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AP National Business

Electric truck maker Rivian, backed by Amazon, flys in debut

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Published 12:48 PM

By MATT OTT
AP Business Writer

SILVER SPRING, Md. (AP) — Rivian Automotive is having a promising debut on the stock market, with shares of the electric vehicle maker soaring more than 50%. The opening trade of $106.75 gave Rivian a market value of about $91 billion, greater than that of Ford and General Motors. That’s noteworthy because Rivian has so far delivered about 150 of its electric pickup trucks to customers, mostly employees, whereas Ford and GM sell millions of cars globally each year. 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.  

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