SAN FRANCISCO : Rivian Automotive plans to sell bonds worth $1.3 billion, it said on Monday, as weakening demand and lofty costs tighten a cash crunch around electrical vehicle makers.Shares in Rivian fell nearly 7 per cent in after-hours trading. Initial investors will get an option to buy an additional
SAN FRANCISCO : Rivian Automotive plans to sell bonds worth $1.3 billion, it said on Monday, as weakening demand and lofty costs tighten a cash crunch around electrical vehicle makers.
The capital from this offering will help facilitate the launch of Rivian's smaller R2 vehicle family, a Rivian spokesperson told Reuters, adding that convertible debt was"optimal cost of capital versus selling equity at today's levels." Rivian, which has been losing money on every vehicle it builds, forecasts 2023 production well below analysts' estimates as it grapples with lingering supply chain bottlenecks after narrowly missing its target last year.
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