Rivian, Lucid pass Ford as the hunt for the next Tesla continues
Rivian Automotive Inc.'s market valuation is already nearly double that of Ford Motor Co. and zoomed past General Motors Co. a week into the electric-vehicle startup's life as a public company, while rival Lucid Motors' market value closed in on GM's and topped Ford's on Tuesday, underscoring investors' appetite for EV makers and the hunt for the next Tesla Inc.
Rivian went public last Tuesday after the biggest initial public offering of the year and seventh-largest U.S. IPO since the mid-1990s. The stock ended 15% higher on Tuesday, boosting the company's valuation a little over $148 billion.
That compares to Ford's valuation around $78 billion and GM's at about $91 billion on Tuesday. Tesla is the highest-valued auto maker in the U.S., at a market capitalization above $1 trillion.
Rivian stock has gained 61% since its first trade of $106.75 last week, and 121% from its IPO price of $78.
Lucid shares jumped 24% to close at $55.52 on Tuesday, pushing the EV maker's valuation to slightly under $89 billion. That was the stock's highest close since Feb. 22, when it closed at $57.37.
Lucid, which has been hailed as the "Tesla/Ferrari" of EVs and focuses on the high-end market, went public through a blank-check company deal and the stock started trading on the Nasdaq in July. The EV maker said Monday its orders rose 30%, with "significant" demand for its Lucid Air luxury EV.
Rivian already has delivered a few limited-edition R1Ts, its two-row, five-seat pickup truck, and plans to launch an SUV, the R1S, in December. Volume sales of the pickup and the SUV are expected to begin in December and January.
Rivian markets its vehicles as "electric adventure vehicles" with prices starting at the low $70,000s, which has led some to question the size of its market, with cheaper electric pickups, including Ford's Lightning F-150, slated for next year.
The Ford Lightning is expected to start at about $40,000, and the cachet of being the electric version of the U.S. best-selling vehicle for decades comes free of charge. GM plans to unveil an electric Silverado next year as well.