Rivian automotive shares sink on Wall Street

Posted on October 5, 2023

*Shares of Rivian Automovive (RIVN) sank on Wall Street Thursday afternoon., (Photo courtesy: WJBC/File)*

By Blake Haas

NORMAL – Rivian Automotive (RIVN) shares sunk on Wall Street Thursday afternoon after the company announced plans to raise over a billion dollars in capital.

With a manufacturing plant in Normal, the electric truck manufacturer plans to raise $1.5B in convertible bonds.

Rivian reportedly has $9.1B in cash, down $10.2B from the end of the second quarter.

Rivian’s shares also plunged on the news the company is delaying the launch of its upcoming smaller R-2 vehicle platform to 2026.

Rivian beat Wall Street expectations with third-quarter deliveries.

Rivian Automotive shares were trading at around $19 dollars a share on Thursday.

Blake Haas can be reached at [email protected].

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