Rivian Automotive stock leaps in trading debut following largest IPO of 2021
Rivian Automotive Inc. went public with a bang on Wednesday, in the largest initial public offering of the year and the seventh largest U.S. IPO by offer size in nearly 30 years.
Rivian, which has big backers such as Amazon.com Inc. AMZN, -0.91%, Ford Motor Co. F, -2.76%, and T. Rowe Price TROW, -3.17% funds, is hoping to carve a niche for itself offering all-electric pickup trucks and SUVs, the type of vehicles U.S. residents have favored for decades.The auto maker started selling a limited number of its R1T, a two-row, five-seat pickup truck, in September. It plans to launch an SUV, the R1S, in December.
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