By Dhirendra Tripathi
Investing.com – Rivian stock (NASDAQ:RIVN) is looking at another day of gains Thursday after it rose more than 29% on its debut in another emphatic endorsement of the transition to electric mobility by investors.
The stock climbed as much as 9% in premarket trading as market players continue to pile into companies promising a cleaner future even though they are yet to make a profit or, in Rivian's case, revenue. It subsequently pared those gains to around 6.0%.
The maker of electric delivery vans and pickup trucks raised $12 billion via the IPO to expand production and speed development of new models.
The issue price was set at $78 and the company was valued at almost $86 billion at the end of its first day as a listed company, just a few million dollars less than General Motors (NYSE:GM) and more than its shareholder Ford's (NYSE:F) $77-billion tag. It still has some way to go to catch up Tesla (NASDAQ:TSLA) which, at over $1 trillion, is worth more than all the other top automakers of the world combined.
The global auto industry has sharply pivoted to electric vehicles in recent years as limate change becomes more adverse and world opinion turns against use of fossil fuels.