Rivian about to surpass GM as 2nd most valuable US carmaker

National/World

FILE – This Nov. 14, 2018, file photo shows a Rivian R1T at Rivian headquarters in Plymouth, Mich. (AP Photo/Paul Sancya, File)

NEW YORK (AP) — Rivian Automotive, a company that went public a day ago and hopes to produce 1,000 electric vehicles by the end of the year, will surpass General Motors to become the nation’s second most valuable automaker if an overnight surge in the price of its shares hold.

The California company’s market valuation exceeded Ford’s in its first day of trading Wednesday and with shares up 6% before the opening bell Thursday, that valuation hit $90 billion to surpass GM, a company that sold more than 2.5 million vehicles last year.

Rivian has delivered about 150 of its electric pickup trucks, mostly to employees.

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