Shares of Rivian Automotive Inc. fell slightly more than 15% in midday trading Thursday, extending losses for the second straight session.
shares trade as low as $120.60 after ending 15% in the red on Wednesday, their first stumble after the electric-car maker’s initial public offering. That’s still a huge profit from its $78 IPO price and last Wednesday’s first trade of $106.75.
See more: 5 things to know about Rivian
The company identifies itself as a maker of electric vehicles for the outdoors and began selling a number of limited-edition electric pickups earlier this year, with production numbers of the pickup and an electric SUV coming soon. eyes are expected next year.
shares in the company and has its own fee collection network.
With the loss for the week, Rivian’s market value fell to about $107 billion, still well above the $76 billion valuations of Ford and General Motors Co.
$90 billion valuation, but a long way from Tesla Inc.
market value over 1 trillion dollars.
https://www.marketwatch.com/story/rivian-stock-drops-another-15-11637261964?rss=1&siteid=rss Rivian stock drops another 15%