You may have missed buying Tesla at its initial public offering in June of 2010 — sixteen thousand percent ago. And so, you may be intrigued by Rivian Automotive, the Irvine, California electric truck maker that came public on November 10th of last year.

And you’re wondering, after a sixty-nine percent decline in Rivian shares through Friday’s close of $31.99, is this the right time to buy in?

It all hangs on what you make of the company’s promises to be profitable some day.

Rivian is set to have higher sales this year than Tesla had the year it went public, but Rivian is also set to lose a bundle of money, much more than Tesla was losing when it came public. The key to Rivian as an investment is assessing when the company’s sales will turn profitable.

Rivian is the most compelling alternative bet on an integrated carmaker after Tesla. The competitors, such as Lucid, Faraday Future, TuSimple, haven’t reached Rivian’s level of production nor revenue.