Rivian stock thesis

Recently started researching Rivian and built out a position thus far (few thousand shares). I think Rivian stock is super underpriced and under appreciated due to the cash burn, production woes, & lack of production capacity (obviously). With that said, I think if you look deeper into what Rivian is building, a promising future emerges.

Cars are technology platforms now. Older mechanical / hybrid cars will likely struggle to compete with Rivian once the market fully realizes this / Rivian can produce way more cars. Rivian is vertically integrated with their own software stack, which will compound as they can gather more data. It seems to me there will be two big players here (Tesla and Rivian)

In california, Rivians are everywhere now. I think the team has successfully built a brand and once R2 launches it’ll be a lightbulb moment for the market.

RJ is top tier. Super important to have a visionary at the helm who is highly competent.

There is no autonomy priced into this stock. Im not sure how this changes but tesla has a huge speculative premium built into it for autonomy that no other car company has.

I’m not a car expert so I may be over indexing on certain things. My main question I would pose is who is better suited to take on Tesla? A newer tech driven car company with their own tech / software stack or older car companies with baggage?

Shoot holes in this crude thesis below.

Not financial advice !