(Bloomberg) – Rivian Automotive Inc. reached a total market value exceeding $100 billion within two days of its initial public offer. It has drawn comparisons with Tesla (NASDAQ) Inc.

However, there are striking differences. Tesla was listed in 2010. Elon Musk’s company reported $93million in revenues and losses. This is far lower than the $1B Rivian report for the first quarter. What’s more, Tesla’s initial market capitalization was about $2 billion and didn’t reach $90 billion until 2020.

Eleven years later, Rivian is the world’s fifth-largest automaker by market cap having delivered only a few electric vehicles to customers. Rivian shares rose as high as 24% on Thursday after gaining 29% during their initial day of trading. This vaulted its value past General Motors Co. (NYSE:).

“Along with the IPO of Lucid (LCID) the race to be the ‘next Tesla’ is well underway and increasingly happening in public markets,” Ben Laidler, eToro global market strategist, wrote in a note. 

“Rivian’s valuation makes it a legitimate option for institutional investors who have previously only had Tesla to play the electric-vehicle space,” Nicholas Colas, co-founder of DataTrek Research, wrote in a note. Colas said some investors cycle through new companies as they go public, selling the “‘old’ name and replacing it with the ‘new.’”

Amazon.com Inc.’s backing is an important factor for Rivian believers. Ford Motor (NYSE) Co. make the company a tempting buy. “Investors reacted with excitement to its backing from Amazon and its R1T pick-up truck which has earned rave reviews since its recent launch,” said AJ Bell investment director Russ Mould. 

Traditional automakers are trying to attract investors’ attention with their own EV development.

“General Motors is so undervalued as we start this wonderful period we’re in because we invested over three, four years ago in electric vehicles,” Mary Barra said in the The New York Times DealBook conference.

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