Rivian, a start-up backed by Amazon, focusing on electric-powered vans and pick-up trucks, sped past investor expectations, following one of the biggest U.S. stock market IPOs ever
Rivian's IPO comes against the backdrop of the United Nations Climate Summit, where automakers, airlines and governments unveiled a raft of pledges to cut greenhouse gas emissions from global transport.The company logo is seen on a Rivian R1T pickup, the Amazon-backed electric vehicle maker, as it is parked outside the Nasdaq Market site during the company’s IPO in Times Square in New York City, U.S., November 10, 2021.
On Wednesday, 10 environmental and advocacy groups, including Sierra Club and Greenpeace, urged Rivian to engage with labor unions as the company grows. Workers at Rivian's plant in Illinois are not unionized. Scaringe will hold all outstanding Class B common shares after the IPO and get 10 votes per share, Rivian said in a filing.
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