A Rivian Automotive sign outside the electric truck maker's facility, in Plymouth, Michigan, U.S., July 15, 2022. REUTERS/Kevin Krolicki/File Photofell by more than 20% on Thursday, after the electric vehicle maker unveiled plans to issue $1.5 billion worth of convertible green bonds.
It is the second time in less than a year that Rivian is issuing such a green bond, which raises capital from investors seeking to back climate-focused projects. The company had issued a $1.3 billion convertible green bond in March to support the launch of its smaller R2 vehicle family. Rivian's shares fell 20.5% to as low as $18.83 on the session, and were on course for their biggest daily percentage decline since May 2022. Its shares are now up about 4% year-to-date., has been burning through cash to ramp up production and keep up with market leader Tesla , which has slashed prices. The companyby producing 16,304 vehicles and delivering 15,564 vehicles to customers. It is on track to deliver 52,000 vehicles this year.
As of Sept. 30, Rivian had about $9.1 billion in cash on its balance sheet, down from $10.2 billion in June. In August, Rivian Chief Executive Robert Scaringe said itChibuike reports on mostly large U.S.-based private equity firms, including Blackstone, KKR, Carlyle, and Apollo. He previously worked at Bloomberg News, and holds master's degrees in journalism from New York University and Edinburgh Napier University.
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Rivian Stock News: RIVN plunges 9% on $1.5 billion convertible debt offeringRivian (RIVN) stock has placed its shareholders on a rollercoaster ride this week. The electric vehicle (EV) producer known for its pickup trucks sur
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