Rivian's stock plunges on report that Ford is selling shares

[mahatmakanejeeves]

Rivian’s stock plunges on report that Ford is selling shares

By Chris Isidore, CNN Business
Updated 2:33 PM EDT, Mon May 9, 2022

New York (CNN Business) — Rivian’s stock plunged 13% Monday as early investors jumped at their first opportunity to sell their shares — including, reportedly, Ford.

The 180-day “lockup” period, which prevented insiders and early investors from selling their Rivian shares, expired Monday. CNBC reported on Saturday that Ford, which owns a 11.4% stake in Rivian, plans to sell 8 million of its 102 million shares.

JPMorgan Chase plans to sell between 13 million to 15 million Rivian shares on behalf of an unidentified seller, according to CNBC. Amazon, which owns 162 million Rivian shares, is the company’s largest stakeholder.

{snip}

[TreasonousBastard]

1. People have been waiting a long time for Rivian to actually...

make some trucks. OK, Covid and chip shortsges were good excuses, but they've been selling startup news for a long time.

Long enough for Ford to give us the Maverick at a third the price, Toypta to lead the charge with electric SUVs and Ford to announce the electric F-150.

[Finishline42]

2. Did you see this?

April 5 (Reuters) - Electric vehicle maker Rivian Automotive Inc (RIVN.O) said on Tuesday it is on track to achieve its production target of 25,000 vehicles this year, sending its shares up 2.4% in extended trading.

The company said it had made 2,553 vehicles and delivered 1,227 cars in the first quarter. It produced 1,015 vehicles and delivered 920 last year after starting deliveries of its R1T pickup truck towards the end of the third quarter.

Rivian said last month that supply-chain issues could cut its planned 2022 production in half to 25,000 vehicles. read more

The company has a factory in Normal, Illinois, where it currently makes the R1S sport utility vehicle, R1T pickup truck and a delivery van for investor and customer Amazon.com Inc (AMZN.O).

The factory currently has an annual capacity of 150,000 vehicles and Rivian has said it intends to increase that to 200,000 by 2023 as it adds new vehicles.

[TreasonousBastard]

3. I saw that. It was highly publicized, but a lot of people are...

still waiting to see trucks.

BTW, I actually saw a Rivian on the road last week, so they do exist.