Rivian Automotive Inc, an electric vehicle company based in Irvine, posted the largest initial public offering (IPO) of the year on Wednesday, Nov. 10, acquiring more than $12 billion at $78 per share.

Now valued at more than $100 billion, Rivian is ranked among the top 10 most valuable automotive companies in the country. Currently, Ford Motors is valued at $80 billion.

In terms of production, Rivian is focusing on developing two different electric vehicles – the R1T, a truck, and the R1s, an SUV – starting at $67,500 and $70,000 respectively. The R1T is an electric truck that can drive more than 300 miles on a single charge and is capable of towing 11,000 pounds. The R1T also features an innovative Camp Kitchen package that includes a rollaway stove with a two-burner induction cooktop, according to the company’s website.

Rivian hopes to start delivering the R1T in January 2022, citing supply chain issues.

With Amazon as its largest investor, according to Reuters, Rivian has more than half-a-dozen offices around the globe, including Irvine, Illinois, the United Kingdom and Vancouver. In Irvine, the company operations include vehicle engineering and design, electronics, software, propulsion, battery systems, supply chain and logistics, IT.

In terms of electric vehicle production, Tesla Motors is currently listed as one of the top 10 auto manufacturers at $31 billion. Yet, at the time of its IPO in 2012, Tesla Motors, owned by Elon Musk, netted $226 million.

Rivian’s IPO exceeds Tesla Motors’ IPO by more than $11 billion.

While Rivian has yet to showcase its production capabilities publicly, Musk seems to be well-aware of the auto company’s presence in the electric-vehicle realm.

Musk even Tweeted about the impact the Irvine-based electric car maker has had on the automotive industry in such a short time.

However, Musk seemed unfazed by Rivian’s multi-billion dollar public offering, adding that, “hundreds of automotive startups,” have formed, but only one company has found the ability to achieve both, “high volume production and positive cash flow,” in the last century.

The company? Tesla Motors.

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