Ready to roar: A Rivian R1T pickup, the Amazon-backed electric vehicle maker, is driven outside the Nasdaq Market site during the company’s IPO in Times Square, New York. — Reuters
NEW YORK: A five-day rally in the shares of Rivian Automotive Inc has led the electric-truck startup to more than double in value since last-week’s trading debut, with its market capitalisation now surpassing Volkswagen AG.
The stock jumped as much as 20% to US$179.47 (RM749) in New York, before ending the day up 15%, marking a 121% gain from the initial public offering price of US$78 (RM325.49).
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