The new date is Jan 6, 2022.
Rivian's shares have fallen by 15% in the last two days, hitting a new low, after Amazon signed a deal to buy electric vans from rival automaker Stellantis, as investors continue to pull out of high-growth stocks due to rising interest rates.
The electric vehicle maker briefly dropped below its IPO price.
Paul Sancya/ASSOCIATED PRESS
Rivian's stock fell 3% to around $87 per share on Thursday after tanking on Wednesday.
Rivian went public at a $90 billion valuation last November and shares of the electric vehicle maker briefly dipped below the IPO price.
The deal to sell the electric Ram ProMaster vans to Amazon was announced by Stellantis.
The news of the deal was a big blow to Rivian, as it was the biggest selling point of the IPO.
As competition in the electric vehicle industry heats up, Rivian's stock drop comes as more legacy automakers including Ford, General GM and many others ramp up investments in the sector.
The shares of electric vehicle companies have come under intense pressure as investors dump companies with high valuations and uncertain future profitability amid rising interest rates.
Rivian shares fell even after Bank of America named the company one of its top stock picks.
The quote is crucial.
Rivian said in a statement that Amazon's deal with Stellantis was good news for the industry because it helps further reduce carbon emissions by using more electric vehicles. The company said that they expect Amazon to purchase vehicles from many providers. Our partnership with them is thriving and growing.
Rivian's stock went up to as much as $179 per share within days of its IPO. Rivian's $90 billion valuation made it the biggest US IPO since Facebook in 2012 and many investors hope it can become the nextTesla. Rivian may struggle to ramp up production and meet high demand for its electric pickups and SUVs, as shown by the company's first quarterly earnings as a public company last month. Rivian was a few hundred vehicles short of its production target.
Rivian shares fall to record lows as the company says it doesn't want to deal with supply chain issues.
According to these major firms, Rivian can successfully challengeTesla.
Rivian's shares continue to move higher.
Rivian is the biggest IPO since Facebook.
