Rivian Automotive's blockbuster IPO makes it more valuable than Ford and GM
CBSN
Shares of Rivian Automotive soared as much as 37% on their first day of trading in an auspicious stock market debut for the electric vehicle maker. In afternoon trading on the Nasdaq index the company's valued swelled to $97 billion, greater than that of Ford, an investor in the startup, and of General Motors.
Rivian, which is also backed by Amazon, said it will use the proceeds from the initial public offering to ramp up production of its trucks, vans and SUVs. The company recently sold its first electric pickup trucks and is the latest automaker to compete with Tesla in the emerging electric automative market.
Rivian shares priced at $78 and were trading at $99 as of 2:48 Eastern time. The company's splashy IPO is also noteworthy given that the company has so far delivered only about 150 of its electric pickup trucks to customers, mostly employees, and lost $1 billion in the first six months of this year.
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