The electric vehicle company Rivian has overtaken Volkswagen in market value, while rival start-up Lucid surpassed Ford, as shares in their largely unproven businesses continued to soar following their recent stock market listings.
The market capitalisation of Rivian, a pick-up truck and van group backed by Amazon and Ford, rose above VW after its stock increased 15 per cent to close at $172 on Tuesday. Rivian’s value has doubled to $153bn since floating only last Wednesday.
VW, the world’s largest carmaker, generated €9.7bn in net profit last year and sold 9.3m cars globally. Rivian, founded in 2009, has no meaningful revenue.
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