Wednesday, November 10, 2021

EV: Rivian IPO: $86B > Ford, GM

Rivian pre-order customers made over $240 million in profit on IPO pop

Rivian shares rose 29% to $100.74, valuing the company at almost $86 billion as of the close of trading.

Rivian electric trucks are seen parked near the Nasdaq MarketSite building in Times Square on November 10, 2021 in New York City.

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.

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"Low-Code Cloud Native Engineering for API Developers
Engineer in low-code and pro-code simultaneously. All in hours, not weeks."
Ballerina is an open-source programming language for the cloud that makes it easier to use, combine, and create network services.