Rivian, an American electric vehicle (EV) start-up, has made a big splash onto the automotive scene after listing on the Nasdaq last week. A week after the listing, the company is already one of the world’s most valuable car manufacturers – its market capitalisation hit $153 billion on Tuesday, which is almost twice its listing value. This sees Rivian coming in only behind Tesla and Toyota Motor in value, exceeding established names such as Volkswagen and Ford. What makes Rivian’s meteoric rise more interesting is the fact that the automaker has not sold any vehicles since its inception in 2009. Rivian follows hot on the heels of EV producer, Lucid Motors.
Peregrine Wealth