Shares of Rivian slide after posting losses for Q1
Rivian posted a loss of $1.6 billion, or $1.77 per share for Q1
Shares of Rivian Automotive (NASDAQ: RIVN) fell 13.4%, after Ford Motor (NYSE: F) disclosed in a Form 4 filing late Tuesday that it sold 8 million of the electric vehicle maker’s shares in the open market on May 9, for $26.80, to raise $214.4 million.
Shares of Rivian plunged on Monday as reports surfaced that the share lockup from the initial public offering has expired, and some early stakeholders are planning to unload shares.
Ford disclosed in a Form 4 filing that it had unloaded 8 million Rivian shares on May 9 for $214.4 million, or $26.80 a share. Ford continues to hold around 94 million Rivian shares.
Quoting numbers
Rivian posted a loss of $1.6 billion, or $1.77 per share, in the first quarter, compared with a loss of $414 million, or $4.10 per share, in the year-ago period.
The company generated a revenue of $95 million, by delivering 1,227 vehicles and making 2,553 in the quarter.
The EV maker said it had more than 90,000 preorders for its electric vehicles from consumers in the U.S. and Canada, including 10,000 orders after it increased model prices in March averaging more than $93,000 apiece.
The company maintained production guidance for 25,000 EVs in 2022.
Source - Rivian
Read more :
