Rivian is now the biggest U.S. company with no sales

Add yet another milestone to Rivian Automotive’s blistering and stunning run as a new stock: It’s now the biggest U.S. company by market benefit with no profits. 

The electrical-truck maker, backed by Amazon and Ford, has unseated Lucid Group Inc., an electric vehicle peer with no income to its name, at the leading of the listing.

Rivian’s shares have soared 67% from their preliminary general public offering cost of $78 on Wednesday. It is just about a 25% achieve away from overtaking Volkswagen AG, a single of the world’s premier auto producers, in marketplace benefit. Meanwhile, Lucid has observed its inventory selling price advance 339% this 12 months. It went community through a merger with a blank-test organization in July.

“(It is) very seriously head boggling when it hasn’t even attained any discernible earnings yet,” claimed Michael Hewson, main marketplace analyst at CMC Marketplaces, discussing Rivian’s valuation.

Electrical vehicles have been attracting trader curiosity because mid-2020, when governments, policymakers and corporations declared designs to devote in the marketplace amid a rising urgency to tackle weather modify. Latest robust final results from Tesla and a major thrust from car-rental business Hertz into EVs has supercharged all stocks in the room.

Rivian’s rally for the 3rd straight working day vaulted its market benefit earlier mentioned Mercedes-Benz maker Daimler AG on Friday, just after racing earlier Ford and Common Motors Co.’s industry valuations in the earlier two days.