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Rivian IPO: This Tesla Competitor Is Now Worth More Than Ford or GM

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Tesla-competitor Rivian Automotive  (RIVN) - Get Free Report popped up nearly 30% at the end of the first day from its offering price of $78 a share. The company’s valuation is now worth close to $100 billion, more than Ford  (F) - Get Free Report or General Motors  (GM) - Get Free Report.

Related: Rivian Stock Jolts Higher, Lifting Market Value Past Ford and GM

Investors are closely eyeing Rivian as it is backed by Amazon  (AMZN) - Get Free Report and Ford. Rivian is developing delivery vans for Amazon and plans to have 10,000 vans on the road by 2022 and 100,00 by 2030.

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It's worth noting that Rivian rolled out its first vehicle, R1T pickup truck in September. The company says it has a backlog of 55,400 pre-orders for its R1T and R1S. 

The company trades on the Nasdaq under ticker symbol ‘RIVN.'

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