On Wednesday, Rivian (RIVN), an innovative automotive technology company, listed on Nasdaq, raising $12 billion and setting the record for the largest initial public offering (IPO) in the United States in 2021 and the…
“Rivian, as a true technology company, was founded on a mission to decarbonize the world through sustainable electrical vehicles. After years of incredible hard work and research, coupled with a commitment to make a difference, that mission has become a reality,” said Nelson Griggs, President of the Nasdaq Stock Exchange.
Rivian’s listing makes Nasdaq home to both the largest U.S. IPO in 2021 and the largest direct listing with Coinbase (COIN). The capital raised adds to Nasdaq’s already climbing IPO momentum, building on the more than 660 listings through traditional IPOs, special purpose acquisition companies (SPACs) and direct listings, raising over $150 billion.
With the original intent to create a sports car, Rivian pivoted in 2018 to manufacturing electronic pick-up trucks and sports utility vehicles (SUVs), planning to bring EVs to one of the most popular automotive segments in the U.S.
What makes Rivian a unique EV manufacturer is its “skateboard” platform for electric SUVs and pick-up trucks, promising durability for off-road adventures with a longer charge. Its unique platform enhances the performance of large vehicles with electric motors in each of the wheels.
The use of the skateboard platform also allows its vehicles to be standardized for manufacturing, scaling the platform to fit various models of cars. The company has several prominent backers, including both Ford (F) and Amazon (AMZN). Amazon itself is looking to deploy fully electric trucks made by Rivian with an initial order of 100,000 electric delivery vehicles.
Boosting Rivian’s EV innovations is the tailwind of EV enthusiasm in the market. The promise of exponential growth is driving the stocks of electric automakers higher, as seen in established manufacturers like Tesla (TSLA), which has grown from $75 billion to $1.1 trillion in just two years.
True to Rivian’s core mission to foster a sustainable planet, they are donating 1% of their equity to a…
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