Rivian shares fall as EV maker looks to raise $1.3 billion amid growing demand concerns
Publishing timestamp: 2023-03-07 12:31:20
Summary
Rivian Automotive plans to raise $1.3 billion in cash via sale of convertible notes, joining growing list of EV makers scrambling to hoard cash as demand falters. Shares of Rivian were down about 11% in midday trading on Tuesday. Rivian said late Monday it plans to sell convertible notes to help fund development and launch of its upcoming smaller R2 series of vehicles, now expected in 2026. Lucid, another startup making high-priced electric vehicles, also guided investors to lower-than-expected production in 2023 and said that it plans to ramp up its marketing in coming months, suggesting that it too is seeing fewer orders than expected.
Sentiment: NEGATIVE
Keywords: lucid group inc, technology, climate, business news, rivian automotive inc, business, transportation,
Source: https://www.cnbc.com/2023/03/07/rivian-notes-fundraise-ev-demand.html