Rivian: Electric Car Startup Is Already The 2nd Largest In The US

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Rivian: The electric car maker Rivian held the public offering of shares (IPO) this Wednesday (10) and achieved very impressive results for such a young company.

According to Reuters, the company now has a market value of $100 billion — putting it second among US automakers, ahead of even traditional Ford ($77 billion) and General Motors (US$86 billion). In front is only Tesla, which recently reached the $1 trillion valuation level.

General expansion

As of the IPO, Rivian will use around US$ 12 billion for expansion, development of new products and expansion in the volume of manufactured units.

With the good performance of the Nasdaq debut, Rivian’s shares also soared by 53%. Interestingly, Amazon is one of the biggest investors in the brand, with a 20% share of the company, followed by its own rival Ford (12%).

Founded in 2009, Rivian began selling the R1T electric pickup only in September 2021 and is now planning the arrival of a delivery van and SUV.

The idea is that the main factory, located in the US state of Illionois, will be able to deliver one million vehicles by the end of this decade — with production being expanded to another plant and headquarters that can be built in China and in Europe.