Tesla is now trading at 13 times sales with a valuation over $1 trillion. The market seems to be treating it as an AI company instead of just an automaker. Even with auto sales declining, they are pouring billions into xAI and future infrastructure. Rivian is currently trading closer to 3 times sales but is trying to make a similar transition. They recently outlined plans to push self-driving tech, integrate AI in factories, and eventually design their own chips. They actually dropped their profitability goals for next year just to fund these new investments. They also have a deal with VW and an agreement to supply up to 50k of their new R2 SUVs to Uber for a robotaxi fleet. The R2 starts employee deliveries this month. Management hopes the cheaper sub-$50k price will help them scale up and gather the real-world driving data needed to improve their AI models.