Evolution is a total scam. Everyone knows that a Pikachu with a held light ball is far more effective than a equally-leveled Raichu with equal EV and IVs. It's just another cheap marketing ploy from the sagging evolution stone industry.
Raichu's base stats are higher though...
Alright, whatever Lt. Surge. Yeah, maybe without held items, but with max EVs, Pikachu becomes the dominant electric type in the UU tier of the competitive Pokemon battling scene. A Pikachu with a held light ball even hits harder than a Raichu holding a
zap plate. Stop shilling for the big evolution stone corporations. It's all a scam, man.