American electric vehicle maker Rivian, which is attracting attention as the ‘second Tesla’, continued to surge by more than 20% on the day after its debut in the New York Stock Exchange.
On the 11th (local time), Rivian closed at $122.99, up 22.26 dollars (22.10%) from the previous trading day. The stock price of Rivian soared 29% on the 10th, the first day of its debut, and continued to surge more than 22% on the 11th.
Rivian’s market capitalization rose to $104.9 billion. Rivian’s market cap exceeds that of both Ford and General Motors (GM). Ford has a market cap of $78.1 billion and GM has a market cap of $89.8 billion.
As the stock price soared, Rivian’s founder, RJ Scarringe, was seated on a $2.2 billion (about 2.6 trillion won) money cushion in just two days.
According to CNBC reports, Scarringe owns 17.6 million shares in the company. His stock is valued at $2.2 billion, with the stock asking for $122.
He is also given an additional 20.4 million stock options based on performance, so he is expected to get more money if the stock price rises in the future.
Rivian is a startup founded in 2009 by Scarringe, a graduate of the Massachusetts Institute of Technology (MIT), and is evaluated as a potential competitor to Tesla, the No. 1 electric vehicle maker.
Rivian has been recognized for its electric vehicle manufacturing technology and has received an investment of about $10.5 billion from Amazon and Ford from 2019 to now. It posted an operating loss of about $2 billion from the beginning of last year to June this year, but started to monetize it by putting the electric pickup truck R1T on the market in September. Rivian plans to introduce three new models by the end of the year, including the mid-size SUV R1S and an electric van truck for Amazon delivery.
Reporter Eunji Cha, Hankyung.com chachacha@hankyung.com
ⓒ Hankyung.com, unauthorized reprinting and redistribution prohibited
