Rivian Automotive, an electric vehicle company that has so far delivered only about 150 electric pickup trucks mostly to its own employees, surpassed General Motors Thursday to become the second most valuable U.S. car company behind Tesla.
The California company went public Wednesday in an initial public offering (IPO) that priced shares at $78 each. By the end of its first day as a public company, those shares were worth more than $100, enough to value the company at $88 billion. That’s more than Ford is worth.
