An electric truck maker has become the world’s fifth most valuable car company despite never turning a profit.
Amazon-backed Rivian listed on the stock market in New York this week with a price tag of £48billion.
In the fast lane: Amazon-backed Rivian listed on the stock market in New York with a price tag of £48billion
But after a stunning share rally it is now worth £81billion. This is more than industry stalwarts such as General Motors and Ford, worth £67billion and £58billion respectively, though still far behind Tesla, Toyota, VW and Chinese group BYD.
In the run-up to the bumper float Rivian revealed it lost £1.5billion from the start of 2020 – and by late October had delivered a mere 53 trucks to customers.
It has a backlog of more than 55,000 orders it is planning to clear by the end of 2023.
A key selling point for the group has been an order that has been placed by Amazon, which owns 20 per cent of the group, to buy 100,000 vehicles by 2030.
Ford owns a 12 per cent stake in Rivian.
