Amazon-backed company now America’s second-most valuable automaker

DETROIT (Reuters) — Shares of Rivian Automotive surged as much as 53% in its Nasdaq debut on Wednesday, giving the Amazon-backed electric vehicle maker a market valuation of more than $100 billion after the world’s biggest initial public offering this year.

That made Rivian the second most valuable U.S. automaker at one point behind Tesla, which is worth $1.04 trillion. Despite just having started selling vehicles and having little revenue to report, Rivian ranked ahead of General Motorsat $86 billion, Ford Motor at about $77 billion, and Lucid Group at $66 billion before it pared some gains.

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