Rivian Automotive Inc. stock fell slightly more than 15% in midday trading Thursday, extending losses for a second straight session.
shares traded as low as $120.60 after ending 15% in the red on Wednesday, their first stumble following the EV maker’s initial public offering. That’s still a hefty gain from its $78 IPO price and a first trade last Wednesday of $106.75.
See also: 5 things to know about Rivian
The company bills itself as a maker of electric vehicles for the outdoors, and started selling a few limited-edition electric pickup trucks earlier this year, with volume production of the pickup and an upcoming electric SUV expected for next year.
See also: More electric pickup trucks are coming to market. The question now is who will buy them?
Rivian also plans to make electric delivery vans for Amazon.com Inc.
which alongside Ford Motor Co.
has a stake in the company and have its own charging network.
With the week’s losses, Rivian’s market valuation dropped to around $107 billion, still ahead of Ford’s valuation of $76 billion and General Motors Co.’s
valuation of $90 billion, but a long way from Tesla Inc.’s
market value of over $1 trillion.