Rivian's Stock Plunge: A Harbinger of EV Industry Woes? Rivian Automotive's stock price dropped by more than 10% in early trading on Tuesday, a stark reversal from its 8. 1% rise on Monday.
The electric vehicle maker announced a public offering of 75 million shares, raising approximately $1. 51 billion in capital through the sale.
While Rivian attributed the funds raised to equity contributions as part of a loan agreement with the U. S. Department of Energy, this move is likely a reflection of deeper industry issues.