Rivian vs. Tesla: how they make money

• Chase Bank, buying vehicles that drivers then lease · 36.0% of revenueAbout 36% of FY2025 revenue, as the 10-K states. Chase is a lender, not the driver. Its share fell below 10% in 2026, after federal lease credits ended on Sep 30, 2025.
• Amazon · 16.7% of revenue$900 million in FY2025, or 16.7% (Cityfort calculation from the FY2025 10-K). The share was 31.2% in the first nine months of FY2026 (Cityfort calculation from the Q3 FY2026 10-Q), as Chase's fell.
• Volkswagen joint venture · 15.5% of revenue$836 million in FY2025, or 15.5% (Cityfort calculation from the FY2025 10-K). The share was 18.2% in the first nine months of FY2026 (Cityfort calculation from the Q3 FY2026 10-Q).
• Everyone else · 32.0% of revenueDrivers who pay for their vehicles, regulatory credit buyers and service customers. About 32% is what is left after the three named payers (Cityfort calculation from the FY2025 10-K); the filing gives no such figure.

• Car buyers · 69.4% of revenuePeople and fleets buying new Teslas, plus FSD (Supervised) and other software bought with the car.
• Drivers and others using Tesla services · 13.2% of revenueUsed cars, paid charging, repairs, parts and insurance.
• Homes, businesses and utilities · 13.5% of revenueMegapack and Powerwall batteries, solar products and related services.
• Other carmakers · 2.1% of revenueBuy regulatory credits from Tesla to meet emission rules.
• Car lessees · 1.8% of revenueDrivers who lease a Tesla instead of buying it.

FY2025

FY2025

Debt

$4.4B

Cash and investments

$5.5B

On Sep 30, 2026.

At Sep 30, 2026 Rivian held $5,502 million of cash and short-term investments against $4,446 million of long-term debt. Free cash flow was an outflow of $1,124 million in Q3 FY2026.

Debt

$9.5B

Cash and investments

$45.4B

On Sep 30, 2026.

On Sep 30, 2026, Tesla's cash and short-term investments were about 4.8 times its debt and finance leases.

• 2 classes of shares (votes per share: Class A common stock 1, Class B common stock 10).
• Officers and directors as a group: 1.5% of shares, 4.1% of votes (as of Apr 23, 2026).
• Volkswagen (Volkswagen AG and Volkswagen US-Holding): 15.9% (as of Apr 30, 2026).
• Amazon: 12.9% of its class, 12.5% of votes (as of Apr 23, 2026).
• Global Oryx Company Ltd: 9.0% of its class, 8.7% of votes (as of Apr 23, 2026).
• 2 more holders on the Rivian page.

• One class of shares.
• Officers and directors as a group: 20.0% of shares (as of Sep 30, 2026).
• Elon Musk: 19.8% (as of Sep 30, 2026).
• Vanguard Capital Management: 5.3% (as of Sep 30, 2026).

• Amazon pays a large share of revenue (customer or supplier concentration)Amazon was 16.7% of FY2025 revenue and 31.2% in the first nine months of FY2026 (Cityfort calculation from the FY2025 10-K and Q3 FY2026 10-Q). It is also a holder and a supplier, and its van agreement has no minimum order.
• Rivian expects Volkswagen revenue to run through about mid-2028 (customer or supplier concentration)Joint venture work was $836 million of FY2025's $1,557 million Software and Services revenue. Rivian said on Oct 29, 2026 that it expects to recognize it through about mid-2028, and expects that segment's gross profit to fall during 2028.
• Losses are paid for with outside money (liquidity)The accumulated deficit, all past net losses added up, was $29,113 million at Sep 30, 2026. The company says it will require additional financing. Shares outstanding rose from 1,240 million to 1,460 million in nine months.
• Federal EV credits ended, and regulatory credits are uncertain (demand)The 30D and 45W federal credits ended for vehicles acquired after Sep 30, 2025. Rivian says that partly explains an 18% fall in FY2025 automotive deliveries. It calls future regulatory credit sales uncertain.
• The Georgia loan has conditions (debt)The Department of Energy loan of up to $4.5 billion is undrawn. Conditions include positive gross margin for certain periods and vehicle sales metrics. Once funded, it requires at least $2.0 billion of liquidity, among other tests.
• Autonomy milestones decide Uber's money (technology)Uber's plan for up to 50,000 robotaxis and up to $950 million of further share purchases depend on milestones. Rivian said on Mar 19, 2026 that it expects higher research spending to speed up autonomy, and it lists driver assistance technology among its risks.

• Falling profit on cars (competition)Automotive gross margin fell from 29.3% in FY2021 to 17.8% in FY2025. Deliveries fell 1.1% in FY2024 and 8.6% in FY2025. Tesla's 10-K says competition in electric cars keeps growing.
• Regulatory credits are shrinking (regulation)Credits equaled 45.8% of FY2025 income from operations. Tesla says US government actions restricted some credit programs. Q3 FY2026 credit revenue was $113 million, down 73% from a year earlier.
• Driver-assistance lawsuits and inquiries (legal cases)Tesla faces a securities class action alleging misstatements about Autopilot, FSD (Supervised) and Robotaxi. A 2025 jury verdict in a product-liability trial over allegations about Autopilot's use in a 2019 crash is on appeal. It awarded $129 million total compensatory damages (driver 67% and Tesla 33% at fault), plus $200 million punitive.
• Battery supply and tariffs (commodity costs)Tesla said battery supply limited car output in Q3 FY2026. Its 10-K says US tariffs and a US law, the OBBBA, could raise battery cell costs.