Rivian inventory drops one other 15%
Rivian Automotive Inc. stock fell a little more than 15% in Thursday’s midday trading, extending losses for a second straight session.
Rivian RIVN’s shares, -15.55%, traded as low as $ 120.60 after ending 15% in the red on Wednesday, their first stumbling block since the EV maker went public. That’s still a hefty gain from the IPO of $ 78 and an initial trade last Wednesday of $ 106.75.
See also: 5 things you should know about Rivian
The company bills itself as a maker of outdoor electric vehicles and began selling some limited edition electric pickup trucks earlier this year, with mass production of the pickup and an upcoming electric SUV expected in next year.
See also: More and more electric pickups are coming onto the market. The question now is who will buy it?
Rivian Also Plans To Make Electric Vans For Amazon.com Inc. AMZN, + 3.61%,
which, in addition to Ford Motor Co. F, have a -2.17% stake in the company and have their own charging network.
With the week’s losses, Rivian’s market valuation fell to around $ 107 billion, still ahead of Ford’s $ 76 billion valuation and General Motors Co.’s GM, -3.39% valuation of $ 90 billion, but far from Tesla Inc.’s TSLA, -1.12% market value of over $ 1 trillion.