The “Big Three” nomenclature for the big U.S. automakers seems increasingly outdated as automakers like Tesla and, now, Rivian rack up huge valuations on Wall Street. Today’s Rivian IPO has the company (at this writing) valued at well over $93 billion, making it the second most valuable U.S. automaker after Tesla (with a stock market cap of just over $1 trillion). The next most valuable U.S. automaker is GM, valued currently at $86 billion or just under $60 per share, followed by Ford ($80 billion), Lucid Group ($69 billion), and Stellantis ($64 billion).
Investors have had high expectations for the IPO since Rivian announced it would be filing one back in August. Rivian’s stock, listed on the NASDAQ stock exchange, opened at $78 a share but soared to a high of $119 before settling just north of $100.
Rivian is the subject of a gender discrimination lawsuit filed by Laura Schwab, Rivian’s former sales and marketing vice president, a week before its IPO launch.
The new company’s first product, the R1T pickup, is also making waves by rocketing to the top of our list of fastest pickups we’ve ever tested. We also crossed the U.S. off-road in the R1T a little while back. Catch up on all the latest Rivian news right here.
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