RIVIAN hit during Thursday session, a new All-Time Low under $76 (down 15% on the day). The American EV Maker had its IPO on Nov. 10 2021 raising nearly $13 Billion with a price of $78.00 per share. Last November, the stock was among the favourites for Short-Squeeze Traders alongside with LUCID, reaching a All-Time-High at $179.47 after the first week of trading.
During Q3 2021, RIVIAN delivered their first consumer vehicles, the R1T pickup truck and R1S SUV, in September and December, respectively, and completed the certification process for the sale of our Electric Delivery Van (“EDV”).
RIVIAN said in its first public Earnings Report since its initial Stock Offering that it delivered 11 pickups – a total of $1M of Revenue during Q3. The American company has about 55,000 reservations for its R1T truck and R1S SUV and has an annual production capacity of 150,000 units at its plant in Illinois.
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.
The company is also backed by Amazon , which owns ~20% stake in Rivian. The E-Commerce Giant has agreed to buy 100,000 electric delivery vans from them. As of Dec. 15, Rivian had produced 652 vehicles and delivered 386. The company targeted 1,200 vehicle deliveries for 2022.