As a new stock, Rivian Automotive Inc. The jaw-dropping performance set another milestone:In terms of market value, it is now the largest listed company with no revenue in the United States. The electric truck manufacturer invested by Amazon and Ford Motor Co., Ltd. has already included Lucid Group Inc, an electric vehicle that is not sold under the same name, as its counterpart. Squeezed the top spot.
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Rivian’s stock price has soared 65% from the IPO price of $78 on Wednesday. As long as it rises by another 25%, it can surpass German Volkswagen, the world‘s largest car manufacturer by market value. At the same time, Lucid’s stock price has risen 331% this year.
“It’s incredible that I haven’t made a penny yet,” CMC Markets chief market analyst Michael Hewson said of Rivian’s valuation.
Electric vehicles have been attracting investor interest since mid-2020, when governments, policy makers and companies announced investments in the industry amid the increasing urgency of addressing climate change. Electric vehicle industry leader Tesla recently announced strong results, and car rental company Hertz bought aggressively, pushing up all stocks in the field.
Rivian has risen for the third consecutive day, surpassing Ford and General Motors in market value in the first two days, and left Mercedes-Benz manufacturer Daimler behind on Friday.
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