Why Rivian Can’t Be the Next Tesla

Rivian is on a better road than Lucid, but none of America’s electric-vehicle startups looks much like being the next Tesla.

Rivian is finding its cruising speed—slower but more controllable than the breakneck expansion envisaged in its initial public offering two years ago. The company, which is focused on electrifying pickup trucks, three-row sport-utility vehicles and delivery vans, raised its production forecast for 2023 to 54,000 on Tuesday, when it reported third-quarter results after the market close. This was the second consecutive quarter that it has raised this closely watched number after drastically cutting expectations just months after its IPO. The stock was up about 7% in premarket trading on Wednesday.