US startup Rivian is worth more than General Motors in Evil

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IPO results in a market capitalization of $ 100 billion

US startup Rivian is worth more than General Motors in Evil-general

The US startup Rivian can be satisfied with its debut on the stock market. On its first day on the US technology exchange Nasdaq, the stock rose as much as 53 percent on Wednesday. The exchange valued the company with $ 100 billion, as reported by Reuters.

The stock closed the trading day at a price of just over 100 dollars, which is still an increase of 30 percent compared to the offer price of 78 dollars. Yesterday, Thursday, the stock rose further to around $ 123.

But already with the 100 billion from Wednesday the company was valued significantly higher than General Motors (86 billion) and Ford (77 billion). After Tesla, whose value was $ 1.06 trillion on Wednesday, is Rivian thus the US automaker with the second highest market value. Volkswagen’s valuation (around $ 140 billion) isn’t much higher either. Even though Rivian sells almost no cars yet and only expects sales of one million dollars for the current quarter.

Like other automakers, Rivian is also having difficulties ramping up production of its R1T electric pick-up – global delivery problems for semiconductors are currently not making production easy.

US startup Rivian is worth more than General Motors in Evil-rivian

Rivian R1S

US startup Rivian is worth more than General Motors in Evil-evil

Rivian Amazon delivery truck

Rivian raised approximately $ 12 billion on the IPO that will help the company ramp up production. The R1T came in the USA on the market in September. The SUV variant R1S and a delivery van are to follow. Amazon already has 100,000 of the delivery van ordered; they should be delivered by 2030. With a stake of 20 percent, Amazon is also the most important major shareholder in Rivian. Ford also owns a 12 percent stake in the company.

The Californian company plans to build at least one million vehicles annually from 2030, said Rivian boss RJ Scaringe. The company has a manufacturing facility in Illinois and is planning another in the United States. Production is also to be set up in China and Europe.

More about Rivian: US startup Rivian is worth more than General Motors in Evil-motors Rivian wants to manufacture battery cells itself in the future

US startup Rivian is worth more than General Motors in Evil-general Rivian R1T: First production model rolls off the assembly line

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