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.
Source: “Reuters”
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