Rivian, an electric truck manufacturer, has raised over $12 billion from a share sale

Rivian’s shares are due to begin trading in New York on Wednesday, after the company raised more than $11.9 billion (£8.8 billion) from investors. That’s because the stock was sold for $78 per share, well above the company’s target range. That IPO is among the top ten initial public offerings (IPOs) in the United States.

Rivian, on the other hand, began shipping its first electric pickup vehicles to clients in September. Over the previous two years, the California-based start-up has lost more than $2 billion. However, the van and truck manufacturer has piqued investor interest, thanks in part to the fact that it already has Amazon’s backing.

It has also beaten Ford and General Motors in an area of the market that is popular with American drivers: small trucks, pick-ups, and SUVs.

The stock was sold for $78 per share, which is more than the intended range of $72 to $74.Rivian has already been compared to Elon Musk’s Tesla, which revolutionised the electric vehicle market. In addition to the pick-up truck, Rivian plans to release a sports utility vehicle (SUV) in December and a delivery van in 2023.

The company began as Mainstream Motors in 2009, but in 2011 it changed its name to Rivian, which is derived from the Indian River. Mr. Scaringe first investigated the concept of an electric sports vehicle, but eventually shifted his focus to trucks and vans.

Rivian’s vista is already clouded by another threat. Laura Schwab, the business’s former vice president of sales and marketing, is suing the corporation, alleging that she was unlawfully fired after filing a gender discrimination complaint over the company’s “toxic bro” culture. She also claims to have told the corporation that its delivery goals were “unattainable.” ……………….