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Rivian shares rise in post-IPO rally – Information by Automobilnews.eu

Rivian shares rise in post-IPO rally


Rivian workers stand beside the brand new all-electric pickup truck by Rivian, the R1T, because it sits at certainly one of its amenities on November 09, 2021 within the Brooklyn borough of New York Metropolis.

Spencer Platt | Getty Pictures

Rivian shares continued to rally lower than every week after the corporate went public in one of many greatest IPOs of the 12 months. The inventory was up greater than 10% after markets opened. It is up about 6% Tuesday morning.

It is a signal that buyers are nonetheless bullish on the Tesla rival backed by Amazon and Ford.

Rivian opened at $106.75 per share on its first buying and selling day, Nov. 10. At its opening value, it was already value greater than conventional automakers like Ford and Normal Motors.

Amazon has already ordered 100,000 Rivian automobiles to be delivered by 2030 and plans to have 10,000 Rivian automobiles delivering packages as early as subsequent 12 months.

Rivian already beat Tesla, GM and Ford with the primary absolutely electrical pickup, the R1T, available on the market. In July, Reuters reported that Rivian was planning to speculate $5 billion in a second meeting plant. Rivian mentioned its present Illinois manufacturing unit can produce as much as 150,000 automobiles a 12 months.

Demand for electrical automobiles continues to rise as extra customers look to undertake the know-how. The most recent infrastructure bundle signed by President Joe Biden on Monday outlines billions of {dollars} delegated to constructing out a community of EV charging infrastructure.

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Rivian shares rise in post-IPO rally – Information by Automobilnews.eu
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