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A new Big Three? Rivian and Lucid Valuations Accelerate Overtaking Ford, GM

Market valuation of Rivian Automotive Inc. has nearly doubled Ford Motor Co. and surpassed General Motors Co. a week into the electric vehicle startup’s life as a public company, while rival Lucid Motors’ market value is close to that of GM. and topped Ford on Tuesday, underscoring investors’ appetite for electric vehicle makers and the hunt for Tesla Inc.

Rivian
RIVN,
+ 15.16%

went public last Tuesday following the largest initial public offering of the year and the seventh largest in the US since the mid-1990s. Shares ended 15% higher on Tuesday, lifting the company’s valuation to slightly more than $148 billion.

That compared to Ford’s
NS,
-0.35%

a valuation of about $78 billion and GM’s
GM,
-0.57%

at about $91 billion on Tuesday. Tesla
TSLA,
+ 4.08%

is the most valuable automaker in the US, with a market capitalization of over $1 trillion.

Shares of Rivian are up 61% since first trading at $106.75 last week and 121% from their IPO price of $78.

See more: Rivian IPO: 5 things to know about electric car maker backed by Amazon, Ford

shared by Lucid
LCID,
+ 23.71%

rose 24% to close at $55.52 on Tuesday, pushing the electric vehicle maker’s valuation slightly below $89 billion. That was the stock’s highest close since February 22, when it closed at $57.37.

Lucid, already hailed as the “Tesla/Ferrari” of electric vehicles and focused on the high-end market, has gone public through a company deal that tests blank and The stock began trading on Nasdaq in July. The electric vehicle maker said on Monday its orders were up 30%, with “significant” demand for its Lucid Air luxury electric vehicle.

Related: Billions of dollars in infrastructure bills for charging could boost electric vehicle adoption

Rivian has already delivered a few of its limited edition R1Ts, its five-seat, two-row pickup truck, and plans to launch an SUV, the R1S, in December. Sales of the pickup and The SUV is expected to start in December and January.

Rivian markets its vehicles as “electric adventure vehicles” with prices starting at $70,000, leading some to question the size of its market, with cheaper electric pickups, including Ford’s Lightning F-150, slated to launch next year.

Read more: More and more electric pickup trucks are hitting the market. The question now is who will buy them?

The Ford Lightning is expected to start at around $40,000, and the feature that has been an electric version of America’s best-selling car for decades is free. GM also plans to introduce an electric Silverado next year.

https://www.marketwatch.com/story/a-new-big-three-rivian-and-lucids-valuations-are-accelerating-past-ford-gm-11637102012?rss=1&siteid=rss | A new Big Three? Rivian and Lucid Valuations Accelerate Overtaking Ford, GM

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