Electric truck manufacturer Rivian has overtaken Volkswagen and became the number third most valuable automaker.
The company, based in California, is now valued at $151.95 billion, reports InsideEVs last week.
Meanwhile, Tesla remained at the first spot with more than a trillion dollars of market capitalization.
Toyota, which is in second place is valued at $262.02-billion and fourth-place Volkswagen has a market cap of $139.52-billion.
Being at the fifth spot, BYD has an estimated market value of $133-billion, followed by Daimler with $108-billion, General Motors with $91-billion and Lucid Motors with $89-billion in eighth place.
However, the continual growth that a manufacturer has, preferably above analysts’ predictions and how much money it makes per vehicle plays a crucial role in an automaker’s valuation. Sales volume plays little part in it.
While Rivian did make it to the third position, InsideEVs article suggests that it won’t pass the second-place automaker, Toyota, any time soon, since its valuation is $262-billion, and it too has been on the upswing recently.
Meanwhile, Tesla has passed the $1-trillion mark and all forecasts see its climb continuing in the foreseeable future.
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