Rivian Automotive Inc. made a roaring stock-market debut Wednesday even as investors grow increasingly concerned about extreme rallies in electric-vehicle stocks, with sector leader Tesla Inc. back to climbing a day after sharp pullback.
Rivian, a maker of electric pickup trucks, raised $11.9 billion in the biggest initial public offering of the year. The stock opened 37% above its IPO price, taking its market capitalization above $90 billion. Rivian’s eye-popping market value is higher than EV producers Lucid Group Inc. and Nio Inc.
