Rivian Automotive Inc. (RIVN) is having a pretty decent November, at least by the numbers. The EV maker sold over 4,500 units of its R1T pickup trucks and R1S SUVs last month, according to data from Motor Intelligence released Tuesday.

That's a 14.1% increase from October's 3,944 units and a solid 24.1% year-over-year jump from the 3,625 vehicles sold in November 2024. Not bad for a company operating in an increasingly uncertain EV landscape.

Why Losing the Tax Credit Might Actually Help

Here's where things get interesting. CEO RJ Scaringe recently made the counterintuitive argument that President Donald Trump rolling back the $7,500 federal EV tax credit would actually be good for Rivian. His reasoning? It "simplifies things in the medium to long term." More importantly, Scaringe believes the move will reduce competition as legacy automakers pull back on their EV development plans.

It's a bold take, essentially arguing that making EVs more expensive for consumers will help his company because it hurts competitors even more. Whether that thesis plays out remains to be seen.

In a somewhat awkward bit of timing, Scaringe also sold over $1.13 million worth of company shares in November, unloading 69,890 shares according to recent SEC filings. Not exactly a vote of confidence signal, though executive stock sales happen for all sorts of reasons.

The Billion-Dollar Compensation Package

Speaking of Scaringe, shareholders recently approved a performance-based compensation package for the CEO that looks remarkably similar to Tesla Inc. (TSLA) CEO Elon Musk's controversial pay structure. This award could reach up to $4.6 billion over 10 years, tied to both profit goals and stock price milestones.

It's the kind of pay package that only makes sense if Rivian hits some truly ambitious targets. Given that the company is still working toward consistent profitability, those milestones aren't gimmes.

Meanwhile, Ford's EV Business Takes a Hit

The contrast with legacy automakers is stark. Ford Motor Co. (F) saw its EV sales crater by 60% in November. Even more dramatic, sales of the F-150 Lightning EV pickup truck fell more than 72% last month.

This is exactly the kind of pullback Scaringe is betting will give Rivian breathing room. While established automakers struggle to make the EV economics work and potentially scale back investments, pure-play EV companies like Rivian could find themselves with less crowded competitive space.

Price Action: RIVN shares jumped 0.64% to $17.34 in pre-market trading, according to market data.