TeslaElon Musk stated that rival carmaker will need to produce high volumes and generate a profit. RivianThe aforementioned had been renamed to. blockbuster IPOOn Wednesday, the stock had a market capitalization of more than $100 billion.

Tesla, despite being one of the most successful electric-powered startup, is not like other automotive companies. [the] only American carmaker to reach high volume production & positive cash flow in past 100 years,” Musk said in a tweetThursday

He said, “I hope they are.” [Rivian]It is possible to reach high production levels while still generating a profit. This is what the real test looks like.

Rivian didn’t immediately reply to CNBC’s request regarding Musk tweets. The company has not recorded any revenue in its history and anticipates sales of $1 million or less in the quarter.

According to the company, it currently has 55.4400 pre-orders of its R1S SUV/R1T pickup truck as well as a contract for 100,000 electric vans. Amazon by 2030.

Investors are already placing Rivian at a higher valuation than other auto companies, but it is a huge gamble to trust Rivian with the assembly and delivery of the cars. Ford and General Motors.

Despite the lack of revenue, Rivian raised around $12 billion in its market debut, making the IPO the largest in the world this year. The IPO also made Rivian the second most valuable car manufacturer in the U.S. behind Tesla.

After its first two days of trading in 2010, Tesla had a market cap of just over $2 billion. Meanwhile, R.J. Scaringe, the CEO of Rivian, was worth that much on his own after his company’s second day on the public market.

Rivian shares popped 57% in their first two days on the Nasdaq. Scaringe, who founded Rivian in 2009, owns 17.6 million shares, valued at $2.2 billion, based on Thursday’s closing stock price of $122.99.

“We began thinking about the truck, SUV,And crossover segments as they presented a massive opportunity for us to demonstrate how a clean sheet, technology-focused vehicle could eliminate long accepted compromises,” Scaringe wrote in the company’s IPO prospectus

“We wanted to establish our brand by delivering a combination of efficiency, on-road performance, off-road capability, functional utility, and product refinement that simply didn’t exist in the market”

Rivian hired many former Tesla workers, including the key engineers who helped build Tesla Model 3.

Rivian has been criticized before. He tweeted that “prototypes don’t matter when it comes to scaling production or supply chain” last month. 

— Additional reporting by Ari Levy.