Rivian launches US's biggest IPO of 2021

Shares of US electric-vehicle maker Rivian Automotive surged on their first day of trading on Wednesday. The automaker's initial public offering was the country's biggest this year. The company is valued at 85.9 billon dollars.

Rivian debuted on the Nasdaq. Its shares closed at 100.73 dollars, up 29 percent from the initial offering price.

That makes the California-based startup more valuable than Ford Motor.

Rivian makes electric pickup trucks and other types of EVs. It was founded in 2009. One of its backers is Amazon.

A growing number of motorists in the US is switching to electric.