Rivian Automotive is up 53% from its starting price since its debut on the Nasdaq today. Their combined value exceeded $ 100 billion, making Rivian’s largest IPO this year.
In fact, Rivian is now the second largest automaker in the United States by market capitalization, second only to Tesla, which is worth $ 1.01 trillion. For comparison: General Motors has a market value of $ 85 billion, Ford Motor at about $ 77 billion, Lucid Group at $ 65 billion. At the same time, the Rivian company has just started selling its electric vehicles.
Rivian’s largest shareholder is Amazon.com, which owns 20% of the electric vehicle maker.
“The Rivian IPO demonstrates strong investor interest in electrification and mobility technologies,” said Asad Hussain, senior analyst at PitchBook.
The source adds that the electric vehicle companies were among the most attractive for investments in the past year.
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