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DETROIT — President Joe Biden punched the accelerator on a battery-powered Hummer on Nov. 17, causing the wheels to squeal and the truck to jet forward as he tried to drive the country toward an electric vehicle future.

A searing five-day rally in the shares of Rivian Automotive Inc. has led the electric truck startup to more than double in value since last week’s trading debut, with its market capitalization now surpassing Volkswagen AG.

Fresh off a $12 billion initial public offering, Rivian Automotive Inc. is investing in a dizzying array of expansion projects and actively pursuing a site for a stand-alone battery factory in addition to a pair of new vehicle-assembly plants already planned.

Rivian Automotive Inc. ended its first day as a public company valued at almost $88 billion, more than tripling its last private valuation after investors piled into 2021’s biggest initial public offering.

Electric vehicle-maker Rivian Automotive Inc. priced shares in its initial public offering at $78 apiece to raise about $11.9 billion, according to people familiar with the matter.

Sensata Technologies announced new custom-designed high-voltage junction box solutions for charging commercial electric vehicles.

President Joe Biden’s proposed incentives for U.S. electric-car buyers could be challenged under the North American trade pact, a Canadian auto industry leader warned.

Ford Motor Co., charging forward with big investments in electric vehicles, reported third-quarter results that beat analysts’ expectations as chip shortages eased and sales grew.

Hertz Global Holdings Inc., fresh off a blockbuster order for 100,000 Teslas, reached an exclusive agreement to supply Uber drivers with electric vehicles and signed up Carvana Co. to dispose of rental cars it no longer wants.

General Motors Co. will use its dealership network to deploy up to 40,000 electric vehicle chargers across the U.S. and Canada, as the veteran automaker ramps up its shift to plug-in models.