Topic: auto

Rivian Automotive (RIVN) stock drops 13% following announcement of 75 million share public offering to raise capital

07/07/2026, 06:37 AM business stock_drop auto
Rivian Automotive's stock dropped 13% after the company announced a public offering of 75 million shares to raise approximately $1.51 billion, which it plans to use for funding a loan agreement with the U.S. Department of Energy. This capital raise comes amid a suspension of its 2027 profitability target and the launch of its new R2 midsize SUV.