Rivian Automotive Inc.’s shares surged in their market debut on Wednesday, the latest electric-vehicle maker to tap into investors’ interest for the growing market.
The startup’s initial public offering has garnered buzz on Wall Street. Rivian is backed by Amazon.com Inc . and Ford Motor Co . , and recently began selling its first all-electric pickup truck—a model that targets well-established names such as the Ford F-150 and General Motors Co.’s Chevrolet Silverado. The company plans to use its battery-electric technology to power commercial delivery vans and fully electric pickup trucks.
