Rivian stock drops another 15%

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Rivian Automotive Inc. banal fell somewhat much than 15% successful midday trading Thursday, extending losses for a 2nd consecutive session.

Rivian RIVN, -15.80% shares traded arsenic debased arsenic $120.60 aft ending 15% successful the reddish connected Wednesday, their archetypal stumble pursuing the EV maker’s archetypal nationalist offering. That’s inactive a hefty summation from its $78 IPO terms and a archetypal commercialized past Wednesday of $106.75.

See also: 5 things to cognize astir Rivian

The institution bills itself arsenic a shaper of electrical vehicles for the outdoors, and started selling a fewer limited-edition electrical pickup trucks earlier this year, with measurement accumulation of the pickup and an upcoming electrical SUV expected for adjacent year.

Rivian besides plans to marque electrical transportation vans for Amazon.com Inc. AMZN, +3.26%, which alongside Ford Motor Co. F, -1.86% has a involvement successful the institution and person its ain charging network.

With the week’s losses, Rivian’s marketplace valuation dropped to astir $107 billion, inactive up of Ford’s valuation of $76 cardinal and General Motors Co.’s GM, -3.12% valuation of $90 billion, but a agelong mode from Tesla Inc.’s TSLA, -0.28% marketplace worth of implicit $1 trillion.

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