Electric truck maker Rivian, backed by Amazon, goes public

Published November 10, 2021 8:59 AM

By MATT OTT
AP Business Writer

SILVER SPRING, Md. (AP) — Shares in Rivian Automotive are soaring on their first day of trading, rising 37%. It’s an auspicious stock market debut for the electric vehicle maker, which has the backing of Ford and Amazon. The opening trade of $106.75 gives Rivian a market value of about $91 billion, greater than that of Ford and General Motors. The company said it will use the proceeds from the IPO to ramp up production of its trucks, vans and SUVs. Rivian just recently sold its first electric pickup trucks. Rivian is the latest in what’s becoming a long line of companies trying to carve out some of Tesla’s dominant market share in electric vehicles.

Article Topic Follows: AP National Business

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