Electric-vehicle manufacturer Rivian’s (RIVN) shares have been surging since its initial public offering last week. And they could trend even higher…
On November 9, Rivian – which is best known for its electric pickup trucks and SUVS – made its market debut at $78 per share.
By the end of the day, this value had soared to $100.73. And at Friday’s close, Rivian’s stock climbed even higher to $129.95 per share.
That’s a 67% increase from its initial offering price, sending the company’s market capitalization to $127.28 billion. This helped Rivian surpass both Ford Motor (F) and General Motors (GM) in terms of value.
It also positions Rivian well to compete against electric-vehicle giant Tesla (TSLA) – which is down about 7.5% since RIVN went public. This is due to the fact that Rivian was already gaining major traction leading up to its public debut.
Related: Elon Musk: “Never seen anything like it”
Now that it has successfully listed its shares on the market, the additional cash it has raised could enable it to quickly build out its R1T and R1S pickup trucks and SUVs, which are reportedly capable of driving as far as 300 miles when fully charged.
And with backing from companies like Amazon (AMZN), Ford (F), and T. Rowe Price (TROW), Rivian is only anticipated to continue to grow its sales and offerings. In fact, Amazon has already ordered 100,000 vehicles for delivery by the end of 2030…
So, even though Rivian has a way to go before it can fully compete with Tesla’s $1 trillion market cap, the fact that companies such as Amazon and Ford have stakes in Rivian bodes well for its future share potential.
And if Rivian’s trucks and SUVs can gain the same level of popularity as Tesla’s electric sedans, it could present a strong growth opportunity for investors.
Next: America’s richest man bought 100,000 of these.
In a fascinating story reported by CNBC…
The richest man in America has ordered 100,000 units of a new technology, which could radically change his business, and your life.
There’s no doubt in my mind that this technology is going to transform our world over the next few years.
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Along the way, it could make you a small fortune.
Look, my biggest gains as an investor have come from getting in reasonably early on an extremely powerful new trend…
This is how I found…
- Netflix when it was $7.78 a share (today it’s worth 4,800% more)
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I’m writing today because my team and I have found what we believe will be the NEXT big tech trend that will make investors rich.
And I’m not the only one saying this…
Jeff Bezos, already America’s richest man, not only bought 100,000 units of this new technology, he also led a $700 million investment in the company from which he made his 100,000-unit purchase.
Bezos says: “It’s going to be something very interesting to watch and participate in, and I’m very excited…”
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