The price fell to $24.86 at the end of May with leaks of Ford considering selling 8 million of its 102 million shares and at the time Ford declined to comment. By 29 March, the shareprice fell to $53.88. In addition, poor investor confidence in growth and tech stocks and rising inflationary pressures weighed heavily on the share price, while high material costs and downturns in demand, made companies like Rivian hands-off territory for many investors.įurther knocks followed in March with the announcement of the delay of deliveries of SUVs that month. However, Amazon later confirmed its continued support for Rivian, which improved investor sentiment again. That month, Amazon purchased vans also from Stellantis in another blow to Rivian. At the time, equity markets were on a sustained bull run, and while Rivian contended with a downturn following its debut, it largely held its own through the remainder of 2021, closing the year at $103.69.īut a broad shock to the Nasdaq at the start of the year gave Rivian’s stock its first hammering, losing around half its value in January to close the month at $57.12. The stock opened above its IPO price at $100.71 followed by a spike to $170 within a week. The RIVN stock price was initially valued at $79.
The EV maker floated on a buoyant Nasdaq through an IPO in November 2021. Rivian might have debuted on the stock market at the worst possible time in the last 14 years. The company makes the R1T, starting at $69,500, and the R1S, starting at $72,500. Online retail giant Amazon ( AMZN) has a 17.7% stake in the company - of which none have been sold to date. In July this year, the EV maker planned to produce 25,000 models through 2022. The company debuted on the Nasdaq in November 2021 through an initial public offering ( IPO) valued at $78 a share. Rivian is an electric vehicle (EV) manufacturer specialising in heavy-duty EVs like pickup trucks. US30 US Wall Street 30 (USA 30, Dow Jones)
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