The electric car startup Rivian became the second most valuable car manufacturer in the United States just 3 days after the listing on the stock exchange and despite the fact that it delivered only 156 vehicles, reports Markets Insider
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Rivian’s share price rose explosively on Wednesday, the day the company was listed on the stock exchange, rising from $ 78 to $ 122.99.
The automaker has a spectacular market capitalization of $ 107.4 billion, rising to $ 120.5 billion if the purchase options that have not yet been exercised are included.
This means that Rivian founder and CEO RJ Scaringe now owns a $ 2.2 billion stake in the company.
Scaringe, 38, owns 17.6 million shares and could become much richer if the Amazon-backed startup confirms investor confidence and decides to exercise its stock options.
In the ranking of the market capitalization of the US car manufacturers Rivian is only behind Tesla, but at a great distance, Elon Musk’s company being currently valued at 1.07 trillion dollars.
Tesla has exceeded one trillion dollars
at the end of October, becoming the first car manufacturer to do so.
Rivian, Tesla, General Motors și Ford
Rivian has a higher market capitalization than General Motors ($ 89.8 billion) and Ford ($ 78.1 billion), the next two companies in the ranking.
But the differences between these companies are striking.
Rivian was founded in 2009 but delivered only 156 vehicles, according to data made available to investors before listing on the stock exchange. It lost $ 994 million in the first half of the year after investing heavily in increasing production capacity.
Tesla, on the other hand, delivered more than 600,000 vehicles in 2021 alone, with revenues of more than $ 20 billion in the first half of the year.
And traditional carmakers General Motors and Ford sell millions of cars every year.
General Motors had revenues of over $ 65 billion in the first six months of 2021, with Ford grossing over $ 62 billion.
Rivian has so far 55,400 pre-orders for the R1T truck and the R1S SUV model, expecting to honor them by 2023.
But it seems that investors are betting that this company will be the new Tesla in the context in which the world seems more and more preoccupied with the fight against climate change, the electric vehicles being the big winners of decarbonization.
You can read a detailed analysis of Rivian
HERE
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