RIVIAN’S INITIAL PUBLIC OFFERING BOOSTS ITS VALUE TO NEARLY USD 100 BILLION
On November 11, Rivian made a splashy IPO. The first manufacturer to produce an all-electric pickup truck saw its market value rise to $98.6 billion, surpassing industry giants such as Ford and GM in the process. The listing – under the ticker symbol RIVN – is the largest globally so far this year, and the sixth highest ever on a U.S. stock exchange. The company, whose revenues are not expected to exceed $1 million for the quarter, anticipates losses estimated at $1.28 billion, caused by the start of production of its R1T, whose first units have only just been delivered.
By Isabelle Havasy
LEGEND: R.J. Scaringe, founder and CEO, and team on opening day at Rivian’s manufacturing campus in Normal, IL.