Rivian, the anti-Tesla overtakes the GM and Ford on the Stock Exchange

Rivian, the anti-Tesla overtakes the GM and Ford on the Stock Exchange
Rivian, the anti-Tesla overtakes the GM and Ford on the Stock Exchange

He is a new stock market star. Rivian Automotive, a US start-up that builds electric cars, in two days of trading on the Nasdaq in New York has totaled an increase of more than 50%. The race began with the IPO on Wednesday, which made the stock jump 37% at a price of $ 106.76, compared to $ 78 of the placement value, to then close at $ 100.73 (+ 29.1%). The advance continued today, the second day of trading, with prices jumped above 120 dollars and an already record capitalization above the 100 million dollar ceiling (in January, during the last round of capital, the valuation was fixed to $ 28 billion).

With today’s exploit, the company has entered the club of the top ten car manufacturers in the world, ahead of names like GM, Ford and BMW. This record was achieved despite the fact that the house still sold very little: the marketing began last September when it launched R1T, the first electric pickup with which it beat Tesla on the times. Since then, a total of 200 have been sold. However, e-Suvs will arrive on the market in December. However, the company also has a contract with Amazon for 100,000 electric vehicles in its pocket.

Rivian’s was the largest IPO of the year on Nasdaq and the largest since Alibaba’s debut in New York in 2014. The success of the listing confirmed the market’s interest in the company considered, along with Lucid, among the Tesla’s biggest rivals. However, there is also interest from traditional companies in the sector: Ford has a 5% stake in Rivian.

With the operation of landing on the lists, growth will be financed. The nearly $ 12 billion raised by Rivian will allow for an increase in production and an acceleration in the development of new models. The company hopes to repeat the success of Tesla, which last month surpassed the capitalization of $ 1 trillion with the stock which is now worth $ 1,060.

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