Electric vehicle maker Rivian eclipses Volkswagen in value as Lucid overtakes Ford – .

Electric vehicle maker Rivian eclipses Volkswagen in value as Lucid overtakes Ford – .

EV company Rivian topped Volkswagen in market value, while rival startup Lucid topped Ford, as shares of their largely unproven companies continued to soar after their recent stock market listings.

The market capitalization of Rivian, a pickup and van group backed by Amazon and Ford, passed VW after its stock rose 15% to close at $ 172 on Tuesday. Rivian’s value has doubled to $ 153 billion since it was only issued last Wednesday.

VW, the world’s largest automaker, generated € 9.7 billion in net profit last year and sold 9.3 million cars worldwide. Rivian, founded in 2009, has no significant income.

Lucid, a luxury electric car maker led by former Tesla executive Peter Rawlinson, rose 24% on Tuesday after the company announced orders for its first car had jumped to 17,000. shares gave the company a market cap of $ 91 billion, or $ 12 billion more than Ford’s.

Lucid posted a loss of $ 524 million in the third quarter, the company said Monday evening in its first stock market update since listing this summer through a reverse merger.

For the same quarter, Ford reported adjusted profit of $ 3 billion, down 17% after sales were hit by the global chip shortage.

Rivian and Lucid are the first in a wave of electric vehicle start-ups set to go public, testing whether they will be able to emulate the rise in shares of electric vehicle pioneer Tesla, whose valuation has soared to more. of $ 1 billion last month.

Jessica Caldwell of data group Edmunds called the valuations of new companies “questionable.”

“Tesla has made a lot of investors rich and now everyone wants to be a part of the next big thing in the electric vehicle space,” she said. “Unfortunately, a company like Tesla doesn’t show up very often and the ratings placed on Rivian and Lucid are questionable, especially compared to existing auto companies. “

Dan Ives, automotive and technology analyst at Wedbush, said investors have “a huge appetite for these electric vehicle stories, and Tesla topping $ 1 billion market value has shifted the valuation paradigm in space. electric vehicles ”.

“Ford, GM and VW are still treated by investors as names of cars, while Lucid is crowned the next mini Tesla,” he said.


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