Shares of Rivian Automotive soared as much as 37% on their first day of trading in an auspicious stock market debut for the electric vehicle maker. In afternoon trading on the Nasdaq index the company's valued swelled to $97 billion, greater than that of Ford, an investor in the startup, and of General Motors.
Rivian, which is also backed by Amazon, said it will use the proceeds from the initial public offering to ramp up production of its trucks, vans and SUVs. The company recently sold its first electric pickup trucks and is the latest automaker to compete with Tesla in the emerging electric automative market.
At this point, we’re more than well aware of the fact that both Ford and Amazon have invested in electric startup Rivian, which has promised to build electric delivery vehicles, electric trucks and electric SUVs. But there was a point in time where General Motors very well could have taken Ford’s place.