Shares of Rivian Automotive jumped in their
debut Wednesday, rising as much as 53% as
investors look for the next big winner in the
electric vehicle market.
The closing price of $100.73 gave Rivian a
market value of about $85.9 billion, greater than
that of Ford and just below General Motors.
That’s noteworthy because Rivian has so far
delivered about 150 of its electric pickup trucks
to customers, mostly employees, whereas Ford
and GM sell millions of cars globally each year.
Ford is one of Rivian’s high-profile backers,
having invested a half-billion dollars into the
company in 2019. The other is Amazon, which
held a 20% stake in Rivian ahead of the IPO.