Despite only being publicly traded for roughly a week, electric-vehicle company Rivian‘s valuation has exploded with a total market cap of more than $150 billion.
This makes Rivian the world’s third most valuable automaker, right behind Toyota ($260 billion) and Tesla ($1 trillion). Rivian is now also the world’s 99th most valuable company by market cap.
With an initial public offering of $78.00 per share, the price has doubled to $156.66 as of publishing.
Overall, electric automakers have seen a rise in the past few years with investors envisioning a future where EVs will be the norm and replace unsustainable combustion vehicles.
In recent news, POTUS Joe Biden signed a $1.2 trillion infrastructure plan that will include around $7.5 billion dedicated to building a nationwide network of plug-in electric vehicle chargers.
