Shares of electric car maker Rivian Automotive jumped nearly 53 percent in its first trade on the Nasdaq index, raising the company’s market capitalization to more than $100 billion.
The stock started trading at $106.75, compared to the offering price of $78, and rose to $119.46.
Amazon-backed Rivian has become the second most valuable US automaker behind Tesla, which is worth $1.04 trillion.
Although it has only started selling cars for a short time and has little revenue to disclose, Rivian is ahead of General Motors, which has a market value of $86 billion, Ford Motor (about $77 billion) and Lucid Group. ($66 billion) before giving up some of the gains.
Since last year, electric car companies have emerged among the fastest growing investments.
Amazon is the largest shareholder in Rivian, with a 20% stake.
Rivian’s inclusion came on the back of the United Nations climate summit in Glasgow, where governments, carmakers and airlines announced pledges to cut greenhouse gas emissions from the global transport sector.
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