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Shares of EV start-up Rivian spike on second day of buying and selling, market cap surpasses GM

Rivian R1T Discipline pickup

Supply: Rivian

Shares of the electrical car start-up Rivian continued to climb Thursday, up about 11%, someday after its public market debut.

The Amazon– and Ford-backed firm already surpassed each Ford and General Motors by market cap, reaching a valuation of greater than $95 billion. That is nonetheless far behind Tesla’s market cap of greater than $1 trillion.

GM’s market cap was $88.3 billion mid-morning on Thursday whereas Ford’s was $78.2 billion.

The valuation means Amazon’s 20% stake within the enterprise is now price greater than $19 billion and places Ford’s 12% stake at greater than $11 billion.

The worth is very staggering on condition that Rivian doesn’t but have a longtime enterprise mannequin and solely expects to make as much as $1 million in income for the third quarter. It stated in its prospectus that it expects to lose as much as $1.28 billion throughout that quarter.

Rivian beat rivals to the market with a completely electrical pickup however has but to supply excessive volumes of its automobiles.

Amazon plans to make use of Rivian automobiles in its supply fleet, having ordered 100,000 to be delivered by 2030. It expects to have 10,000 Rivian automobiles delivering Amazon packages as early as subsequent 12 months.

-CNBC’s Lora Kolodny and Annie Palmer contributed to this report.

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WATCH: The race between Tesla, GM, Rivian and others to dominate electric pickup trucks

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