Rivian overtook Volkswagen in capitalization

Electric car maker Rivian has surpassed European automaker Volkswagen in terms of capitalization. The market value of Rivian is close to $ 150 billion.

Rivian overtook Volkswagen in capitalization

Rivian shares during trading on November 16 on the Nasdaq rose by almost 14% and reached $ 169.7 at a peak. This, judging by data exchange, almost 118% higher than the price at which the company placed shares during the IPO ($ 78).

At the same time, the company has not yet started mass production and has zero revenue, writes Bloomberg.

Rivian plans to produce 150,000 vehicles in 2023. His main customer is Amazon, which is also the largest shareholder in the company along with Ford.

Rivian’s IPO was held at a price of $ 78 per share. The electric car maker sold 153 million shares and raised $ 11.9 billion in investments excluding an option for the listing underwriters. Rivian’s public offering was the most successful in the US since the Facebook (Meta) IPO in 2012 and the sixth-most performing IPO in the history of the US stock market.

The company plans to use the funds received to expand production and increase its share in the electric car market.

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Cover photo: Rivian

Source: RB.RU by rb.ru.

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