Rivian's first day of IPO was worth more than Ford and General Motors

Phoenix Technology News Beijing time, November 11, local time on Wednesday, the "Tesla Killer" electric vehicle startup Rivian landed on the NASDAQ Stock Exchange. Rivian set the IPO price at $78 tuesday night, above the guidance range of $72 to $74. Rivian opened at $106.75, giving it a market capitalisation of $91 billion, surpassing Ford's $77 billion and GM's $87 billion. By the close, Rivian was up $22.73, or 29.14 per cent, at $100.73, giving it a market capitalisation of $98.7bn, after hitting $119.45, or 53.14 per cent.

Rivian has a strong appeal to investors looking to find gold in the fast-growing electric car market. But it has yet to develop a business model and expects third-quarter revenue of no more than $1m, with losses likely to be as high as $1.28bn. Amazon's 20 percent stock is worth about $17 billion, and Ford's 12 percent is worth more than $10 billion.

The Illinois plant, which has an annual capacity of 150,000 units, currently has orders of 554,000 vehicles and is available by the end of 2023, Rivian said. Rivian had 6,274 employees at the end of June. (Author/Frost Leaf)

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