Rivian, with $ 0 in revenue, is now the third most valuable automaker on the planet

The electric car maker has been public for a full week, but its stock price has more than doubled in that time, valuing Rivian at more than $ 140 billion – just ahead of Volkswagen ($ 139 billion) and third behind Toyota ($ 306). billion) and Tesla ($ 1 billion).

On Tuesday, the stock opened 6% higher at around $ 159 per share. shares. When the company debuted last week, it priced its shares at $ 78.

Although Rivian has not brought any of its electric trucks to market, it has aroused great investor interest with prominent support from Amazon, which bought a 20% stake in 2019, and Ford (F). Jeff Bezos is a big fan, and has been seen driving his other astronauts to and from Blue Origins West Texas launch site in Rivian’s signature truck.
Rivian is driven by a powerful force: Jeff Bezos' desire to defy Elon Musk
Electric car hype is nothing new – many analysts, and even Tesla’s own founder Elon Musk, have claimed that Tesla’s valuation is over inflated. But the stock continues to rise, while Wall Street envisions a future where all-electric vehicles are the norm. Under President Joe Biden’s $ 1.2 trillion infrastructure plan, which was signed into law Monday, about $ 7.5 billion will be set aside to build a nationwide network of plug-in chargers for electric vehicles.

Investors who may have missed Tesla a decade ago are not eager to miss another hot EV pioneer.

Rivian also boasts a potential advantage over Tesla in the US market, in part because it is angling for non-Tesla, or even anti-Tesla, audiences.

Rivian’s primary product is not just any electric car – it’s a pickup truck. This is important in the US market, as the three most popular vehicles in the US are the Ford F-150, Chevy Silverado and Ram, in that order, according to Edmund’s research.

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