The EV market has cooled off lately due to high interest rates and competition, but industry estimates still project a 32.5% CAGR for global EV sales through 2030. A recent report pointed out that Rivian and Nio are trading at relatively low valuations given their growth projections. * **Rivian (RIVN):** Production dropped to around 42k vehicles in 2025 due to supply chain issues. They are focusing on the upcoming R2 model, which is cheaper to produce, to help improve margins. Analysts expect revenue to grow 45% annually through 2028, with adjusted EBITDA turning positive the same year. It currently trades at 3x this year's sales compared to Tesla at 14x. * **Nio (NIO):** Currently trading below its IPO price at less than 1x sales. Deliveries grew from 20k in 2019 to over 326k in 2025. They are relying on their swappable battery network, cheaper sub-brands, and expansion into Europe to maintain growth. Analysts project positive adjusted EBITDA by 2026.