A22 EZ RE THEWASHINGTONPOST.THURSDAY,NOVEMBER 11 , 2021
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PDF SolutionsInc 31.85 26.
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3M Co 182.42 0.6 4.
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AppleInc 147.92 -1.9 11.
Boeing 218.50 -1.0 2.
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HomeDepot 368.58 -0.6 38.
IBM 120.22 -0.5 0.
Intel Corp 50.76 -0.9 1.
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6. 46STANDARD&POOR'SData and graphicsby:DOWJONES20BrazilR$
5. 50YYTD%Change
17. 9 %BYAARONGREGG
ANDTAYLORTELFORDRivianmade itsWall Street
debutwith anexplosiveburst,
transformingthemakerofbat-
tery-poweredtrucksintoa$ 98
billioncompanyandanimmedi-
atefront-runnerinthenext-gen-
erationauto market.
ThoughRivianexpects to lose
money forthe foreseeable future,
itsinitialpublicofferingwasthe
biggest of 2021 andput itsvalua-
tionaheadof suchlegacyauto-
makers as Ford andGeneral
Motors,
Investorswere eagertobet big
onacompanyoftendescribedas
thenextTesla. RivianAutomo-
tivepriced itsIPOat $78ashare,
wellaboveits target range, after
thefeedbackfromits roadshow
encouragedittoaim higher.
Sharesshotuppast$ 106 at the
openingbellbeforefallingback.
They endedthe sessionat
$100.73, anearly 30 percent
climb,givingitamarket capital-
izationof$98.6 billion.
Rivian—whosefounder,RJ
Scaringe,intendstobuildinto
oneof the“mostrecognizable
brandsin theworld” —wants to
expandtheelectricvehicle mar-
ketbeyondthesleeksedansand
boxy compactsthatcurrently
dominateit. Thecompanypro-
duces pickuptrucks andSUVs, as
wellasanelectricdeliveryvanit
developedinpartnershipwith
Amazon.
(AmazonfounderJeff Bezos
ownsTheWashingtonPost.)
TheIrvine, Calif.-basedauto-
maker,which began trading
Wednesday ontheNasdaqunder
theRIVNsymbol,hasfiredup
Wall Streetdespiteits recordof
burning throughcash. In its
prospectus,Rivianestimatedit
would losenearly$1.3billionin
thequarter endingSept.30,and
projected revenue anywhere
fromzero to $1 million.
Butinvestorsarepilinginto
EVsamid abroader industry
shift towardcleaner-runningve-
hicles. Teslashareshavebeenon
atear,up30percentinthelast
month alone,liftingits valuation
north of $1 trillion.Ford,Toyota
andother automakers areplan-
ningmultibillion-dollarinvest-
ments in factoriesto churnout
batteriesandotherelectricvehi-
clecomponents.
Investorshavetakennoteof
Tesla’ssoaringfortunesandare
pricingRivianaccordingly, said
DanIves,amanagingdirectorat
Wedbush.Theyexpectall-elec-
tricvehicleswillonedaydomi-
nate themarket andare eagerlyplacingbets onpossible win-
ners.
“Electricvehiclesare thebig-
gest transformationto theauto
industrysincethe 195 0s,andit
representswhatwebelievetobe
a$5trillionmarket over thenext
decadein termsofthe greentidal
wave,” Ives said.
TheIPOwasthebiggestof
2021 andoneof thelargestofthe
pastthree decades,accordingto
MarketWatch.Theinitial publicoffering
comesastheworld’spolicymak-
ersareattemptingto lockdowna
far-reachingdeal to reduce
greenhousegasesandavertdis-
astrouslevelsof globalwarming.
Adraft agreementcirculatedat
theongoingCOP26climate sum-
mitin Glasgowcallsforpartici-
pating countries to phaseout
subsidiesforfossilfuels.
Atleast17nationshave either
passedorare consideringlegisla-tiondesignedtophaseoutthe
saleofgas-poweredvehiclesin
thecomingyears, Riviannotesin
itsIPOprospectus.
Yetelectricvehicles represent
onlyasliverof theoverall U.S.
automarket,recordingjust 2.
percentof newautoregistrations
in thefirsthalfof 2021,accord-
ingtotheconsumercreditre-
portingcompanyExperian.For
allof2020, it was1.7 percent.
Electricvehicleshave ahigher
pricepointthantheir gas-pow-
eredrivals.Rivian’sR1Tpickup
truck starts at $67,500,puttingit
roughlyinlinewithpreviously
advertisedpricesforTesla’slong-
rangeCybertruck.Bycompari-
son,Ford’s electricF-150,slated
forpublicrelease in spring 2022 ,
starts at $39,974.
Rivianhas toldinvestorsit
expects to incurlossesfor some
timeasitcarriesout theexpen-
sivework of building outits
infrastructure. It disclosed a
$288millionlossinthethree
monthsendinginSept.30, 2020,
according tofinancial records.
ItsdealwithAmazonto deliver
100 ,000vehiclesshould giveita
financial lifeline in the short
termwhileitscalesuptomeet
customerdemand.
It’s relatively common for
companiestogopublicdespitehavinglittleornorevenue,as
longassomeaspectofthebusi-
nessgivesinvestors theexpecta-
tionthatthecompanycould be
financially successfuldownthe
road. Drugcompanies,for exam-
ple,commonlyraisefundingon
thepublicmarketswhile theyare
stillseekinggovernmentapprov-
als to marketand selltheir
products.
Still, someanalysts caution
thatRiviancould beovervalued
comparedwith establishedauto-
makers —Ford hasamarket
capitalizationof$77.4 billion,
andGMis worth$86billion—
andthatitcould takeyearsfor a
company likeRiviantorealizeits
potential.
Rivian’ssoaring IPO“comes
fromafearofmissingoutonan
early electricvehiclecompany. ...
It’s outside of anyrationalvalua-
tion,”saidGene Munster,manag-
ingpartnerat LoupVentures.“If
youthoughtTeslawasoverval-
ued, this is overvaluationon
steroids.”
BeforetheIPO,Rivianraised
$10billionfromdeep-pocketed
privateinvestors includingFord,
BlackRockandSorosFundMan-
agement, aswell asothercli-
mate-focusedinvestors.
[email protected]
[email protected]Rivian soars to $98 billion value in Wall Street debut
MICHAELM. SANTIAGO/GETTYIMAGES
ARivian electrictruckisseenWednesday in TimesSquare. The
companyrecorded the biggest initial publicoffering of the year.(202)-919-9209 (301)-778-4222 (703)-650-