Electric vehicle maker Rivian is now worth $93 billion USD following its initial public offering earlier this week.
The company announced its $66.5 billion USD IPO on Tuesday, marking the largest IPO debut of 2021. The following day, its stock price traded 28% above the listing price, pushing it from $78 USD per share to $112.77 USD within a day and peaking at $119.46 USD. Making Rivian’s valuation increase to $93 billion USD, moving it past American automotive giants Ford and GM, which sit at $77 billion USD and $86 billion USD, respectively. As of now, Rivian only trails behind the one and only Tesla, which is valued at a staggering $1.05 trillion USD.
Most significantly, Rivian currently has only two models within its lineup. The first being the R1T electric pickup truck and the R1S electric SUV. With only one in production, and current units at a low. The company opened up its Illinois plant back in September and as of October 22, has built 56 trucks, averaging roughly about two trucks per day, which is far from the one million per year production rate that Rivian’s CEO R.J. Scaringe stated before 2030.
Only time will tell how this will all play out. Let us know your thoughts in the comments section below. Lastly, for more automotive news, After 50 Years The Lamborghini Countach Returns, But Not as You’d Expect.
