World News

Rivian briefly touches on $ 100BN before reducing profits | Automotive Business News

Rivian, whose market value briefly affected $ 104bn, closed at $ 100.73 per share in New York business, valued at about $ 88bn.

Author Bloomberg

Rivian Automotive Inc. rose 29% at the start of its business before offering some of its profits, placing the market price of electric car manufacturers compared to General Motors Co.’s and higher than Ford Motor Co.’s.

Rivian shares opened Wednesday at $ 106.75 each after selling $ 78 in its initial offering, which exceeded Irvine, California’s company’s goal of raising about $ 12 billion.

Rivian, whose market value briefly affected $ 104 billion, closed at $ 100.73 in New York business, valued at about $ 88 billion. On a completely limited basis, combined with options and restricted shares, Rivian is worth about $ 98 billion.

With the help of some deep companies like Inc. with Ford, Rivian sold 153 million shares Tuesday after selling 135 million for $ 72 to $ 74, the amount he had already raised from $ 57 to $ 62.

The list is the largest in the world this year, as well as the sixth largest in the world in the US, according to Bloomberg.

Rivian is hitting the public market as it appears to be making its mark on the electric car market led by Tesla Inc., which has a market value of more than $ 1 trillion.

Founder and Chief Executive Officer RJ Scaringe said in a TV interview in Bloomberg Wednesday that Rivian’s biggest problem is “commercial health” as it increases productivity amid a declining share.

The company’s statistics show the company’s potential for rapid growth as well as its strategic plan for the sale of vehicles, Scaringe said. This starts with 100,000 Amazon electric suppliers, which Scaringe described as “the first system.”

In addition to consumer EVs, Tesla has also built a strong and large solar energy storage business, housing and commercial energy storage business. Scaringe indicated that Rivian wants to grow a similar business.

“For us, it’s a question of how we can, as quickly as we can, get away from the fuel economy?” Scaringe said. “And this is very focused on mobility. But it also includes electronics. And this is something we’re going to get into as we try to speed up this.”

A few months ago, Rivian donated his first car, especially to his staff. Just produce about 1,200 units by the end of the year at its factory in Normal, Illinois. The company, which lost about $ 1 billion in the first half of the year, estimates that annual production will hit 150,000 cars at its largest by the end of 2023.

Rivian’s IPO was led by Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co., with over 20 banks listed on the cover page of its prospectus. Rivian shares are trading in the Nasdaq Global Select market under the RIVN brand.

Source link

Related Articles

Leave a Reply

Back to top button