Investors showed Wednesday strong support for electric vehicles by lifting the valuation of Rivian Automotive Inc. to more than $100 billion.
Shares of Rivian hit the Nasdaq Wednesday and jumped 53% from its debut price. It was the world’s largest initial public offering this year. Chief Executive RJ Scaringe thanked his team and shared photos of the IPO event on Twitter.
Rivian just started delivering its R1T electric pickup to consumers and is now the second most valuable automaker behind Tesla. Its valuation is higher than both General Motors and Ford.
Rivian raised about $12 billion to build the company ahead of IPO. Strategic investors included Ford and Amazon, which owns 20% of the company. Rivian is also filling an order of 100,000 delivery vans for Amazon.
Based in Irvine, Calif., Rivian operates a factory in Illinois and is reportedly looking to add a second U.S. factory, as well as factories in Europe and China. Following the R1T pickup, the company will build an electric SUV and has plans for a range of other vehicles.
Shares of Rivian hit the Nasdaq Wednesday and jumped 53% from its debut price. It was the world’s largest initial public offering this year. Chief Executive RJ Scaringe thanked his team and shared photos of the IPO event on Twitter.
Rivian just started delivering its R1T electric pickup to consumers and is now the second most valuable automaker behind Tesla. Its valuation is higher than both General Motors and Ford.
Rivian raised about $12 billion to build the company ahead of IPO. Strategic investors included Ford and Amazon, which owns 20% of the company. Rivian is also filling an order of 100,000 delivery vans for Amazon.
Based in Irvine, Calif., Rivian operates a factory in Illinois and is reportedly looking to add a second U.S. factory, as well as factories in Europe and China. Following the R1T pickup, the company will build an electric SUV and has plans for a range of other vehicles.
