Rivian’s Stock Price Continues Rallying, Market Cap Surpasses General Motors

The shares of electric vehicle startup Rivian have rallied for the second consecutive day since it was listed on the stock exchange, with its market cap now surpassing that of industry giant General Motors.

RIVN Up by More Than 18% Today

The shares of electric vehicle startup Rivian continued to climb higher today after an excellent debut yesterday. The startup, backed by Amazon and Ford Motors, has already surpassed the market cap of General Motors and Ford.

At press time, RIVN has a market cap above $100 billion, surpassing that of Ford and General Motors. Since debuting in the market, RIVN has added more than 20% to its value, making it one of the top-performing stocks in the US at the moment.

General Motors’ market cap is around $89 billion, while Ford is worth around $77.7 billion. However, Rivian’s market cap is still far behind that of the industry leader, Tesla, which is roughly $10 trillion.

The increase in valuation means that Amazon’s 20% stake in the business is now worth roughly $20 billion while Ford controls about $12 billion in the company. The surge in price and market cap is astonishing, considering that Rivian expects to generate just $1 million in revenue for the third quarter and doesn’t have an established business model at the moment.

Rivian has overtaken some market players by launching a fully electric pickup, but the company is yet to produce high volumes of its vehicles. Amazon has already ordered 100,000 of the pickups to be delivered by 2030 as it intends to use them in its delivery fleets.

RIVN’s Rally Could Cool Down Soon

RIVN’s rally has taken the market by surprise, and no analyst had expected such a massive gain within a short period. However, the rally could cool down over the coming trading sessions as the market adjusts.

At press time, RIVN is trading at $118 per share but could dip below the $100 level if the market adjusts over the coming trading sessions.