Hyperdrive
Rivian Briefly Tops $100 Billion Value, Then Eases in Debut
- EV maker’s still exceeds market value of Ford, a lead investor
- Amazon-backed Rivian rises 29% after $12 billion IPO
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Rivian Automotive Inc. rose 29% in its trading debut before giving up some of that gain, putting the electric truck maker’s market value on par with General Motors Co.’s and topping those of Ford Motor Co. and EV rival Lucid Group Inc.
Shares of Rivian opened trading Wednesday at $106.75 each after selling for $78 in its initial public offering, which exceeded the Irvine, California-based company’s goals to raise almost $12 billion.