Global EV sales rose 21% in 2025, led by Europe and China. US sales actually dipped 1% after tax credits expired. BYD has officially passed Tesla as the world's largest EV producer. Between Nio and Rivian, the setup looks better for Rivian. Nio is struggling in a crowded Chinese market where it hasn't cracked the top 10 in market share. Subsidies are ending and profitability is still far off. Rivian is #6 in the US and hit gross profitability in 2025 ($144M positive), though net loss was still $3.6B. The US market is less competitive than China right now. The R2 SUV launching in March is expected to help volume.