Shares of electric vehicle start-up Rivian Automotive (RIVN Quick QuoteRIVN - 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 Quick QuoteF - Free Report) and on par with General Motors (GM Quick QuoteGM - Free Report) .

Founded in 2009, Rivian notably beat Tesla (TSLA Quick QuoteTSLA - 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 Quick QuoteAMZN - 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.