Elon Musk It doesn’t sound optimistic about Rivian Automotive Inc.’s prospects, even after the rival electric car maker’s IP0 blockbuster.
TeslaIts CEO said he hopes Rivian can speed up production and bring cash flow to break even. But in a tweet Thursday, he also noted that out of hundreds of startups, “Tesla is the only US automaker to have produced high volume production and positive cash flow in 100 years.” via”.
Rivian, led by RJ Scaringe, on Wednesday conducted the largest initial public offering worldwide this year. After growing 22% on Thursday, the company is valued at $107 billion, making it the fifth-largest automaker by market capitalization.
Shares of Rivian closed Monday trading Thursday at $122.99 per share.
The company is building battery-electric delivery vehicles for Amazon, as well as pickup truck marketing to outdoor enthusiasts. Rivian lost almost $first in the first half of the year and it is estimated that annual production will reach 150,000 vehicles at the main facility by the end of 2023.
Rivan has hired many former Tesla employees, including key engineers who were involved in Tesla Model 3 launch.
Musk has mused about Rivian before, saying last month that “prototypes are tiny compared to scaling production and supply chains.”
