RIYADH: Rivian, the American automaker, surpassed Volswagen’s market capitalization, to become the world’s third largest car company, Bloomberg reported.
The value of the company shot up as its stock rose by 14 percent to $169.70 per share during Tuesday’s trading.
Rivian’s shares have been upped by 118 percent from the initial public offering price of $78, bringing its market valuation to $150 billion.
This comes amid growing demand for electric vehicles, as more consumers consider to adopt the technology.
