Electric vehicle maker Rivian hit over $140 billion since it went public last week, becoming one of the biggest IPOs this year as investors bet on the startup as a rival to Tesla.
Rivian opened at $106 per share on its first trading day on Nov. 10, selling more than traditional carmakers Ford and General Motors after debuting the night before with a share price of $78.
The firm’s stock price has more than doubled to $172 this week. At a market cap of $149 billion as of Nov. 16, Rivian surpassed Volkswagen ($139 billion) and is just behind Toyota ($306 billion) and Tesla ($1 trillion).
Rivian was founded in 2009 and had no revenue until its first truck deliveries just two months ago. But increasing interest over electric vehicles, whose industry is dominated by Tesla, has shifted attention to the startup.
Unlike Tesla, Rivian’s main product is the pickup truck — a popular vehicle in the U.S. market.
Amazon has ordered 100,000 Rivian vehicles to be delivered by 2030 and plans to have thousands of trucks delivering packages by next year.
Meanwhile, the infrastructure program signed by U.S. President Joe Biden on Monday, which has set aside billions for building nationwide networks for electric vehicles, is expected to boost the EV market.
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