Rivian has seen its week-long share price rally slow by nine per cent despite the company surpassing Ford and General Motors in market value.
The electric vehicle (EV) maker floated last Wednesday in the biggest IPO of the year, opening at $106.75 per share and closing at £172.01.
As of Tuesday’s close, Rivian had a market capitalisation of £146.7 billion, making it one of the most valuable vehicle manufacturers in the world.
Despite this, Rivian still has a long way to go to overtake Elon Musk’s Tesla, which is valued at $1.06 trillion.
While the company has attracted large interest from investors, the company has yet to show a sustainable business model and is only expected to make no more than £1 million in Q3.
The automotive maker is currently struggling to ramp up its production lines as a result of the supply-chain constraints.
Amazon tied up with the company in 2019 and has ordered up to 100,000 vans up until 2024 as it seeks to make its last-mile delivery division as sustainable as possible.
Amazon is Rivian’s largest shareholder with a 20 per cent stake.