Rivian shares climb in post-IPO rally
Rivian employees stand beside the new all-electric pickup truck by Rivian, the R1T, as it sits at one of its facilities on November 09, 2021 in the Brooklyn borough of New York City.
Spencer Platt | Getty Images
Rivian shares continued to rally less than a week after the company went public in one of the biggest IPOs of the year. The stock rose more than 10% after markets opened. It was up about 8% midday Tuesday.
It’s a sign that investors are still bullish on the Tesla rival backed by Amazon and Ford.
Rivian opened at $106.75 per share on its first trading day, Nov. 10. At that price, it was already worth more than traditional automakers like Ford and General Motors.
Amazon has already ordered 100,000 Rivian vehicles to be delivered by 2030 and plans to have 10,000 Rivian vehicles delivering packages as early as next year.
Rivian already beat Tesla, GM and Ford with the first fully electric pickup, the R1T, on the market. In July, Reuters reported that Rivian was planning to invest $5 billion in a second assembly plant. The company said its current Illinois factory can produce up to 150,000 vehicles a year.
Demand for electric vehicles continues to rise as more consumers look to adopt the technology. The latest infrastructure package signed by President Joe Biden on Monday outlines billions of dollars delegated to building out a network of EV charging infrastructure.