A Tesla competitor becomes the largest non-revenue company in the United States in terms of market value

Published:

15 November 2021 05:01 GMT

Rivian Automotive recently completed production of the R1T electric truck, with its first vehicle on sale.

Electric automaker Rivian Automotive reached a new milestone this week, becoming the largest non-revenue company in the United States in terms of market value. Reports Bloomberg.

Shares of Rivian rose this Friday, just days after the IPO closed at $ 78 a share on November 10, just days after the public offering. 67% Almost up $ 130, I agree with you Information From Nasdaq.

Meanwhile, the company reached market value this Sunday 110,828 million Dollars, thus knocking down Lucid Group, an electric vehicle manufacturer Capitalization $ 71,068 million.

“If you haven’t received any significant returns yet, this is really mind-blowing,” Michael Hewson, chief market analyst at CMC Markets, told Bloomberg.

Earlier, Rivian announced losses of nearly $ 1 billion in the first half of 2021 following a public application to go public on the Nasdaq.

The company, founded in 2009 and considered a competitor to Tesla, recently completed production. R1T electric pickup, Its first vehicle goes on sale, and will be available from January 2022 for $ 67,500.