Investors love electric vehicles. Others may be starting to have slightly mixed feelings.
EV startup Rivian is set to make its stock-market debut Wednesday, having priced its initial public offering 31% higher than the midpoint of a range trailed only last week. Despite delivering a total of just 156 vehicles by the end of October, nearly all of them to employees, the company is starting public life with a fully diluted market value of $77 billion—only marginally less than Detroit stalwarts Ford and General Motors .