Electric truck maker Rivian zooms to $86B market value

KIFI

Published November 10, 2021 1:01 AM

By MATT OTT
AP Business Writer

SILVER SPRING, Md. (AP) — Shares of Rivian Automotive jumped in their debut Wednesday, rising as much as 53% as investors look for the next big winner in the electric vehicle market. The closing price of $100,73 gave Rivian a market value of about $85.9 billion, greater than that of Ford and just below General Motors. That’s noteworthy because Rivian has so far delivered about 150 of its electric pickup trucks to customers, mostly employees, whereas Ford and GM sell millions of cars globally each year. Rivian is the latest in what’s becoming a long line of companies trying to peel away some of Tesla’s dominant market share in electric vehicles.

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