Complete News World

Without producing any cars, Rivian surpasses Volkswagen's value

Without producing any cars, Rivian surpasses Volkswagen’s value

A five-day rebound in shares of Rivian, which went public on Tuesday, November 9, pushed the market value of the emerging electric car maker to about $150 billion this Tuesday. This value – 131.2 billion euros at the current exchange rate – already exceeds the value of the German Volkswagen Group.

Shares of Rivian, which has investors like Amazon and Ford, have gained 118% in just five days and make the company the most valuable US company with zero revenue. Amazon has placed an order to deliver 100,000 electric trucks to Rivian by 2030.

With no cars sold, the Rivian is now worth more than the German giant – which produces nearly 10 million cars a year and bills close to 250 billion euros a year.

Rivian, which is developing an electric truck, the R1T, and an electric SUV, the R1S, began delivering the first vehicles in September, nearly all of them to its employees. However, the company estimates that annual production at its main plant will reach 150,000 units by the end of 2023.

During today’s session, Rivian was valued at more than 90% of the companies listed in the S&P 500, including big names such as Goldman Sachs, Boeing, Citigroup or Starbucks.

See also  EDP ​​sells 439 km network in Brazil for around 210 million euros - Energy