Rivian said it will sell $1.5 billion in convertible bonds as it looks to fund the production of its R2 electric SUV.
shares slumped lower in pre-market trading after the upstart electric carmaker unveiled plans to offer a convertible bond that offset a solid revenue forecast.
Rivian third quarter revenues likely doubled from last year, to between $1.29 billion and $1.33 billion, thanks to an increase in truck and sport utility vehicle sales.Rivian topped Street forecasts for its third quarter deliveries. The group delivered 15,564 units over the three months ending in September, a 23% increase from the prior period, and said it was on track to produce around 52,000 vehicles this year.Rivian also said it would issue $1.
Cash from the sale will support the launch of its R2 electric SUV and the $5 billion plant it expects to open in Georgia. Rivian shares were marked 9% lower in pre-market trading to indicate an opening bell price of $21.56 each, a move that would still leave the stock up nearly 47% over the past six months.
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