Rivian Market Value Leapfrogs Established Carmakers on First Day

(Bloomberg) -- Electric-truck startup Rivian Automotive Inc.’s blockbuster trading debut has already placed it in the upper echelons of the global automotive industry, with a market valuation eclipsing that of Ford Motor Co. and Nio Inc. Retail investors piled into Rivian, placing it at the top of Fidelity’s platform as the most bought asset amid ongoing enthusiasm for the still-nascent sector. While Rivian has generated minimal revenue, it’s bigger than the likes of HCA Healthcare Inc., Autodesk Inc. and Cigna Corp., companies that have generated billions in revenue over the past year.

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