...
m4links
  • Privacy Policy
Saturday, September 23, 2023
  • Login
  • Home
  • General Tech
  • Apple
  • Google
  • Social Media
  • TELCOS
  • Apps
  • Rumour tech
  • Startup
No Result
View All Result
m4links.com
No Result
View All Result
  • Home
  • General Tech
  • Apple
  • Google
  • Mobile
  • Social Media
  • TELCOS
  • Startup
  • Apps

Rivian could be worth up to $70 billion.

by Rick
in Electric Cars
235 18
0
Rivian could be worth up to $70 billion.

Rivian could be worth up to $70 billion.

492
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Rivian could be worth up to $70 billion.

Rivian, a maker of electric trucks and vans, is going public at a stock price that values the company at nearly $70 billion, a remarkable number that highlights the belief on Wall Street that the fast-growing electric vehicle market is still a wide-open field.

In a securities filing on Tuesday, Rivian said it was selling its shares in the offering at $78. At that sum, it will raise nearly $12 billion.

RelatedPosts

No Content Available

Rivian stock will start trading Wednesday on the Nasdaq exchange under the ticker RIVN. At close to $70 billion, Rivian’s market capitalization would approach that of Ford Motor, which is valued at $80 billion and sold more than four million vehicles worldwide last year.

The market environment for the offering has been shaken this week as shares in Tesla, the leading electric-car maker, plunged after its chief executive, Elon Musk, said he might sell some of his stock.

Rivian has a huge appetite for cash. Before this I.P.O., it raised over $10 billion from investors including Amazon and Ford, and it expects to consume billions of dollars as it tries to ramp up production of its three vehicles: an upscale pickup truck aimed at drivers who like off-roading; a sport utility vehicle; and a delivery van that was developed with Amazon, which has a significant stake in Rivian and has ordered 100,000 of the vans. 

Rivian and many other automakers are betting that consumers are prepared to shift rapidly to electric vehicles over the next decade. General Motors has said it aims to phase out the production of gasoline-powered vehicles by 2035. Tesla, which is on track to sell nearly one million electric vehicles worldwide this year, has a $1 trillion market capitalization, exceeding the combined value of G.M., Ford, Toyota Motor, Volkswagen, BMW, and several other automakers.

Much now depends on whether Rivian can scale up its production to meet customers’ orders. Tesla went through many rocky months when it struggled to produce its sedan in large numbers.

By the end of last month, Rivian had delivered only 156 of its pickups, known as the R1T; it plans to start deliveries of the S.U.V., the R1S, next month. It said in a financial filing that it did not expect to fulfill the 55,400 orders for the truck and S.U.V. until the end of 2023, underscoring that it would take time to get production lines churning out significant numbers of vehicles.

Like other electric vehicle makers that have gone public this year, Rivian is reporting large losses. In the first six months of this year, it had a net loss of $994 million, almost as much as in all of 2020, when it lost $1.02 billion. Investors may be willing to tolerate the losses for some time. The van contract with Amazon should, in theory, secure a steady revenue stream.

And Rivian may also benefit from the view in the auto sector that it is well run. Its chief executive, R.J. Scaringe, has a doctorate in mechanical engineering from the Massachusetts Institute of Technology and, so far, has not shown himself to be easily distracted or the source of unnecessary controversies, criticisms made of Mr. Musk of Tesla.

Rivian’s pickup and S.U.V. are focused on well-to-do buyers who like the outdoors. “Keep the world adventurous forever,” Rivian’s I.P.O. prospectus proclaims.

Still, Rivian will face daunting competition, including established automakers that have much experience with mass production. Next year, Ford is supposed to start producing an electric version of its F-150 pickup truck, the top-selling vehicle in the United States. G.M. is expected to soon begin selling an electric GMC Hummer — in both truck and S.U.V. versions — and is working on a Chevrolet Silverado electric pickup.

At the I.P.O. price, Rivian will be valued even higher, at around $75 billion, if its bankers sell extra shares they have on hand to meet strong demand, and some stock issued as compensation to employees is included in the calculation.

Ref: NYTimes.

For more technology tips for your family, check out our other posts.

 If you would like to write for us, contact us or submit an article click here.

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)
  • Click to share on Telegram (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)

Like this:

Like Loading...

Related

Tags: electric truckselectric vansRivian
Share197Tweet123Share49
Rick

Rick

  • Trending
  • Comments
  • Latest
Sim Card Registration Status

SIM Card Registration: How to Register Starting October 1, 2021.

All The NIA Offices for Ghana Card

Ghana Card: List Of All The NIA Offices for Ghana Card.2021

How To Register Your Sim Card in Philippines.

How To Register Your Sim Card in Philippines.

Youtube will be paying you $10,000 for creating shorts.

Youtube will be paying you $10,000 for creating shorts.

2
Apple Watch Series 7 to launch in 41mm and 45mm Sizes

Apple Watch Series 7 to launch in 41mm and 45mm Sizes

1
MTN ranked

MTN ranked as Africa’s most valuable brand.

1
Twitter has rebranded as X.

Twitter has rebranded as X.

How to buy Airtime Using My Vodafone Web, App or On USSD Menu.

How to buy Airtime Using My Vodafone Web, App or On USSD Menu.

Data linked to you for using ‘Threads’ an Instagram app.

Data linked to you for using ‘Threads’ an Instagram app.

  • About
  • Advertise
  • Privacy & Policy
  • Contact

Copyright © 2023 M4links Tech.

No Result
View All Result
  • Home
  • General Tech
  • Apple
  • Google
  • Social Media
  • TELCOS
  • Apps
  • Rumour tech
  • Startup

Copyright © 2023 M4links Tech.

Welcome Back!

OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

%d bloggers like this:
    Seraphinite AcceleratorOptimized by Seraphinite Accelerator
    Turns on site high speed to be attractive for people and search engines.