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By Akash Sriram and Nivedita Balu
(Reuters) – Rivian Automotive Inc shares skidded practically 15% on Friday to hit a report low after the electrical automobile maker’s first end result as a listed firm highlighted the challenges it was more likely to face in ramping up manufacturing to tackle EV chief Tesla Inc.
Rivian’s shares slumped to $92.62 in early buying and selling – opening beneath the $100 mark for the primary time – and had been nonetheless off about 11% within the afternoon. Earlier than Friday’s decline, they’d gained about 40% because the firm’s blockbuster market debut in November.
Rivian introduced plans on Thursday to construct a $5 billion plant in Georgia to spice up capability, whereas flagging manufacturing challenges even because it receives about 2,000 pre-orders each week.
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