV makers, at very different stages. Tesla sells close to half a million vehicles a quarter, is profitable and is betting its valuation on robotaxis and robots. Rivian sells about 20,000, still loses money and depends on its new R2 SUV and Volkswagen funding.
TSLA vs RIVN: 1-year performance
Our take
Profitable AI story vs. cash-burning growth story. Tesla’s Q3 2026 revenue was flat at $28.0B with deliveries down 2%, but margins improved and it holds $45B of cash; its valuation rests on robotaxi, FSD and Optimus. Rivian’s revenue grew 38% to $2.2B on record deliveries as R2 ramps, but it burned $1.1B of free cash flow in the quarter. Tesla is the financially secure, very expensive bet; Rivian is the cheaper, higher-risk bet on R2 volume and partnerships with VW and Uber.
Prices and returns on this page update live; company figures are from company filings and announcements. Not investment advice.
TSLA strengths
Tesla- Scale and cash. 486,532 deliveries in Q3 2026; ~$45.4B of cash and investments vs ~$9.5B of debt.
- Improving margins. Gross margin 19.6% and automotive gross margin ex credits 18.1% (from 15.4%).
- Autonomy lead. 1.74M FSD subscriptions; unsupervised Cybercab rides in Austin; robotaxi in several Texas and Florida cities; Optimus and Semi production started.
RIVN strengths
Rivian- Fast growth. Q3 2026 revenue $2.16B (+38%) and record deliveries of 19,248 (+46%); 2026 delivery guidance raised to 67,000–70,000.
- R2 ramp. Lower-priced R2 SUV in production since April 2026 and already Rivian’s best-selling model.
- Strategic partners. Volkswagen joint venture (up to $5.8B), Uber robotaxi deal (up to $1.25B) and a $4.5B DOE loan.
Key risks
- TSLA Core auto sales flat to down: automotive revenue −3%, energy revenue −16% in Q3 2026.
- TSLA Valuation depends on robotaxi and AI execution; operating income fell 56%.
- TSLA Governance: Musk’s ~$1T pay package and a possible combination with SpaceX.
- RIVN Cash burn: free cash flow −$1.1B in Q3 2026 and an automotive gross loss.
- RIVN Dilution and funding: ~$1.3B equity raise in July 2026; DOE loan cut to $4.5B and Georgia plant downsized.
- RIVN Small scale vs incumbents and Tesla; EV demand softer after the US tax credit ended.
Total return
Split-adjusted. Neither pays a dividend.
Quarterly revenue
Q2 2025 – Q3 2026.
Revenue growth y/y
Reported revenue growth vs the same quarter a year earlier.
TSLARIVN
TSLA vs RIVN returns
Split- and dividend-adjustedThe 5-year return is in the table only.
Risk (1 year)
| Metric | TSLA | RIVN |
|---|---|---|
| Annualized volatility | – | – |
| Max drawdown | – | – |
| Below 52-week high | – | – |
| Correlation of daily returns | – | |
Quarterly revenue ($M)
| Symbol | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 | Q3 26 |
|---|---|---|---|---|---|---|
| TSLA | 22,496.0 | 28,095.0 | 24,901.0 | 22,387.0 | 28,236.0 | 28,046.0 |
| RIVN | 1,303.0 | 1,558.0 | 1,286.0 | 1,381.0 | 1,658.0 | 2,155.0 |
TSLA vs RIVN fundamentals
Q3 2026 unless noted| Metric | TSLA | RIVN | Edge |
|---|---|---|---|
| Market cap (live) | – | – | – |
| P/E ratio (live, trailing) | – | – | – |
| Q3 2026 revenue | $28.0B (flat) | $2.16B (+38%) | RIVN |
| Deliveries | 486,532 (−2%) | 19,248 (+46%) | RIVN |
| Gross margin | 19.6% | 8.2% | TSLA |
| Operating margin | 2.6% | −40.9% | TSLA |
| Net income | $787M | −$907M | TSLA |
| Free cash flow | ~$1.5B | −$1.12B | TSLA |
| Cash and investments | ~$45.4B | ~$5.5B (+$1B VW loan in Oct) | TSLA |
| Total debt | ~$9.5B | ~$4.4B | – |
| 2026 guidance | No numeric guidance | Deliveries 67–70k; adj. EBITDA loss $1.75–1.85B | – |
| Other businesses | Energy storage 13.7 GWh; FSD 1.74M subscriptions | Software & services $605M (incl. VW JV) | TSLA |
| Dividend | None | None | – |
Deals, contracts and corporate actions timeline
| Date | Co. | Counterparty | Deal | Value |
|---|---|---|---|---|
| Oct 29, 2026 | RIVN | Q3 results | Revenue $2.16B (+38%), gross profit $176M, free cash flow −$1.1B; 2026 delivery guidance raised to 67–70k | – |
| Oct 21, 2026 | TSLA | Q3 results | Revenue $28.0B, gross margin 19.6%, operating income $718M (−56%), FCF ~$1.5B | – |
| Oct 19–22, 2026 | TSLA | SpaceX | Board committees exploring a deeper relationship that may include a merger; no terms announced | – |
| Oct 7, 2026 | RIVN | Volkswagen Group | Term loan funded (maturing 2036) | $1B |
| Sep 29, 2026 | TSLA | Lenders | Three credit agreements signed | $30B |
| Sep 3, 2026 | TSLA | Robotaxi | Cybercab passenger rides begin in Austin | – |
| Jul 2026 | RIVN | Equity investors | Stock offering | ~$1.3B |
| Jun 9, 2026 | RIVN | R2 | First customer deliveries of the R2 SUV (production began Apr 22) | – |
| Apr 30, 2026 | RIVN | US DOE | Loan reduced from $6.6B to $4.5B; Georgia plant capacity trimmed | $4.5B |
| Apr 2026 | TSLA | Cybercab | Cybercab production begins at Giga Texas; unsupervised robotaxi expands to Dallas and Houston | – |
| Mar 19, 2026 | RIVN | Uber | Deal for up to 50,000 R2 robotaxis by 2030 with Uber investment tied to milestones | up to $1.25B |
| Mar 2026 | TSLA | xAI | Investment in xAI (later converted into SpaceX shares) | $2B |
| Nov 6, 2025 | TSLA | Shareholders | Approved Elon Musk’s 10-year performance award (up to ~$1T) | – |
| Jul 28, 2025 | TSLA | Samsung | Contract through 2033 for Samsung to make Tesla’s AI6 chips in Texas | $16.5B |
TSLA vs RIVN analysis
Different stages of the EV curve
Tesla is a mature, profitable automaker whose car sales have stopped growing; its investment case has shifted to autonomy, robotics and energy. Rivian is still scaling: R2 is its first mass-market vehicle, and its path to profitability depends on R2 volume, lower costs and software revenue from the Volkswagen joint venture.
Cash and funding
Tesla can fund its AI and robotics ambitions from $45B of cash plus $30B of new credit lines. Rivian burned about $3B of free cash flow in the first nine months of 2026 and relies on Volkswagen, Uber, the DOE loan and equity raises.
Autonomy
Tesla runs unsupervised robotaxis in several cities and sells FSD to 1.74M subscribers. Rivian is earlier: its own chip and Autonomy+ product, plus the Uber robotaxi deal targeting up to 50,000 vehicles by 2030.
Valuation
Tesla trades at a very high P/E (live figures above) that prices in success in robotaxi and AI. Rivian is valued at a small fraction of Tesla, reflecting its losses and execution risk.
What to watch
Tesla’s December 3 shareholder meeting, any SpaceX transaction, robotaxi expansion and Q4 deliveries; Rivian’s R2 ramp, Q4 deliveries (guidance implies ~25–28k) and gross margin.
TSLA vs RIVN FAQ
Is Tesla bigger than Rivian?
By far. Tesla delivered 486,532 vehicles in Q3 2026 and had $28.0 billion of revenue; Rivian delivered 19,248 and had $2.16 billion.
Is Rivian profitable?
Not yet. Rivian made $176 million of gross profit in Q3 2026 but a net loss of $907 million and negative free cash flow of $1.1 billion.
What is the Rivian R2?
A smaller, lower-priced SUV that began production in April 2026 and deliveries in June 2026, starting around $58,000 with cheaper versions planned for 2027. It is already Rivian’s best-selling model.
Do Tesla or Rivian pay dividends?
No. Neither company pays a dividend; both reinvest cash in growth.