The euphoria over the Rivian title does not stop. Shares of the electric vehicle startup today mark over + 16% in the $ 117 area after yesterday’s very positive debut on the Nasdaq. At these levels, Rivian is worth around $ 100 billion, far surpassing auto giants such as GM ($ 89 billion), Ford ($ 79 billion) and Stellantis ($ 64 billion).
Rivian Automotive, an Amazon and Ford-owned electric truck, van and SUV startup, said in its prospectus it has a backlog of 55,400 pre-orders for its electric vehicles, R1T pickup and R1S SUV. The R1T is a pickup truck that starts at $ 67,500 and the R1S is an SUV that starts at $ 70,000. Rivian with its Illinois factory claims a production capacity of up to 150,000 vehicles per year and had over 6,000 employees at the end of June. Rivian in the prospectus indicates that it will lose up to $ 1.28 billion in the third quarter of 2021, while revenue will range from zero to $ 1 million.
The Rivian effect is also felt on the stocks of the other EV companies with the shares of Nio and Xpeng marking approximately + 6%. Nikola also did well with + 4% to $ 14.5.