All in less than two weeks. Having peaked at $172 on November 16, freshman Rivian stunned everyone with amazing hypo, unfortunately is back to the levels of the first day of listing, well below 100 billion capitalization (96 to be exact, still a huge amount, behind Daimler and ahead of Ford and General Motors), with a -12% discount for very bad weekend news.
First of all, battery life issues on the test trucks ordered by large contributor (20%) Amazon – with 40% more power consumption than expected and a consequent reduction in the stated range of 240 km. The second reason, and perhaps also the most important one, is farewell to the Ford Collaboration Project, another large shareholder (12%) who now no longer wants to do future pickups with the company platform founded and led by CEO RJ Scaringe.
The market has put two and two together and has seen fit to jump on the accomplishments while waiting to see what the developments will be for this electric startup that has three models in its portfolio, the R1T pick-up and R1S SUV and truck (in three versions) designed for commercial use. By the end of the year, the production of the first two will not exceed 1,200 units. And by 2023, the Normal, Illinois, plant is expected to reach full capacity – 150,000 vehicles.
So, it’s okay to exploit the growth potential of a startup, but the negative news regarding the main protagonists of the rise of Rivian, Amazon and Ford has clearly cooled the market’s enthusiasm. California in the hole should have been a proprietary architectural technology skateboard, which appears to provide a competitive advantage. fact that Ford withdrew from the company It certainly turned things around and disappointed investors.
When Blue Oval invested $500 million in Rivian in 2019, the assumption was that the companies would work in a joint venture. Truck electrical. Ford, which will launch the F-150 Lightening in 2022 (price between 40 thousand and 60 thousand dollars, with a range of 480 km, the natural competitor to the Tesla Cybertruck and already 160,000 orders) has a huge capacity for mass production, which the Rivian will need Take a realistic shower and deliver 100,000 pickup trucks to Amazon by 2030.