Rivian (RIVN)--the hottest IPO of 2021--surged in its debut last week and continued to rise today. The electric vehicle maker, backed by Amazon and Ford, now has a market capitalization exceeding $126 billion.
Rivian is now the largest U.S. company by market value with no revenue, per Bloomberg. It has sold only 156 vehicles so far but has received an order of 100,000 vans from Amazon. As of now, it is reportedly prioritizing production of vans over its trucks and SUVs.
Lucid (LCID), which went public in late July through a SPAC merger, is backed by Saudi Arabia’s sovereign-wealth fund. Its luxury sedan was named car of the year by Motor Trend today. The start-up, which has a market value exceeding $73 billion now, reports after the bell today.
The massive infrastructure bill being signed by the President today includes $7.5 billion for a network of electric-vehicle chargers, and another $7.5 billion for zero-emission or low-emission buses and ferries.
Biden had earlier signed an executive order calling on electric, fuel-cell and plug-in hybrids sales to account for 50% of all car and light truck sales by 2030.
Though EV sales are a very small part of the overall market, they have been increasing at a much faster pace. Many analysts expect this trend to continue as battery costs continue to rapidly decline.
Investors also continue to look for the next Tesla (TSLA), which has plunged over the past week due to a large stock sale by CEO Elon Musk. EV ETFs provide a diversified exposure to stocks that are poised to benefit from these developments.
Please watch the short video above to learn more about these stocks, the Global X Autonomous & Electric Vehicles ETF (DRIV) and iShares Self Driving EV And Tech ETF (IDRV).
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Global X Autonomous & Electric Vehicles ETF (DRIV): ETF Research Reports
Tesla, Inc. (TSLA): Free Stock Analysis Report
iShares SelfDriving EV and Tech ETF (IDRV): ETF Research Reports
Lucid Group, Inc. (LCID): Free Stock Analysis Report
Rivian Automotive Inc. (RIVN): Get Free Report
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