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Your email address will not be published.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
Hog futures end mixed ahead of USDA data; cattle close lower
Read More

Hog futures end mixed ahead of USDA data; cattle close lower

Author of the article: CHICAGO — Chicago Mercantile Exchange lean hog futures closed mixed on Friday, with the front February contract gaining against deferred months as traders squared positions ahead of a quarterly U.S. government hog report due next week, traders said. Most-active February hog futures settled up 0.450 cent at 80.800 cents per pound,…
Shanghai to cancel ‘unreasonable restrictions’ to resume work –  official
Read More

Shanghai to cancel ‘unreasonable restrictions’ to resume work – official

Author of the article: SHANGHAI — Shanghai authorities will cancel many conditions for businesses to resume work from Wednesday, a city official said on Sunday, easing a city-wide lockdown that began some two months ago. The government will revise guidelines for epidemic prevention and control of returning to work, cancel “unreasonable restrictions” on the resumption…