Business

Rivian stock drops another 15%

Shares of Rivian Automotive Inc. fell slightly more than 15% in midday trading Thursday, extending losses for the second straight session.

Rivian
RIVN,
-17.29%

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.

See more: More and more electric pickup trucks are hitting the market. The question now is who will buy them?

Rivian also plans to produce electric delivery vans for Amazon.com Inc.
AMZN,
+ 3.45%
,
with Ford Motor Co.
NS,
-2.27%

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.
GM,
-3.70%

$90 billion valuation, but a long way from Tesla Inc.
TSLA,
-0.89%

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%

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