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Electric truck maker Rivian zooms to US$90B market value

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Shares of Rivian Automotive jumped in their debut Wednesday, rising as much as 53 per cent as investors look for the next big winner in the electric vehicle market.

The opening trade of US$106.75 gave Rivian a market value of about $91 billion, greater than that of Ford and General Motors. That's noteworthy because Rivian has so far delivered about 150 of its electric pickup trucks to customers, mostly employees, whereas Ford and GM sell millions of cars globally each year.

Automakers big and small, new and old, are chasing Tesla, which has largely dominated the electric vehicle market for years, amassing a market value of more than $1 trillion along the way. So far this year, Tesla has sold around 627,300 vehicles. Rivian has a contract with Amazon to build 100,000 electric delivery vans at its factory, a former Mitsubishi plant in Normal, Illinois. Ford Motor Co. holds a 13% stake and has said the companies would work jointly to develop electric vehicles.

Options for the vehicles include a $10,000 battery upgrade that will extend the driving range from 314 miles to more than 400 miles . A three-person roof-mounted tent adds $2,650 to the bill and an off-road recovery kit will cost an additional $600.

 

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This cracks me up I hope people aren't stupid enough to buy this shit

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