Lucie Motors is now worth more than Rivian.
Lucid has overtaken Rivian's market capitalization for the first time since the latter company's IPO debut on November 10th, 2021. Originally sold at $78 per share, RIVN reached heights of $172 before a long and sustained slide brought it to the level around $65 where it rests today. Wednesday marked the first time that Lucid's market cap exceeded Rivian's, which it currently does by nearly $5 billion. As of writing Lucid Motors is worth $63.15 billion while Rivian sits at $58.30 B, making them the tenth- and eleventh-most valuable car companies in the world.
Rivian charged out of the gate at its IPO as the latest in a line of promising EV manufacturers with compelling products and promises of big deals to come in the future. The deals are still on and the R1T's still a very compelling truck, but the stock now trades 60% lower than it did at its all-time high of $172, taking the company from a $150 billion+ market cap down to around $60 B. There are a few factors responsible for this, as well as sell-offs seen across the wider EV market that are ongoing.
No comments:
Post a Comment