Elon Musk, founder of SpaceX and chief executive officer of Tesla Inc., arrives at the Axel Springer Award ceremony in Berlin, Germany, on Tuesday, Dec. 1, 2020. Tesla Inc. will be added to the S&P 500 Index in one shot on Dec. 21, a move that will ripple through the entire market as money managers adjust their portfolios to make room for shares of the $538 billion company. Rivian, led by R.J. Scaringe, on Wednesday pulled off the biggest initial public offering worldwide this year. After a 22% gain Thursday, the company is already worth $107 billion, making it the fifth-largest automaker by market cap.
The company is building battery-electric delivery vans for Amazon, as well as a pickup truck marketed to outdoor enthusiasts. Rivian lost almost $1 billion in the first half of the year and estimates that annual production will hit 150,000 vehicles at its main facility by late 2023.
Rivan has hired scores of former Tesla employees, including key engineers who were involved in Tesla’s Model 3 launch.
Read more: Rivian’s ranks are filled with Tesla alums
Musk has mused about Rivian before, saying last month that “prototypes are trivial compared to scaling production and supply chain.”
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