Rivian shares soar again in post-IPO rally

- Advertisement -


  • Shares of Rivian were up 8% in Tuesday morning trading as demand for shares continued to rally in the post-IPO rally.
  • It’s a sign that investors are still bullish on the Amazon and Ford-backed Tesla rival.

- Advertisement -

Rivian shares continued to rally, less than a week after the company went public in one of the biggest IPOs of the year. The stock was up more than 8% in Tuesday morning trading and more than 20% in the week so far.

- Advertisement -

It’s a sign that investors are still bullish on the Amazon and Ford-backed Tesla rival.

Rivian opened on its first trading day, November 10, at $106.75 per share. At its starting price, it was already priced higher than traditional automakers such as Ford and General Motors.

- Advertisement -

Amazon has already ordered 100,000 Rivian vehicles to be delivered by 2030 and plans to package 10,000 Rivian vehicles early next year.

The Rivian has already beaten Tesla, GM and Ford with the first fully electric pickup in the market, the R1T. In July, Reuters reported that Rivian was planning to invest $5 billion in a second assembly plant. Rivian said its current Illinois factory could produce 150,000 vehicles annually.

The demand for electric vehicles continues to grow as more and more consumers seek to adopt the technology. The latest infrastructure package signed by President Joe Biden on Monday outlines billions of dollars assigned to build a network of EV charging infrastructure.

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox