Rivian is on fire.Be careful, Elon Musk

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A year ago, the name Rivian almost only appeared in the third or fourth place on the list of budding electric car manufacturers. The big discussion focused on Tesla (of course) and Nikola (yes). If you are not familiar with Rivian, please wear your seat belt.

This valuation of Rivian is close to $86 billion-more than General Motors and Ford. (This is a bit embarrassing, because Ford is a big investor in Rivian, so it’s a bit like your brother is taller than you, and ultimately does better in sports and other areas. Anyway…)

Why all the fuss?

The hype of electric vehicles is nothing new (see Tesla’s almost certainly over-exaggerated trillion-dollar valuation), but Rivian has certain advantages in the US consumer car market and a big-name partnership that investors love .

  • Rivian’s main product is not just any electric car, but a truck. This is important because Americans really like trucks. Edmunds said that year after year, the top three most popular cars in the United States are: Ford F-150, Chevrolet Silverado and Ram.
  • Investors are excited about the collaboration between Rivian and Amazon, The company has ordered 100,000 delivery vehicles and holds approximately 19% of the electric car manufacturer.
  • Anti-Tesla appeal: Although Tesla may now dominate the field of electric vehicles, Rivian is selling a completely different atmosphere. As my colleague Matt McFarland recently wrote, Rivian is targeting the anti-Musk crowd-Patagonians who surf or go rock climbing on weekends are being delayed because of the status symbol of owning a Tesla .

Of course, despite everything going well now, Rivian is still a baby. Its first vehicle delivery occurred two months ago. This is a market that is difficult to scale up. Even the largest automakers are struggling to deal with manufacturing problems, because you guessed it, because of the global supply chain crisis. And it’s not without competition: Traditional automakers such as Volkswagen and General Motors are investing billions of dollars to produce their own electric cars.

Number of people on the day: 6.2%

Remember when the Fed told us that inflation will not last long? Well, here comes the bad news again. In the past 12 months, US consumer prices have risen by 6.2%—the largest increase since November 1990. If I hear the word “temporary” from any Fed official again, I will lose it. If Silver Fox Jay Powell is looking for a new tagline, we can suggest, “Stay here for a while.”

Housing Hell, Part 872

Potential buyers, if you are reading this article, I am sorry.

The median price of single-family homes increased in almost all 183 markets tracked by the National Association of Realtors in the third quarter. Almost all, I mean 99%. Rose, I mean a lot.

The median house price in the third quarter rose 16% from the same period last year to $363,700. For all the same reasons we have discussed in the past year: because mortgage interest rates hit record lows, demand is high, but inventories are tight. This dynamic has hardly changed since last year’s pandemic triggered a house-buying frenzy.

But there is a silver lining: Anna Bahney of CNN Business wrote that prices are rising at a slower rate. The 16% increase was significant, but not as large as the nearly 23% increase we saw in the second quarter.

Like I said, this is not a great comfort when you consider that the typical price of a single-family home a year ago was $50,300 lower than it is now. But inventories are slowly picking up, and mortgage interest rates are rising slightly, which should help lower prices… eventually.

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