Rivian’s Wall Street debut tops value of Ford
November 11, 2021 - Rivian Automotive’s Wall Street debut raised nearly $12 billion in one of the largest-ever initial public offerings. With a market value of $85.9bn, it is the third most valuable U.S. automaker.
Shares of Rivian Automotive jumped in their Nasdaq debut Wednesday (November 10), rising as much as 53% as investors look for the next big winner in the electric vehicle (EV) market.
The closing price of $100.73 gave Rivian a market value of about $85.9 billion, just below General Motors at $86.05bn. Rivian ranks ahead of Ford Motor at $77.37 billion and Lucid Group at $65.20 billion.
Rivian has so far delivered just 150 of its electric R1T pickup trucks to customers -- mostly employees -- whereas Ford and GM sell millions of cars globally each year.
Tesla dominates the EV market, amassing a market value of more than $1 trillion along the way. Tesla, which went public in 2010 with a $2.2bn valuation, took a decade to record its first annual profit. Tesla has sold around 627,300 vehicles in 2021 to date.
Rivian rolled out its first vehicle, the R1T electric truck, in September and will launch its electric SUV, the R1S, in December. Prices for the pickup truck start at $67,500, while the SUV base package starts at $75,500.
Rivian’s IPO comes during the United Nations Climate Summit COP26 in Glasgow, Scotland, where automakers, airlines and governments have unveiled pledges to cut greenhouse gas emissions from global transport.