Home Business EV stock craze: Rivian undermines Volkswagen to become the third largest carmaker in the world behind Tesla and Toyota

EV stock craze: Rivian undermines Volkswagen to become the third largest carmaker in the world behind Tesla and Toyota

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With + 15% to $ 172 yesterday, the Rivian stock reached a valuation of almost $ 152 billion, thus surpassing Volkswagen in third place among the highest market cap auto stocks. Rivian has already more than doubled in value since last week’s IPO.

In a few days, the anti-Tesla has doubled its value from the $ 78 at which it debuted on Wall Street in what is the highest price of the year. The electric car startup, backed by Amazon and Ford, said its current Illinois factory can produce up to 150,000 vehicles per year. Amazon has already ordered 100,000 Rivian vehicles to be delivered by 2030 and plans to have 10,000 Rivian vehicles delivered in packages as early as next year.

Rivian Automotive is an Amazon and Ford-owned electric truck, van and SUV startup. Rivian lists 55,400 pre-orders for its electric vehicles, R1T pickup and R1S SUV in its listing prospectus. The company expects to fulfill those orders by the end of 2023. Rivian in the prospectus indicates it will lose up to $ 1.28 billion in the third quarter of 2021, while revenue will range from zero to $ 1 million.

In today’s preopen on Wall Street, Rivian stock is down around -7.7% at $ 158.

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