Stock Market Cafe
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Stock Market Cafe
No Result
View All Result
Home Trading News

Shares of EV start-up Rivian spike on second day of trading

by
November 11, 2021
in Trading News
0
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

These Stocks Are Moving the Most Today: Nike, Tesla, Ford, GM, Carnival, and More

Meal-Kit Maker Blue Apron to Be Sold

Rivian R1T Field pickup

Source: Rivian

Shares of the electric vehicle start-up Rivian continued to climb Thursday, up about 10%, one day after its public market debut.

The Amazon– and Ford-backed company already surpassed both Ford and General Motors by market cap, reaching a valuation of about $94 billion. That’s still far behind Tesla’s market cap of more than $1 trillion.

The valuation means Amazon’s 20% stake in the business is now worth more than $18 billion and puts Ford’s 12% stake at more than $11 billion.

The price is especially staggering given that Rivian does not yet have an established business model and only expects to make up to $1 million in revenue for the third quarter. It said in its prospectus that it expects to lose up to $1.28 billion during that quarter.

Rivian beat rivals to the market with a fully electric pickup but has yet to produce high volumes of its vehicles.

Amazon plans to use Rivian vehicles in its delivery fleet, having ordered 100,000 to be delivered by 2030. It expects to have 10,000 Rivian vehicles delivering Amazon packages as early as next year.

-CNBC’s Lora Kolodny and Annie Palmer contributed to this report.

Subscribe to CNBC on YouTube.

WATCH: The race between Tesla, GM, Rivian and others to dominate electric pickup trucks

ShareTweetPin

Related Posts

These Stocks Are Moving the Most Today: Nike, Tesla, Ford, GM, Carnival, and More

by
September 29, 2023
0

Meal-Kit Maker Blue Apron to Be Sold

by
September 29, 2023
0

The U.S. Carries $33 Trillion in Debt. How It Stacks Up to the World.

by
September 29, 2023
0

ARK Invest’s Cathie Wood Says Nvidia Is ‘Really Expensive’ And ‘Very Obvious’ — Here Are 2 Less Obvious AI Plays She’s Betting On

by
September 29, 2023
0

Nike soars on first quarter earnings, confidence in Chinese consumer regardless of ‘macroeconomic outlook’

by
September 29, 2023
0

Next Post

Shares of EV start-up Rivian spike on second day of trading, market cap surpasses GM

GM Defense plans to produce military vehicle based on Hummer EV in 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Crocs sees fourth-quarter sales up 42%, CEO Andrew Rees says 2021 was ‘exceptional year’

    0 shares
    Share 0 Tweet 0
  • Biden didn’t accept Putin’s ‘red lines’ on Ukraine – here’s what that means

    0 shares
    Share 0 Tweet 0
  • Ford partners with GlobalFoundries to increase chip supplies

    0 shares
    Share 0 Tweet 0
  • CEOs across the market, economy agree on one big 2022 prediction: More volatility

    0 shares
    Share 0 Tweet 0
  • Inflation is sticking around – and Biden will likely have to wait it out like the rest of us

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.stockmarket-cafe.com
No Result
View All Result
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy

All rights reserved by www.stockmarket-cafe.com