Rivian is trading at about 2.5 times Tesla's valuation based on this cutting-edge metric

A Rivian R1T electric pickup truck during the company's IPO outside the Nasdaq MarketSite in New York, on Wednesday, Nov. 10, 2021.
Bing Guan | Bloomberg | Getty Images

Newly public electric-vehicle maker Rivian Automotive is already trading at more than double Tesla's lofty valuation, according to one analyst's unconventional valuation method.

More In Street Calls

CNBC ProMorgan Stanley names 5 cheap global stocks — and gives all at least 20% upside
CNBC ProHere are Tuesday's biggest analyst calls of the day: Rivian, Amazon, Apple, AMD, Maxar, Fisker & more
CNBC ProBank of America downgrades space stock Maxar, sees 14% downside