The American Automaker Rivian hit a new All-Time-Low this morning at $74 with a $67 Billion Market Cap value. The stock is currenlty trading around $76.00 – up $2 from the lowers of the day as of 10:05 AM Eastern Time.
The stock surged during the first days up to $179.47 (Nov. 16, 2021) and it has been coming back to earth these last weeks.
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.