MEXICO CITY, MEXICO – Rivian, a startup from California that develops electric light and outdoor vehicles, began trading Friday, after it went public at $38 per share for an initial market valuation of about $72.5 billion.
The company said it will use proceeds from the IPO to expand production capacity and introduce new models, as well as to bring its business “to new international markets.”
One of the best-known companies born on the Net, Rivian was founded by Bob Lutz, General Motors’ former vice chairman.
It has the potential to rival Tesla’s Model S in terms of luxury and horsepower, with its futuristic design and a range of vehicles that can top 400 miles. The battery-powered RH500 is significantly larger than the Model S at 10 feet long and 8 feet tall, but Rivian said it will go 300 miles before needing a recharge.
With most new cars beginning on big trucks such as the Chevy Silverado, Rivian’s R1T, first unveiled in 2015, is looking to shake up the light truck market.
The Grand Tourer ($69,000) can go from 0 to 60 mph in 5.2 seconds and top speeds reach more than 130 mph.
The sedan Rivi ($85,000) can go from 0 to 60 mph in 4.9 seconds and reach speeds of 122 mph.
For the future, Rivian says it will introduce a three-wheeled vehicle called the Rivi3, capable of going from 0 to 60 mph in 4.8 seconds and topping a speed of 110 mph.
The company’s entry-level two-wheeler, the R1T, starts at $39,000 and can go from 0 to 60 mph in 5.3 seconds. It features five seats and has a 76 horsepower engine.