Addressing Rivian's lofty valuation, Wedbush said Rivian has strong potential to be a clear leader in this market and should be valued on a fully scaled unit number into 2025. "We believe $2.5 trillion of market share is up for grabs over the next decade in the EV market, with Tesla owning roughly half of our $5 trillion market estimate," Ives wrote. Morgan Stanley analyst Adam Jonas initiated coverage of Rivian with an overweight rating and $147 price target. Jonas said Rivian could challenge Elon Musk 's Tesla with its "compelling product," strong management, and access to capital underpinned by the strategic relationship with Amazon. The analyst said that R1T/R1S was "the most capable/desirable product in the market" for about $80,000. The electric delivery van has the potential to dominate the fast-growing final-mile EV fleet "largely unaddressed by the EV market until now," Jonas tells investors.