CORP/BIZ Tesla Rival Rivian Is Worth More than Ford or GM - Despite Only Delivering 156 Vehicles

[Dennis Olson]

www.breitbart.com/economy/2021/11/12/ev-company-rivian-is-worth-more-than-ford-or-gm-despite-only-delivering-156-vehicles/
Tesla Rival Rivian Is Worth More than Ford or GM - Despite Only Delivering 156 Vehicles

Lucas Nolan3-3 minutes 11/12/2021

Amazon-backed electric vehicle maker Rivian went public this week with the largest IPO in the U.S. since 2014. The company now has a higher market value than Ford or GM despite the fact that the company has only delivered 156 vehicles so far.

Recode reports that electric vehicle maker Rivian went public this week with the largest IPO in the U.S. Since 2014. Rivian stock was priced at $78 a share and raised around $12 billion, which will be used to boost production and design more vehicles.

AFP

Rivian’s pickup trucks were parked outside the Nasdaq building in New York on November 10, 2021, the day of the electric automaker’s debut on Wall Street (AFP)

That stock price set Rivian’s valuation around $70 billion but the company’s market capitalization went above $90 billion after the stock began trading at almost $107 per share by the end of the first day.

Rivian, which is backed by major firms such as Amazon which owns a 20 percent stake in the company, is considered one of the biggest threats to Tesla in the electric vehicle market and is now one of the most valuable automakers in the world. Due to the surge in stock price this week, Rivian is now worth more than Ford or GM despite the fact that the company has only delivered 156 vehicles so far.

Rivian began shipping its $73,000 electric pickup truck in September and a second model, a seven-seat SUV priced at $75,500 is expected to release next year. While electric vehicles are currently popular and being pointed to as the future of modern vehicles, there are still a number of challenges to be faced before mass adoption can take place.

A semiconductor shortage has delayed the production of vehicles across the auto industry and with a lack of electric vehicle charging stations across the U.S., electric cars are just not an option for many Americans.

Jeremy Michalek, an engineering and public policy professor at Carnegie Mellon, told Recode in August: “It’s a big deal that more public infrastructure is available. Probably the first priority is making sure there are enough fast chargers available on highway rest stops so that you can take your vehicle wherever you want to go.”

Read more at Recode here.

Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan or contact via secure email at the address lucasnolan@protonmail.com

 

[TKO]

No worries with Tesla. It's going to split again.

 

[Macgyver]

What happened to Lordstown motors?
I remember driving past that building in Ohio last year (old gm plant) and having to google what it was.
Another electric truck company. I think it had some sort of backing by utilimaster if I recall.

 

[Firebird]

More marketing hype. That EV truck won't pull my 10,000 pound camper a fraction of the distance my Cummins can.

 

[Warm Wisconsin]

This has no more with ford and gm’s debt than Tesla and Rivians worth.

That said. I think bad capital is finding it roost after all these stimulus bills

Ford Motor's most recent balance sheet as reported on July 29, 2021, total debt is at $146.92 billion, with $100.91 billion in long-term debt and $46.01 billion in current debt. This doesn’t include current and future pension obligations.

 

[AlfaMan]

For some reason the Rivian pickup reminds me of a Studebaker Avanti. Some weird reason, I don't know.

Their IPO was killer! for sure. But I think that price will hit rock bottom until the factory actually starts delivering vehicles in quantity.
The pickup truck should do quite well; it's a decent price point (sad to say, but almost average pricing for most gas/diesel pickups going out the door these days) and it's pretty well optioned too. It's a unibody on frame construction; the gear tunnel is good use of the rear of the unibody too.

I think what will make the company's sales will be their SUV version-the R1S. Nobody currently has a full electric SUV on the market (Tesla's model X per ad literature has some SUV attributes to it, but who's kidding who.). That could be a game changer; especially if it has the range touted for it. It's nice and they're well built too. If the range were good enough I'd almost consider buying an R1S. Good looking SUV actually.

All of the current US car makers are making or planning electric vehicle infrastructure improvements in their dealers and franchisees. Large capacity vehicle chargers, designated service bays for electric vehicles only etc. And the dealers are having to foot the bill for the improvements too.