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Rivian is currently the largest US company with no sales



Yet another milestone for Rivian Automotive’s explosive and surprising growth as a new stock: It is now the largest U.S. company by market value without revenue.

Electric truck maker, backed by Amazon and Ford, has invisibly incapacitated Lucid Group Inc., a tram peer has no sales to its name, at the top of the list.

Shares of Rivian are up 67% from their initial public offering price of $78 on Wednesday. It only increases about 25% if passed Volkswagen AG, one of the largest car manufacturers in the world, in terms of market value. Meanwhile, Lucid has seen its share price increase by 339% this year. It went public through a merger with an empty testing company in July.

“(It’s) really worried that it hasn’t even made any tangible revenue yet,” said Michael Hewson, chief market analyst at CMC Markets.

Electric vehicles have been attracting the interest of investors since mid-2020, when governments, policymakers and corporations announced plans to invest in the industry amid a growing There are many urgency to deal with climate change. Recent strong results from Tesla and a big push from car rental company Hertz into electric vehicles has raised the price of all the warehouses in the space.

Rivian’s rally for the third day in a row has lifted its market value above Mercedes-Benz inventor Daimler AG on Friday, after racing over Ford and General Motors Comarket valuation for the previous two days.



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