Rivian signs at the Nasdaq on the day of the IPO, November 10, 2011 in New York.
Shares of electric car maker Rivian ended a week-long rally on Wednesday, as investors retreated from a brutal path as name speculation waned after Ford and GM surpassed in market capitalization.
The company’s stock is down more than 7% in pre-market.
Rivian went public last Wednesday in one of the biggest IPOs of the year. Rivian opened at $106.75 per share on November 10, its first trading day. It closed at $172.01 on Tuesday.
Rivian has quickly surpassed the market value of traditional automakers, such as Ford ($79.09 billion, as of Tuesday’s close) and General Motors ($90.9 billion). As of Tuesday’s close, Rivian’s market capitalization was $146.7 billion. The company’s value still lags behind its rival Tesla ($1.06 trillion).
The company attracted strong interest from investors, as demand for electric vehicles continued to rise among consumers. However, Rivian has yet to demonstrate a sustainable business model. It also expects revenue to be no more than $1 million for the third quarter.
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