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Elon Musk throws shade a day after Rivian’s big stock debut



Elon Musk doesn’t precisely sound optimistic concerning the prospects of Rivian Automotive Inc., even after the rival electric-vehicle maker’s blockbuster IP0.

Tesla’s chief govt officer mentioned he hopes Rivian can increase manufacturing charges and get money circulate to break-even. However in a tweet Thursday he additionally famous that of tons of of startups, “Tesla is the one American carmaker to succeed in excessive quantity manufacturing & constructive money circulate in previous 100 years.”

Rivian, led by R.J. Scaringe, on Wednesday pulled off the largest preliminary public providing worldwide this yr. After a 22% achieve Thursday, the corporate is already value $107 billion, making it the fifth-largest automaker by market cap. 

Rivian’s inventory closed its second day of buying and selling Thursday at $122.99 a share.

The corporate is constructing battery-electric supply vans for Amazon, in addition to a pickup truck marketed to outside fanatics. Rivian misplaced nearly $1 billion within the first half of the yr and estimates that annual manufacturing will hit 150,000 autos at its major facility by late 2023.

Rivan has employed scores of former Tesla workers, together with key engineers who had been concerned in Tesla’s Model 3 launch. 

Musk has mused about Rivian earlier than, saying final month that “prototypes are trivial in comparison with scaling manufacturing and provide chain.” 

 



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