We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Rivian IPO Officially One of the Biggest Debuts of 2021
Read MoreHide Full Article
Shares of electric vehicle start-up Rivian Automotive (RIVN - Free Report) closed its first day of trading up 29%. The stock began trading at $106.75 per share on the Nasdaq, well above the $78 level the shares were originally priced at. Rivian now has a market valuation of $86 billion (after an implied valuation of $91 billion at the open), making it worth more than auto giant Ford (F - Free Report) and on par with General Motors (GM - Free Report) .
Founded in 2009, Rivian notably beat Tesla (TSLA - Free Report) to market with a fully electric pickup truck called the R1T, and it has plans to launch a seven-passenger electric SUV called the R1S in December. The company also counts Amazon (AMZN - Free Report) and Ford as some of its major backers; Amazon’s 20% stake is now worth about $17 billion, while Ford’s 12% stake equates to more than $10 billion.
However, Rivian has yet to generate any real revenue. It said in its IPO prospectus that it will lose up to $1.28 billion in the third quarter, and revenue will only range from $0 to $1 million. The global chip shortage and port constraints will likely negatively impact Rivian and its ability to produce high volumes of its vehicle fleet as well.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Rivian IPO Officially One of the Biggest Debuts of 2021
Shares of electric vehicle start-up Rivian Automotive (RIVN - Free Report) closed its first day of trading up 29%. The stock began trading at $106.75 per share on the Nasdaq, well above the $78 level the shares were originally priced at. Rivian now has a market valuation of $86 billion (after an implied valuation of $91 billion at the open), making it worth more than auto giant Ford (F - Free Report) and on par with General Motors (GM - Free Report) .
Founded in 2009, Rivian notably beat Tesla (TSLA - Free Report) to market with a fully electric pickup truck called the R1T, and it has plans to launch a seven-passenger electric SUV called the R1S in December. The company also counts Amazon (AMZN - Free Report) and Ford as some of its major backers; Amazon’s 20% stake is now worth about $17 billion, while Ford’s 12% stake equates to more than $10 billion.
However, Rivian has yet to generate any real revenue. It said in its IPO prospectus that it will lose up to $1.28 billion in the third quarter, and revenue will only range from $0 to $1 million. The global chip shortage and port constraints will likely negatively impact Rivian and its ability to produce high volumes of its vehicle fleet as well.