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Rivian is now the biggest U.S. company with no sales



Add one other milestone to Rivian Automotive’s blistering and stunning run as a brand new inventory: It’s now the most important U.S. firm by market worth with no income. 

The electrical-truck maker, backed by Amazon and Ford, has unseated Lucid Group Inc., an electric vehicle peer with no gross sales to its identify, on the high of the checklist.

Rivian’s shares have soared 67% from their preliminary public providing value of $78 on Wednesday. It’s nearly a 25% achieve away from overtaking Volkswagen AG, one of many world’s largest automobile producers, in market worth. In the meantime, Lucid has seen its inventory value advance 339% this yr. It went public through a merger with a blank-check firm in July.

“(It’s) significantly thoughts boggling when it hasn’t even earned any discernible income but,” stated Michael Hewson, chief market analyst at CMC Markets, discussing Rivian’s valuation.

Electrical autos have been attracting investor curiosity since mid-2020, when governments, policymakers and companies introduced plans to spend money on the business amid a rising urgency to sort out climate change. Latest robust outcomes from Tesla and a giant push from car-rental firm Hertz into EVs has supercharged all shares within the area.

Rivian’s rally for the third straight day vaulted its market worth above Mercedes-Benz maker Daimler AG on Friday, after racing previous Ford and General Motors Co.’s market valuations within the earlier two days.



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