Rivian becomes world's 3rd most valuable automaker

The EV carmaker now sits behind Tesla and Toyota

Rivian, the American EV startup, has been valued at over $150 billion, post its IPO; making it the 3rd most valuable automaker in the world. Rivian has now overtaken the likes of Ford, General Motors, Volkswagen and even Daimler (the parent company of Mercedes-Benz).

The EV carmaker now sits behind Tesla and Toyota, the only two automakers with a higher valuation.

Rivian is backed by Amazon and Ford and is slowly ramping up production of its R1T pick-up truck and R1S SUV offerings. The company recently announced the roll-out of the former while the production of the latter will begin sometime next year.

Source: Business Insider