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The electric vehicle specialist – which has built fewer than 60 production cars – is now worth more than General Motors, Ford, BMW, Stellantis, Hyundai, Kia, and Ferrari.
Little-known electric vehicle specialist Rivian is now the world’s sixth most valuable car maker, following a record-breaking Initial Public Offering (IPO) overnight.
Floating on the NASDAQ under the symbol RIVN, the US-based company – which, as of last month, had built fewer than 60 vehicles in total – was valued above $US100 billion ($AU136 billion).
In layman’s terms, this means investors were cumulatively prepared to front up that much cash for a relative stake in the business.
For reference, just Tesla ($US1.1 trillion), Toyota ($US247 billion), Volkswagen ($US140 billion), BYD ($US138 billion), and Daimler ($US109 billion) are valued higher.
Stocks were initially listed at $US78 ($AU103) each, and increased steadily throughout the day to $US119.38 ($AU160) before tailing off.
At the time of publishing stock was valued at $US101.93 ($AU140), and market capitalisation has dropped slightly to $US98.66 billion ($AU135 billion).
In total, Rivian raised $US11.9 billion ($AU16 billion) with the sale of 153 million shares (approximately 12 per cent of the business).
The company has previously suggested it expects to lose money for the foreseeable future, however the near ubiquitous shift to zero-emission automotive platforms expected to take place over the next decade has created strong speculative demand for stock in electric vehicle manufacturers.
An SUV – underpinned by the same platform, and dubbed the R1S – is also on the way (both vehicles shown in the gallery above).
The first production run of 10,000 vans is slated for completion before the end of 2022.
Lucid Motors – another US electric vehicle specialist – similarly went public earlier this year. It is now valued at $US72.2 billion ($AU98 billion).
He has maintained a primary focus on industry trends, autonomous technology, electric vehicle regulations, and local environmental policy.
As the newest addition to the Drive team, William was brought onboard for his attention to detail, writing skills, and strong work ethic.
Despite writing for a diverse range of outlets – including the Australian Financial Review, Robb Report, and Property Observer – since completing his media degree at Macquarie University, William has always had a passion for cars.
Read more about William Davis
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