Rivian hasn’t delivered many of its intriguing new electric pickup trucks, but on its second day as a public company saw a 22% run-up in its share price.
Rivian hasn’t delivered many of its intriguing new electric pickup trucks, but on its second day as a public company saw a 22% spike in its share price that turned the relatively small, but heavily funded upstart, into the second-most valuable U.S. automaker, trailing only Elon Musk’s Tesla. Shares of the Irvine, California-based company jumped by $22.26 to close at $122.99 in Nasdaq trading on Thursday. That boosted its market cap to $120.5 billion, surpassing General Motors at $89.8 billion and investor Ford at $78.1 billion, companies that each sell millions of cars and trucks worldwide, operate dozens of factories and employ hundreds of thousands of people. Only Tesla, which also still just sells a fraction of the number of vehicles that GM and Ford do, has a higher market value at $1.
