Absolute nonsense from Rivian here and simply do not know how they thought they’d get away with it. I would now hold onto my order and sell it on at a profit as @GMCay hinted at. I’d be completely done with the company though, treating the customers that are literally financing their operations as mugs.
That’s a great point - your reservation is now worth circa $15,000 and a queue jump.
Writeup from Axios on the supply chain challenges for Rivian:
What will happen to Rivian shares when Ford will start selling it’s Rivian shares?
If there are more sellers than buyers you’ll likely see the price drop, this is supply v demand. Have Ford indicated they plan to offload their stake?
Welcome to the community @drashish77
They have indicated they are selling 8M shares of their 102M, so they will still own a decent chunk
Looks like the market doesn’t like that news, judging by pre market price
So Ford are selling around 1.5% of the company or less than half the daily volume. The pre market seems to be an over reaction to me, they’ll still retain a large holding.
Yeah, I thought it was a bit of an overreaction.
I’m still not a buyer until I see signs the downtrend is over, which probably wont happen till macro economic conditions improve.
I like the trucks, but glad I didn’t buy after the IPO
I like the trucks too, worried the F150 will eat their lunch though. They still have their ‘production hell’ moment as well as scaling their servicing & charging operations.
Hopefully they like what our government are offering them in terms of inducements to build their big factory in the UK and they come here! The trucks look superb!!
Recent FT magazine article: How Rivian’s CEO became the anti-Elon:
Well I did buy just after the IPO, not a major amount but also not pennies.
Now I am down 78% but I guess that serves me right for putting money into a startup like this.
Luckily I followed the old adage: only invest what you don’t mind losing.
But it is still annoying that the market is so sensitive rather than looking to the future value of the company.
Got busy with work and couldn’t reply earlier… Looks like Rivian is rallying now…
The market jitters are real. 7% due to an argument with a seat manufacturer
New COO & the head of production is now the ex head of production.
Scroll to the “little bird” section for more details on the reorganisation.
Rivian is dividing its commercial business with one group focused on its B2B vertical and the other on its B2C vertical.
Add Rivian to the layoffs list.
Good news but 100000 trucks do not make a car company.
Rivian needs to replicate this many times over to stay in the game.