The U.S. Automaker Rivian hit yesterday a new All-Time-Low at $55.11 amid stock sell off which results in a Market Cap value around $50 Billion. The decline represents a decline of 70% from the highest share price at $179.47 last November during the first weeks of trading.
Yesterday, the Stock Market had a tough start with most of the sectors down on the day. However, U.S. Futures had an intraday recovery towards the close out of the red zone with Nasdaq being down -4.92% by midday an closing up 0.63% at 13,855.13.
Alongside with the Indexes, shares of electric-vehicle start-ups also recovered intraday losses and Rivian stock closed at $63.90 – only 0.95% down from Friday’s closing price.
The company recently announced that COO (Chief operating officer) departed from the company last December. Rivian Automotive, Inc. produced 1,015 vehicles by the end of 2021. 920 vehicles were delivered by that date. The company had warned last month that would likely fall a few hundred short of its goal to build 1,200 vehicles last year.
Rivian has more than 71,000 “pre-orders” (meaning refundable reservations) for its R1T pickup trucks, according to its letter to shareholders posted in December.
On Dec. 3, U.K. offered Rivian more than 1 billion $1.32 billion to build a plant in Somerset. The 635-acre site could be used for battery production, car assembly or both if the plans are approved, according to The Financial Times report.
Rivian is expanding the capacity of its Illinois factory from 150,000 vehicles to 200,000 vehicles a year. A second factory in Georgia, with a capacity of 400,000 units a year was announced with the production in this facility starting in 2024.