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Rivian is all the buzz on Wall Street today.
On Wednesday the California-based electric-vehicle manufacturer made its debut on the Nasdaq stock exchange in what’s believed to be one of the biggest IPOs of 2021. The company’s securities filing from Tuesday listed the share price at $78, placing its value at nearly $70 billion, a sum in the same general ballpark as Ford Motor Company and General Motors.
Rivian made waves in 2018 when it unveiled its line of electric pickup trucks and SUVs, and the company’s target consumer is outdoor enthusiasts. Some of its vehicles feature enhancements designed for skiing, camping, and other outdoor activities. Such a ride isn’t cheap, with retail pricing on its pickup truck starting at $69,000.
Rivian’s R1T pickup hit the consumer market in September. The company has since delivered only 156 of its electric pickup trucks to buyers but is hoping to fulfill orders for 55,400 vehicles by the end of 2023.
Like Tesla, Rivian has yet to turn a profit,…