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Rivian Jumps 11% as Investors Can’t Have Enough of EV Makers -Breaking

by Mike Robinson

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© Reuters

By Dhirendra Tripathi

Investing.com – Rivian stock (NASDAQ:) surged 11% Tuesday as the investor frenzy for electric vehicles intensifies amid a broader push for green energy and a less carbon-intensive world.

The Nasdaq listed the stock on November 11th. It was priced at $78. At the close of the first day, the company was worth nearly $86 billion. For an automaker yet to manufacture 1,000 cars, the market capital has risen to $147 billion. It’s valued at more than half of world’s largest carmaker, Toyota (NYSE :), more than a century-old General Motors NYSE :, and Ford Motor NYSE :), which is a Rivian shareholder.

Tesla (NASDAQ:), Rivian’s rival, and the world’s largest maker of electric vehicles, has a market value of over $1 trillion.

As climate change worsens and global opinion is against fossil fuels, the auto industry in general has shifted to electric cars.

U.N. climate negotiations in Glasgow, Scotland concluded Saturday with an agreement that identified global warming as the primary driver. Although the consensus was reached on cutting fuel subsidies, it was not clear how to fund poor countries in order to make their transition to more sustainable technologies.

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