A Rivian R1T electric pickup truck during the company’s IPO outside the Nasdaq MarketSite in New York, on Wednesday, Nov. 10, 2021.
Bing Guan | Bloomberg | Getty Images
The Amazon– and Ford-backed company already surpassed both Ford and General Motors by market cap, reaching a valuation of $104.9 billion. That’s still far behind Tesla’s market cap of more than $1 trillion.
GM’s market cap was $89.8 billion as of the end of trading Thursday, while Ford’s was $78.1 billion.
The valuation means Amazon’s 20% stake in the business is now worth nearly $21 billion and puts…