Rivian closed on February 26th, and the bounce in the company’s stock is no small thing: Its one of the top performers of the IPO market this year, with a 68.5% gain so far.
Rivian trades on the NYSE under the ticker RIV. It closed on February 26th at $17.88.
The Rivian F Series — pictured here — was intended to sell for $34,000, and due to the switch to all-electric powertrains, the 150 kilowatt battery pack is charged through a dedicated facility, as opposed to the traditional EV battery becoming idle, cannibalizing fuel. RIVIAN also plans to house a pilot electric charging station in every dealership, thanks to its partnership with ChargePoint.
The company, founded in 2014, raised $350 million in an IPO on March 1, 2018, opening the door for all-electric vehicles to become more mainstream.
Source: a Deal Buyer article by Estefania Oliver and cameroon’s Caribbean News