Rivian Reaches $86B Valuation
Nov. 11, 2021—EV truck manufacturer Rivian reached a valuation of nearly $86 billion in its first day of public trading.
Shares of the EV manufacturer closed at $100.73 on Wednesday, according to the Associated Press, giving the company a valuation of $85.9 billion -- a figure higher than Ford Motor Co. and just behind General Motors. Ford is one of Rivian's largest investors.
“EVs are inevitable, and it’s a good thing for the markets to have another credible EV competitor come public,” EV industry analyst Craig Irwin said. “Rivian’s IPO marks a point of incremental maturation for the industry and shows that billions in capital is available for credible players.”
To date, Rivian has around 55,400 vehicle preorders in the U.S. and Canada, as well as a contract with Amazon to build 100,000 electric delivery vans.