Rivian shares tumble below IPO price

Author of the article: Shares of Rivian Automotive Inc fell below their IPO price of $78 for the first time on Thursday, alongside a broader selloff in electric vehicle stocks. Rivian’s shares, which were up during premarket hours, fell as much as 16.5% to $75.13. The drop also comes a day after one of Rivian’s…
Rivian shares tumble below IPO price

Author of the article:

Shares of Rivian Automotive Inc fell below their IPO price of $78 for the first time on Thursday, alongside a broader selloff in electric vehicle stocks.

Rivian’s shares, which were up during premarket hours, fell as much as 16.5% to $75.13.

The drop also comes a day after one of Rivian’s biggest investors, Amazon.com Inc, signed a deal with Fiat and Alfa Romeo carmaker Stellantis NV.

Amazon.com and Stellantis said they would collaborate to develop cars and trucks that use the e-commerce company’s software and deploy electric delivery vans made by the Italian carmaker.

Deutsche Bank analyst Emmanuel Rosner said the fall in Rivian shares indicates that investors perhaps assumed Amazon would primarily rely on Rivian vans for its EV fleet and perceived the latest announcement as reducing its opportunity. (Reporting by Nivedita Balu in Bengaluru; Editing by Ramakrishnan M.)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Kenya Increases Gasoline Prices to Record Despite Subsidy Use
Read More

Kenya Increases Gasoline Prices to Record Despite Subsidy Use

Author of the article: Bloomberg News David Herbling (Bloomberg) — Kenya’s May inflation is likely to soar further after gasoline prices jumped to a record high in the latest monthly review on Saturday, despite the use of a fuel subsidy. A liter of gasoline will retail at 150.12 shillings ($1.29) in the capital, Nairobi, while…
Brookdale Community College Is Moving Towards Excellence in Sustainability with Luminace, a Leading Provider of Decarbonization-as-a-Service Solutions in North America
Read More

Brookdale Community College Is Moving Towards Excellence in Sustainability with Luminace, a Leading Provider of Decarbonization-as-a-Service Solutions in North America

Author of the article: Drone photo of Luminace's project at Brookdale Community College GNW MONMOUTH COUNTY, N.J., Oct. 24, 2022 (GLOBE NEWSWIRE) — On Monday, October 24, at 2:00 p.m. Brookdale Community College will hold a Ribbon Cutting Ceremony to unveil the installation of parking lot solar canopies on its Lincroft and Wall campuses. Developing…
Five Key Charts to Watch in Global Commodity Markets This Week
Read More

Five Key Charts to Watch in Global Commodity Markets This Week

Record heat, extreme weather events and war are still upending global commodity markets. Rice — a food staple for nearly half the global population — is surging, while energy costs are also rising. Earnings from the world’s biggest oil companies are now in the books, but a slew of results from independent US shale operators…
EnWave Signs Research and Development License Agreement with Major Australian University
Read More

EnWave Signs Research and Development License Agreement with Major Australian University

Author of the article:Published Oct 25, 2023  •  3 minute read DELTA, British Columbia, Oct. 25, 2023 (GLOBE NEWSWIRE) —EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announced today that it has signed a Research and Development License Agreement (the “Agreement”) with a major university in Australia (the “University”). The University has also committed…