"Electric Vehicle Sprint" Rivian Surpasses GM Market Cap on Second Day of Listing

[Image source=Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Electric vehicle manufacturer Rivian surged 20% on the second day of its Nasdaq listing, surpassing General Motors (GM) in market capitalization.

As of 3:20 PM local time on the 11th, Rivian was trading at $129.5, up 19.8%.

Rivian's market capitalization reached $102.8 billion, overtaking Ford the previous day and surpassing GM's enterprise value on this day. Although GM rose 4.5% on the day, its market capitalization remained around $90 billion.

Amazon, which holds a 20% stake in Rivian, saw its holding value reach $20 billion, while Ford's 12% stake was valued at $12 billion.

Rivian surpassed traditional automakers in just two days after its listing, but compared to electric vehicle leader Tesla's $1 trillion market capitalization, it accounts for only 10%.

CNBC reported that Rivian achieved remarkable results in its stock market debut despite ongoing losses.

On the same day, Tesla remained relatively flat despite news of CEO Elon Musk's stock sale. Tesla's stock price fell 0.29% to $1,064, maintaining its 'Thousand Tesla' status.

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