It was reported that Rivian Automotive, an electric car manufacturer that had received investment from Amazon, suddenly surpassed the old German car company Volkswagen Group to become the world's third-highest car manufacturer by market value.

Yesterday, Rivian's market value reached 142.08 billion U.S. dollars, surpassing Volkswagen's 139.52 billion U.S. dollars. Prior to this, Rivian's stock price rose 7.69% in early trading.

After surpassing Volkswagen in market value, Rivian became the world's third-highest automaker by market value, second only to American electric car manufacturer Tesla (market value of 1.046 trillion US dollars) and Japanese car company Toyota (market value of 262.54 billion US dollars).

In the past few years, the market value of automakers has always been a very eye-catching topic. Tesla's stock price rose by 700% last year, during which time they became the world's most highly valued automaker in 2020. After that, the market value seems to be one of the indicators to track the company's progress.

Although Tesla also has investments in solar energy and energy storage, they are often regarded as a car manufacturer, but its trillion-dollar market value is not always recognized by some people, because compared with traditional car companies, the The company's production and delivery figures are relatively low.

However, the company is one of the few automakers in the world that only produces and sells electric luxury models. With its technological advantages, Tesla's market value has been rising all the way.

Tesla has also established its leading position in the field of electric vehicles with great advantages through software, performance and battery technology.

Tesla's opponents are catching up quickly. After Rivian went public, it took just five trading days to become the world's third most valuable automobile company. Rivian has completed the delivery of hundreds of R1T pickup trucks, which is the first electric car released by the company.

The company has also received large amounts of financial support from Amazon. Amazon disclosed in its recent 10-Q filing with the US Securities and Exchange Commission (SEC) that they own 20% of Rivian.

Rivian is also manufacturing 100,000 electric delivery trucks for Amazon as part of the latter’s climate commitment. These 100,000 trucks will be delivered to Amazon before 2030, and the first 10,000 trucks will be produced by the end of this year.

Last Wednesday, Rivian completed its IPO with an initial price of $78 per share. However, when the company's stock began to be publicly traded at around 1 p.m. Eastern Time, the stock trading price was much higher than the initial pricing, soaring by more than 60%, reaching a level of about $120 per share.

When they were finally able to trade openly, their settlement price was 37% higher than the original price, which was $106.75.
Axact

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