12 Nov 21
News

Rivian stock price levels off after striking IPO

The stock price of Rivian Automotive (Nasdaq: RIVN) rose 6% in early Friday (12 Nov) trading but leveled off at US$130 for most of the day, giving the company a market value of some US$110 billion.

The stock of the US-based (California) electric vehicle (EV) maker is now 30% up from its closing price on the first day of trading on Wednesday (10 Nov) and 67% more than its initial price of US$78.

Despite America's two largest automakers - by volume - Ford and General Motors are expected to sell significantly more than Rivian in 2022, this does make the new electric vehicle manufacturer worth more than every other OEM in the world excluding Tesla, Toyota and Volkswagen, according to a CNN report.

In 2010 during the IPO of Tesla, the original EV disruptor only saw a valuation of some US$1.6 billion so this week shows the increasing popularity and confidence in the electric vehicle market.

Authored by: Daniel Bland