Business

Rivian, with $ 0 in sales, is now the third most valuable automaker on the planet




The manufacturer of electric vehicles has been public for a full week, but the share price has more than doubled in that time, valuing the Rivian at more than $ 140 billion – just ahead of Volkswagen ($ 139 billion), and in third place behind Toyota ($ 306) ) billion) and Tesla (1 trillion dollars).

On Tuesday, the stock opened 6% higher, to around 159 dollars per share. When the company debuted last week, it priced the stock at $ 78.

Although Rivian has not brought any of its electric trucks to market, it has generated huge investor interest with prominent support from Amazon, which bought a 20% stake in 201[ads1]9, and Ford (F). Jeff Bezos is a big fan, and has been seen transporting his other astronauts to and from Blue Origins launch site in West Texas in Rivian’s distinctive truck.
Rivian is driven by a powerful force: Jeff Bezos' desire to defy Elon Musk
Hype for electric vehicles is nothing new – many analysts, and even Tesla’s founder Elon Musk, have claimed that Tesla’s value is overblown. But the stock continues to climb while Wall Street envisions a future where all-electric vehicles are the norm. Under President Joe Biden’s $ 1.2 trillion infrastructure plan, which was signed into law on Monday, about $ 7.5 billion will be set aside to build a nationwide network of plug-in chargers for electric vehicles.

Investors who may have missed Tesla a decade ago are not eager to miss another hot EV pioneer.

Rivian also boasts a potential advantage over Tesla in the US market, in part because it is sport fishing for non-Tesla audiences, or even anti-Tesla.

Rivian’s main product is not just any electric car – it’s a pickup. It is important in the US market, given that the three most popular vehicles in the US are the Ford F-150, Chevy Silverado and Ram, in that order, according to Edmund’s research.



Source link

Back to top button