Amazon backed EV startup Rivian Valued at $100 billion post IPO
- ByTejika Bajaj | November 12, 2021
Amazon backed electric vehicle maker, Rivian Automotive Inc saw a 53% surge in its share price after its NASDAQ debut thus valuing the company at $100 billion post its IPO. This has made Rivian the second most valuable automaker after Tesla Inc.
Rivian’s IPO comes under the backdrop of the United Nations Climate Summit, where automakers, airlines and governments unveiled a raft of pledges to cut greenhouse gas emissions from global transport.
Post its IPO, the EV startup has been investing heavily to boost production, doubling down on its upscale all-electric RIT pickup truck which was launched in September this year. The startup also plans to follow that with an SUV and delivery van.
Commenting about the recent developments, RJ Scaringe, the Chief Executive at Rivian stated, “The transition to a public company (and) the growth in our capital base enables Rivian to develop promising products and volume and growth in terms of new segments and new vehicles that we’ll be going into.”
Founded in 2009 as Mainstream Motors by Scaringe, the company was renamed as Rivian in 2011 after an Indian river. The company aims to capitalize on the recent shift in the market towards clean energy by producing affordable EVs. The company aims to make at least 1 million vehicles a year by the end of the decade. It currently has its factory in California and aims to establish a new outlet in Illinois.
Follow Startup Story
Related Posts
