The U.K. woos an EV giantThe U.K. has been watching all the fun Rivian is having Stateside, and it wants a piece of the action.
- PM Boris Johnson has offered Rivian a sweet deal to choose the U.K. as the home of its upcoming £1bn factory, including a new motorway junction and training facilities.
- It’s spent every week since its IPO in the red, closing Friday at $104 after hitting highs of $179 in its IPO week. But Boris is undeterred, and he’s not the only one.
- Morgan Stanley thinks Rivian is “the one” that will finally take on Tesla’s unrivalled dominance.
Racing the delayRivian is facing more vehicle delays, sending the stock into reverse after an IPO joyride.
- Prices were down 4.17% on Wednesday to close at $114.85, now down 36% since its blockbuster IPO sent shares rallying 130% in five sessions to hit highs of $179 last week.
- Further delays are behind the decline. Deliveries for its all-electric pickups have been pushed to spring after already facing timeline delays from October to February. Taking a book from Elon’s book, we see...
- It’s already announced plans for a second factory to reduce further delays, flush with the $100m it earned in its debut.
Rivian gains get stopped shortRivian reverses into its first day in the red since its supercharged IPO last week.
- It closed down over 15% on Wednesday after five straight sessions of gains that saw its valuation top that of Ford (F), GM (GM), and Volkswagen (VOW3).
- It’s all eyes on EVs rn after Rivian’s successful IPO, Tesla’s (TSLA) new $1tn milestone, and Biden’s $7.5bn EV investment – but is it causing “froth” in the market?
- Analysts warn of a bubble. Lucid Motors (LCID) and Fisker (FSR) both saw losses on Wednesday after a week of gains, and CNBC’s Jim Cramer says “ring the register” now.
EV mania marches onRivian is bolting down the fast lane after its IPO rally bumps it up yet higher in the ranks.
- Rivian rallied 15% on Tuesday – now up 120% since its IPO – to become the world’s third most valuable auto company after overtaking Volkswagen with its market cap of nearly $150bn.
- Lucid Motors (LCID) jumped 23% and is now worth more than Ford after releasing supercharged earnings that fully satisfied the hungry EV bulls.
- Nobody wants to miss out on the next Tesla (TSLA), but analysts warn about market “froth” that could go wrong.
Biden boosts the IPO rallyRumors of a new plant and good news from the EV world drive Rivian’s IPO gains up to 95% on Monday.
- Biden signed a $1.2 infrastructure bill into law on Tuesday, which aims to accelerate the adoption of EVs and will inject $7.5bn into the industry.
- It’s already rumored to be looking into expanding its manufacturing capabilities with a new plant in Georgia, with the goal of delivering 1,000 vehicles by the end of the year.
- Prices lifted 15% on Monday, topping $150 after going public at $78 last Wednesday and leaving it with a $130bn valuation.
Rivian’s crazy rideRivian explodes onto Wall Street with a massive bang. The EV start-up is already worth more than Ford, after making the biggest splash on the Street since 2014.
- Rivian skyrocketed 37% above its $78 IPO price on Wednesday, hitting highs of nearly $120 and closing up 28%.
- It can boast a $97bn valuation after raising $12bn in its Amazon-backed IPO – and plans to put the cash towards building a million EVs a year by 2030.
- It’s the first automaker to release a completely electric pick-up truck, rivalling Tesla’s (TSLA) long-awaited Cybertruck – but as deliveries only started in September, some eyebrows have already been raised over its exceptional valuation. Especially as it doesn't actually have a whole lot of real-world revenue yet...