Pub. 4 2022 Issue 1

In November 2021, electric vehicle mania was in full swing on Wall Street. Rivian’s stock price hit over $170 per share, resulting in a market cap well over $100 billion. This young electric vehicle automaker was worth close to the combined value of Ford and GM, despite having delivered only a few hundred vehicles. Lucid, another EV automaker with only a few hundred vehicles delivered, was not far behind with a market cap of nearly $100 billion. And Tesla hit a stock price of over $1,200 per share, making it a $1 trillion company and Elon Musk the richest man in the world.

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