Rivian Automotive, a company that has delivered around 150 electric pickups primarily to employees, has overtaken General Motors to become the nation’s second most valuable automaker.
The Californian company’s market valuation surpassed that of Ford on its first day as a public company Wednesday. His stock was up 10% on Thursday’s opening bell pushing his valuation to over $ 90 billion. This is larger than GM of Detroit, one of the largest auto makers in the world, which sold more than 6.8 million vehicles globally last year.
Rivian’s goal this year is to produce 1,000 electric vehicles. The company launched its first vehicle, the R1T electric truck, in September and plans to launch its electric SUV, the R1S, in December.
Rather than focusing on the number of vehicles sold, investors envision vast potential for Rivian with a growing appetite for electric vehicles. And on Thursday the surge in Rivian’s share price drove nearly every company in the electric vehicle business up.
Lordstown Motors Corp. jumped 11%, Nikola Corp. 3%, Fisker Inc. more than 8% and China’s Nio Inc. jumped 4%.
Tesla has amassed a market value of over $ 1 trillion. So far this year it has sold around 627,300 vehicles.