The hot new tech stock this week is electric vehicle (EV) company Rivian.
The upstart automaker hasn’t even mass-produced a vehicle yet, but it’s already worth more than every other car company you’ve ever heard of except for one, Tesla.
Not only did Rivian surpass other automakers, it’s also the biggest IPO this year with a valuation of over $100 billion USD (roughly $125 billion CAD). CBC News also reports that this is the biggest IPO in the U.S. since FaceBook in 2012.
While this is a crazy valuation for a company, it does show how much people are excited about EVs. Rivian has only had a few hundred with plans to hit 1,000 by the end of the year between its R1T pickup truck and R1S crossover. The company is also building electric delivery vehicles for Amazon and works moderately closely with Ford.
While Rivian is seemingly overvalued right now, it’s worth considering that its competitor, Tesla, is worth over $1 trillion, so there’s a possibility it could also surge in value if it scales appropriately over the next few years.
Source: CBC News