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Rivian Rockets Past GM To Become 2nd Most Valuable Carmaker

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FILE - This Nov. 14, 2018 photo shows a Rivian R1T at Rivian headquarters in Plymouth, Mich. Rivian Automotive, a company that went public a day ago and hopes to produce 1,000 electric vehicles by the end of the year, will surpass General Motors to become the nation’s second most valuable automaker if an overnight surge in the price of its shares hold. The California company’s market valuation exceeded Ford’s in its first day of trading Wednesday and with shares up 6% before the opening bell Thursday, Nov. 11, 2021 that valuation hit $90 billion to surpass GM, a company that sold more than 2.5 million vehicles last year. (AP Photo/Paul Sancya, file)

(AP) — Rivian Automotive, a company that has delivered about 150 electric pickup trucks mostly to employees, has surpassed General Motors to become the nation’s second most valuable automaker. The California company’s market valuation exceeded Ford’s in its first day a public company Wednesday. Its shares rose 10% at the opening bell Thursday pushing its valuation over $90 billion. That’s greater than Detroit’s GM, one of the biggest auto manufacturers in the world, which sold more than 2.5 million vehicles last year.Rivian’s goal this year is to produce 1,000 electric vehicles. The company rolled out its first vehicle, the R1T electric truck, in September and plans to launch its electric SUV, the R1S, in December.

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