In yet another sign that the electric vehicle market is hot and getting hotter, shares of Rivian Automotive Inc., a startup company that manufactures electric pickup trucks, jumped in the company’s initial public offering, according to an article by the Associated Press.
A closing price of $100.73 gave Rivian a market value just short of $86 billion, which is greater than that of Ford and just below General Motors, even though the company has delivered only 150 of its electric trucks to customers.
Ford, which invested a half-billion dollars in Rivian in 2019, and Amazon, which held a 20% stake in Rivian ahead of the IPO, are among its strongest backers, making it another threat to take market share away from Tesla.
