Rivian shares climb in post-IPO rally


In this article

Rivian employees stand beside the new all-electric pickup truck by Rivian, the R1T, as it sits at one of its facilities on November 09, 2021 in the Brooklyn borough of New York City.
Spencer Platt | Getty Images

Rivian shares continued to rally less than a week after the company went public in one of the biggest IPOs of the year. The stock was up more than 10% after markets opened before settling up around 6%.

It’s a sign that investors are still bullish on the Tesla rival backed by Amazon and Ford.

Rivian opened at $106.75 per share on its first trading day, Nov. 10. At its opening price, it was already worth more than traditional automakers like Ford and General Motors.

Amazon has already ordered 100,000 Rivian vehicles to be delivered by 2030 and plans to have 10,000 Rivian vehicles delivering packages as early as next year.

Rivian already beat Tesla, GM and Ford with the first fully electric pickup, the R1T, on the market. In July, Reuters reported that Rivian was planning to invest $5 billion in a second assembly plant. Rivian said its current Illinois factory can produce up to 150,000 vehicles a year.

Demand for electric vehicles continues to rise as more consumers look to adopt the technology. The latest infrastructure package signed by President Joe Biden on Monday outlines billions of dollars delegated to building out a network of EV charging infrastructure.

Products You May Like

Articles You May Like

House Republicans pass bill to limit drawdowns on Strategic Petroleum Reserve
Teams and Outlook go down for thousands of Microsoft users
How to watch all the big films nominated for Oscars and BAFTAs
‘Holy crap, we got a shot’: Inside the 49ers’ season-changing Christian McCaffrey trade
Zelenskyy not in mood to compromise despite fears of Russian gains as Ukraine war drags on

Leave a Reply

Your email address will not be published. Required fields are marked *