Rivian shares leap in market debut, topping value of Ford, GM

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AFP

New York (AFP) – Electric truck maker Rivian soared in its debut on Wall Street on Wednesday, making the company, which has produced very few vehicles so far, already worth more than traditional automakers Ford and General Motors. Shares in the company backed by Amazon and Ford leapt 50 percent in its first trades to $119.45 before easing back, taking its market capitalization to more than $100 billion, if stock options and other convertible shares are taken into account — well above Detroit’s legacy manufacturers. Rivian announced late Tuesday that it had raised $11.9 billion in its initial …

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