The huge valuations of electrical automobile start-ups comparable to Rivian, which is making its public debut Wednesday on the Nasdaq at a better inventory worth and market cap than Normal Motors, reveals the legacy automaker is “so undervalued,” GM CEO Mary Barra stated Wednesday.

Rivian’s inventory is indicated to open at $125 a share, a 60% pop from its IPO worth of $78 a share and implying a valuation of as a lot as $106.6 billion. That compares with GM at $60 a share and a market cap of $86.4 billion.

“What it highlights to me is the massive alternative. Normal Motors is so undervalued,” Barra stated Wednesday with out particularly naming Rivian throughout The New York Instances DealBook convention. “I see it as enormous alternative for Normal Motors to seize important extra worth.”

When requested whether or not her rivals’ valuations make sense, Barra stated she would not view them that means.

“I take a look at each competitor as someone that I respect. And that we have now to be higher, be quicker, have automobiles that buyers wish to have, remedy the possession equation,” she stated. “In order that’s the best way I take a look at it. I’d say if something, it motivates me to work even tougher.”

Rivian is considered as one of many EV start-up frontrunners able to taking up electrical automobile chief Tesla, as GM and different conventional automakers make investments tens of billions of {dollars} within the rising market section.

GM was fascinated about investing in Rivian, however its largest crosstown rival, Ford Motor, ending up investing within the EV start-up as an alternative. Ford, which owns about 12% of start-up, satisfied Rivian CEO RJ Scaringe that Ford can be a greater match than GM, as lately reported by the Wall Avenue Journal.

GM has introduced plans to speculate $35 billion in electrical and autonomous automobiles by means of 2025, because it targets outselling Tesla in home EV gross sales by then.