UPDATED 1:13 PM EST: Revised IPO opening to 52% from 60%.
Rivian Automotive (NASDAQ: RIVN) is set for its market debut today with an implied valuation of over $93 billion thanks to an over 52% surge in share price from its IPO price of $78 per share.
The most recent developments for the Rivian market debut have set the company’s initial share price at $122 per share, which could put the company’s valuation at around $104 billion. This would make Rivian the sixth-most valuable automaker globally, displacing General Motors with a market cap of $85.92 billion. Rivian would be slightly behind Daimler, which holds a valuation of $109.12 billion.
Earlier this week, Rivian priced its shares for its IPO at between $75 and $78, above its previously expected range. The automaker expected to raise $11.9 billion, making it the second-largest tech IPO of all time, trailing Facebook who raised $16 billion in May 2012.
Rivian’s valuation may be driven by the sentiment trailing its name, which is backed by high-end and well-known investors like Amazon and Ford. During a disclosure earlier this month, Amazon disclosed its 20% ownership position in Rivian, which will produce 100,000 all-electric e-commerce delivery vehicles for the company. The Rivian delivery vans have already been tested in various cities across the United States. The 100,000 deliveries will take place by 2030, with 10,000 units operating by the end of 2022.
Rivian announces a $2.5B funding round, bringing grand total to $10.5B
Rivian is entering an EV market that is becoming more populated with every quarter. Both existing, legacy automotive companies and new, tech-focused startups are attempting to establish new EVs that will dethrone the undisputed king of the sector, Tesla. Rivian, while delivering around 150 units of its introductory R1T as of November 1, is the first automaker to introduce an all-electric pickup to the market. It will have tough competition to fend off as Ford will roll out the F-150 Lightning in Spring 2022. GMC’s Hummer EV is expected to begin deliveries later this year, and the widely-popular Tesla Cybertruck is set to start production in late 2022.
150,000 all-electric vehicles are expected to roll off Rivian’s production lines at its manufacturing facility in Normal, Illinois, annually. Along with the R1T and Amazon delivery vans, Rivian is developing the R1S, an all-electric SUV that could begin deliveries as soon as December, the company’s prospectus said. Rivian also stated that it has 9,500 employees, with over 3,400 of them working at the Normal Factory.
Rivian will have an uphill battle for the remainder of 2021, as it said in the October prospectus. Revenue has not been generated due to its process of ramping current vehicle production, which is costly and challenging to scale. Tesla CEO Elon Musk advised Rivian to ramp and solve production at its single Normal, Illinois factory for the time being. However, rumors of a manufacturing expansion known as “Project Terra” have swirled through the sector, with several U.S. states, including Texas, being discussed as a possible landing spot for Rivian’s second production plant.
Disclosure: Joey Klender is not a RIVN Shareholder.
I’d love to hear from you! If you have any comments, concerns, or questions, please email me at joey@teslarati.com. You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.
Elon Musk
First Tesla Cybercab rolls off Giga Texas production line
Tesla’s official account on X shared an image showing employees gathered around the first Cybercab built at Gigafactory Texas.
Tesla has produced the first Tesla Cybercab at Texas Gigafactory, marking a key milestone ahead of the planned autonomous two-seater’s production in April. The two-seat Robotaxi, which was unveiled in 2024, is designed without pedals or a steering wheel and represents Tesla’s most aggressive step yet toward fully autonomous mobility.
Tesla’s official account on X shared an image showing employees gathered around the first Cybercab built at Gigafactory Texas. Elon Musk echoed the milestone, writing, “Congratulations to the Tesla team on making the first production Cybercab!”
Previous comments from Musk on X reiterated the idea that production of the Cybercab “starts in April.” The vehicle will launch without traditional driver controls, and it will rely entirely on Tesla’s vision-based Full Self-Driving (FSD) system.
The Cybercab is positioned to compete with autonomous services such as Waymo. While Tesla has deployed Model Y vehicles in limited Robotaxi operations in Austin and the Bay Area, a serious ramp of the service to other cities across the United States is yet to be implemented. The production of the Cybercab could then be seen as a push towards the company’s autonomy plans.
Musk has linked the Cybercab to Tesla’s proposed “Unboxed” manufacturing process, which would assemble large vehicle modules separately before integrating them, rather than following a traditional production line. The approach is intended to cut costs, reduce factory footprint, and speed up output.
That being said, Elon Musk has set expectations for the Cybercab’s production ramp. As per Musk, it would likely take some time before meaningful volumes of the Cybercab are produced because it is such a new and different vehicle. But when the vehicle hits its pace, volumes will be notable.
“Initial production is always very slow and follows an S-curve. The speed of production ramp is inversely proportionate to how many new parts and steps there are. For Cybercab and Optimus, almost everything is new, so the early production rate will be agonizingly slow, but eventually end up being insanely fast,” Musk noted.
Elon Musk
California city weighs banning Elon Musk companies like Tesla and SpaceX
A resolution draft titled, “Resolution Ending Engagement With Elon Musk-Controlled Companies and To Encourage CalPERS To Divest Stock In These Companies,” alleges that Musk “has engaged in business practices that are alleged to include violations of labor laws, environmental regulations, workplace safety standards, and regulatory noncompliance.”
A California City Council is planning to weigh whether it would adopt a resolution that would place a ban on its engagement with Elon Musk companies, like Tesla and SpaceX.
The City of Davis, California, will have its City Council weigh a new proposal that would adopt a resolution “to divest from companies owned and/or controlled by Elon Musk.”
This would include a divestment proposal to encourage CalPERS, the California Public Employees Retirement System, to divest from stock in any Musk company.
A resolution draft titled, “Resolution Ending Engagement With Elon Musk-Controlled Companies and To Encourage CalPERS To Divest Stock In These Companies,” alleges that Musk “has engaged in business practices that are alleged to include violations of labor laws, environmental regulations, workplace safety standards, and regulatory noncompliance.”
It claims that Musk “has used his influence and corporate platforms to promote political ideologies and activities that threaten democratic norms and institutions, including campaign finance activities that raise ethical and legal concerns.”
If adopted, Davis would bar the city from entering into any new contracts or purchasing agreements with any company owned or controlled by Elon Musk. It also says it will not consider utilizing Tesla Robotaxis.
Hotel owner tears down Tesla chargers in frustration over Musk’s politics
A staff report on the proposal claims there is “no immediate budgetary impact.” However, a move like this would only impact its residents, especially with Tesla, as the Supercharger Network is open to all electric vehicle manufacturers. It is also extremely reliable and widespread.
Regarding the divestment request to CalPERS, it would not be surprising to see the firm make the move. Although it voted against Musk’s compensation package last year, the firm has no issue continuing to make money off of Tesla’s performance on Wall Street.
The decision to avoid Musk companies will be considered this evening at the City Council meeting.
The report comes from Davis Vanguard.
It is no secret that Musk’s political involvement, especially during the most recent Presidential Election, ruffled some feathers. Other cities considered similar options, like the City of Baltimore, which “decided to go in another direction” after awarding Tesla a $5 million contract for a fleet of EVs for city employees.
News
Tesla launches new Model 3 financing deal with awesome savings
Tesla is now offering a 0.99% APR financing option for all new Model 3 orders in the United States, and it applies to all loan terms of up to 72 months.
Tesla has launched a new Model 3 financing deal in the United States that brings awesome savings. The deal looks to move more of the company’s mass-market sedan as it is the second-most popular vehicle Tesla offers, behind its sibling, the Model Y.
Tesla is now offering a 0.99% APR financing option for all new Model 3 orders in the United States, and it applies to all loan terms of up to 72 months.
It includes three Model 3 configurations, including the Model 3 Performance. The rate applies to:
- Model 3 Premium Rear-Wheel-Drive
- Model 3 Premium All-Wheel-Drive
- Model 3 Performance
The previous APR offer was 2.99%.
NEWS: Tesla has introduced 0.99% APR financing for all new Model 3 orders in the U.S. (applies to loan terms of up to 72 months).
This includes:
• Model 3 RWD
• Model 3 Premium RWD
• Model 3 Premium AWD
• Model 3 PerformanceTesla was previously offering 2.99% APR. pic.twitter.com/A1ZS25C9gM
— Sawyer Merritt (@SawyerMerritt) February 15, 2026
Tesla routinely utilizes low-interest offers to help move vehicles, especially as the rates can help get people to payments that are more comfortable with their monthly budgets. Along with other savings, like those on maintenance and gas, this is another way Tesla pushes savings to customers.
The company had offered a similar program in China on the Model 3 and Model Y vehicles, but it had ended on January 31.
The Model 3 was the second-best-selling electric vehicle in the United States in 2025, trailing only the Model Y. According to automotive data provided by Cox, Tesla sold 192,440 units last year of the all-electric sedan. The Model Y sold 357,528 units.
First Tesla Cybercab rolls off Giga Texas production line
California city weighs banning Elon Musk companies like Tesla and SpaceX
