CARMAKING IS sharply divided between the old and new. Recent electric-vehicle (EV) entrants, with Tesla at the forefront, command effervescent valuations largely based on being new and different. The share prices of established carmakers suggest that they will soon go out of business. Yet many of the former will probably fail and most of the latter survive. Rivian, one of the newcomers, filed paperwork for an initial public offering on August 27th and is reportedly seeking a valuation of at least $70bn, roughly the same as General Motors. Do its plans match the fizz?
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