Elon Musk does not exactly seem optimistic about the potential customers of Rivian Automotive Inc., even right after the rival electrical-car maker’s blockbuster IP0.
Tesla’s chief executive officer stated he hopes Rivian can enhance manufacturing costs and get dollars flow to split-even. But in a tweet Thursday he also observed that of hundreds of startups, “Tesla is the only American carmaker to reach significant volume creation & beneficial funds movement in earlier 100 years.”
Rivian, led by R.J. Scaringe, on Wednesday pulled off the most significant initial general public providing around the world this calendar year. Just after a 22% obtain Thursday, the company is already well worth $107 billion, earning it the fifth-biggest automaker by market place cap.
Rivian’s inventory shut its 2nd day of investing Thursday at $122.99 a share.
The business is building battery-electric supply vans for Amazon, as nicely as a pickup truck marketed to out of doors lovers. Rivian dropped nearly $1 billion in the initial half of the calendar year and estimates that annual creation will strike 150,000 automobiles at its main facility by late 2023.
Rivan has hired scores of former Tesla staff, which include crucial engineers who were being involved in Tesla’s Model 3 launch.
Musk has mused about Rivian prior to, saying previous thirty day period that “prototypes are trivial in contrast to scaling production and supply chain.”