Musk Throws Fresh Shade at Rivian a Day After Rival’s Big IPO

(Bloomberg) — Elon Musk doesn’t precisely sound positive about the potential customers of Rivian Automotive Inc., even after the competing electric-vehicle maker’s hit IP0.

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Tesla Inc.’s president stated he hopes Rivian can enhance production rates and get capital to break-even. However in a tweet Thursday he likewise kept in mind that of numerous start-ups, “Tesla is the only American carmaker to reach high volume production & positive cash flow in past 100 years.”

Rivian, led by R.J. Scaringe, on Wednesday managed the most significant going public worldwide this year. After a 22% gain Thursday, the business is currently worth $107 billion, making it the fifth-largest car manufacturer by market cap.

The business is constructing battery-electric shipment vans for Amazon, along with a pickup marketed to outside lovers. Rivian lost nearly $1 billion in the very first half of the year and approximates that yearly production will strike 150,000 automobiles at its primary center by late 2023.

Rivan has actually employed ratings of previous Tesla workers, consisting of essential engineers who were associated with Tesla’s Design 3 launch.

Learn More: Rivian’s ranks are filled with Tesla alums

Musk has actually mused about Rivian prior to, stating last month that “prototypes are trivial compared to scaling production and supply chain.”

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Jobber Wiki author Frank Long contributed to this report.