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Rivian made its debut on the Nasdaq on Wednesday, closing 30% up from its providing worth.
Tesla CEO Elon Musk mentioned in a tweet that top manufacturing and breakeven money move could be the “true take a look at” for Rivian.
Musk was responding to a tweet that mentioned Tesla had already been promoting its Roadster mannequin for 2 years with plans to roll out Mannequin S when it went public.
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Elon Musk has weighed in on Tesla competitor Rivian a day after the latter’s blockbuster IPO debut.In a tweet, the Tesla CEO mentioned excessive manufacturing and breakeven money move could be the “true take a look at” for Rivian, however that Tesla is the one American carmaker to have achieved that objective within the final 100 years.—Elon Musk (@elonmusk) November 11, 2021Musk was responding to a tweet that identified that Tesla — which is money move constructive — had already been promoting its Roadster mannequin for 2 years with plans to roll out Mannequin S when it went public in 2010.Rivian, as compared, simply began promoting its autos and has reported a internet lack of nearly $1 billion within the first half of this 12 months.
Rivian made its debut on the Nasdaq Wednesday, closing 30% up from its providing worth. The startup’s shares prolonged good points on Thursday, ending the day 22% larger. The corporate’s market cap is now over $100 billion, making it extra worthwhile than legacy automakers Ford and Common Motors.It is not the primary time Musk has commented on his firm’s competitor. Final month, he tweeted, “prototypes are trivial in comparison with scaling manufacturing & provide chain” in response to a different tweet about Rivian’s electrical truck manufacturing fee.Rivian didn’t instantly reply to Insider’s request for touch upon Musk’s tweet.
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