A Tesla rival becomes America’s largest non-revenue company by market value

Published:

Nov 15, 2021 05:01 GMT

Rivian Automotive recently ended production of the R1T electric truck, its first vehicle to go on sale.

Electric vehicle maker Rivian Automotive achieved a new milestone this week by becoming the largest non-revenue company in the US by market value, Bloomberg reports.

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This Friday, a few days after its IPO on November 10 with a public offering for sale at $ 78 per share, Rivian’s shares rose a 67% until almost 130 dollars, according to Nasdaq data.

Meanwhile, this Sunday the company reached a market value of 110,828 million of dollars, thus surpassing the electric vehicle manufacturer Lucid Group, which has a capitalization of 71.068 million dollars.

“It’s really mind blowing, when you haven’t made any noticeable income yet,” Michael Hewson, CMC Markets’ chief market analyst, told Bloomberg.

Previously, Rivian reported losses of nearly $ 1 billion in the first half of 2021 following its application to go public on Nasdaq.

The company, founded in 2009 and considered a rival to Tesla, recently ended production of the R1T electric pickup, its first vehicle to go on sale, which will be available from January 2022 at a price of $ 67,500.

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