British Columbia Sun

Electric-Vehicle creator Rivian drives Tesla publicity train to $100B value notwithstanding zero-sales

Key points: 

  • The company supported by Ford, Amazon has been collated with Tesla, the world’s most valuable car firm. 
  • Rivian, the electric car firm, led by CEO RJ Scaringe, expects to vend about 1000 electric trucks and SUVs this year. 
  • One day it’s beginning public offering, Rivian shares rose another 30 per cent to force the firm above the $100B US valuation. 

Rivian’s CEO RJ Scaringe wants the firm to be at a $100B valuation: 

Rivian Automotive, an electric vehicle firm that has till now delivered only about 150 electric pickup trucks mostly to its workers, exceeding General Motors Thursday to become the second most valuable US car firm after Tesla. 

The California firm went public Wednesday in an Initial Public Offering (IPO) that cost shares at $78 each. By the end of its initial day as a public firm, those shares were valued at more than $100, enough to value the firm at $88B. That is more than Ford’s worth. 

The shares increased another 30 per cent on Thursday to force the firm above $100B US valuation. That’s bigger than Detroit’s GM, one of the largest automakers in the world, which vended more than 6.8 million vehicles around the globe the previous year.┬áSource – cbc.ca

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Rivian’s IPO is the most sustainable in the world this year till now, and the biggest by a US firm since Facebook in 2012. 

Big goals, Small firm

In spite of high valuations and aspirations, the firm is small. Its target is to manufacture 1000 electric vehicles this year. Rivian rolled out its first tuck, The R1T electric truck, in Sep and plans to inaugurate its electric SUV, the R1S, next month. 

While the firm has yet to record any income from vehicles sales, administrative filings advice it does have 55,400 bookings for its vehicle already registered

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