Electric vehicle maker Rivian rides Tesla hype train to $100B valuation despite almost no sales

Company backed by Ford, Amazon has been compared to Tesla, the world’s most valuable car company. Rivian Automotive, an electric vehicle company that has so far delivered only about 150 electric pickup trucks mostly to its own employees, surpassed General Motors Thursday to become the second most valuable U.S. car company behind Tesla. The California company went public Wednesday in an initial public offering (IPO) that priced shares at $78 each. By the end of its first day as a public company, those shares were worth more than $100, enough to value the company at $88 billion. That’s more than Ford is worth. The shares rose another 30 per cent on Thursday to push the company above the $100 billion US valuation. That’s greater than Detroit’s GM, one of the biggest auto manufacturers in the world, which sold more than 6.8 million vehicles globally last year. Rivian’s IPO is the biggest in the world this year so far, and the biggest by a U.S. company since Facebook in 2012, according to data compiled by Bloomberg. Despite lofty valuations and ambitions, the company is tiny. Its goal is to produce 1,000 electric vehicles this year.

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