Naturally, people turned to Twitter to see Elon Musk's perspective on the blockbuster IPO. One user compared Tesla's IPO to Rivian's tweet, “When $TSLA IPOs at value $1,7 billion, they've been selling the Roadster for 2 year & had shocked the world with its Model S reveal the previous year. There is no criticism of Rivian, but 24 next hour. MC's IPO was $100B with zero revenue. A sign of the times @elonmusk?”
Reported by entrepreneur, Musk responded by pointing out that Tesla has been the only automaker to achieve high-volume production and positive cash flow in the last century. Rivian also collects approx $ 12 billion in its IPO, set a record for the largest initial public offering of the year in the world. Rivian is now the second most valuable US automaker after Tesla.
This IPO makes the company more valuable than Ford (market capitalization $77 billion) and General Motors (market capitalization $90 billion). CEO Rivian R.J. Scaringe wrote about taking over the auto industry in Rivian's IPO prospectus.
“We started thinking about the truck segment, SUV, and crossovers as they present a great opportunity for us to show what a clean sheet is like, technology-focused vehicles can eliminate long-accepted compromises,” took Scaringe. “We want to build our brand by delivering a combination of efficiency, on-road performance, off-road capability, functional utility, and perfecting products that are not on the market ” he continued.
Even though it never recorded income, the company says it has 55.400 preorders for the R1S SUV and R1T pickup truck and contract to build 100.000 electric van with Amazon in 2030.
Rivian's IPO was a much different picture than when Tesla went public in 2010. At that time, Musk's company has been selling its Roadster model for two years with plans to launch the Model S. On the other hand, Rivian has just started selling its vehicles and has reported a near net loss $ 1 billion in the first half of the year 2021.
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