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With $0 in revenue, Rivian becomes the 3rd most valuable automaker in the world

Rivian, a company with 12 years in the market and which has never sold a single vehicle, has become the third most valuable vehicle manufacturer in the world.

The electric vehicle maker made its IPO (IPO) a week ago, but its price per share has more than doubled in that time, rising by more than $140 billion – ahead of Volkswagen ( $139 billion), and third behind Toyota ($306 billion) and Tesla ($1 trillion).

This Tuesday (16), the company’s shares appreciated 6%, quoted at US$159. When Rivian debuted last week, its share price was US$78.

Without bringing any electric trucks to market, Rivian piqued the interest of major investors with prominent support from Amazon, which bought a 20% stake in 2019, and Ford.

Jeff Bezos, the richest man in the world, is a huge fan, and has been seen transporting his fellow space explorers to and from the Blue Origin launch site in west Texas in the Rivian truck.

The fashion for electric vehicles is nothing new – analysts, and even Tesla founder Elon Musk himself, have argued that his Tesla’s valuation is overinflated.

But its stocks continue to rise as Wall Street predicts a future in which all-electric vehicles will be the norm. Under President Joe Biden’s $1.2 trillion infrastructure plan, signed into law on Monday, about $7.5 billion is being earmarked to build a nationwide network of plug-in electric vehicle chargers. -in.

Investors who may have lost the Tesla a decade ago are not interested in losing another electric vehicle pioneer.

Rivian also has a potential advantage over Tesla in the US market, in part because it’s looking for non-Tesla, or even anti-Tesla.

Rivian’s flagship product isn’t just any EV – it’s a pickup truck. This is important in the American market, as the three most popular vehicles in the United States are the Ford F-150, Chevy Silverado and Ram, in that order, according to Edmunds research.

*Translated text. Click here to read the original.

Reference: CNN Brasil

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