- Rivian made its launching on the Nasdaq on Wednesday, closing 30%up from its offering cost.
- Tesla CEO Elon Musk tweeted that production and breakeven capital would be Rivian’s “real test.”
- Musk was reacting to a tweet that kept in mind Tesla’s development when it went public.
We are so sorry! We ran into a system failure and could not take your e-mail this time.
Elon Musk weighed in on Rivian a day after the Tesla rival’s hit going public.
In a tweet, the Tesla CEO stated that high production and breakeven capital would be the “real test” for Rivian which Tesla was the only American carmaker to have actually attained those criteria in the past 100 years.
— Elon Musk (@elonmusk) November 11, 2021
Musk was reacting to a tweet mentioning that Tesla– which is cash-flow favorable— had actually currently been offering its Roadster design for 2 years with strategies to present the Design S when it went public in 2010.
Rivian, in contrast, simply began offering its lorries and reported a bottom line of practically $1 billion in the very first half of this year.
Rivian made its public launching on the Nasdaq on Wednesday, closing 30%up from its IPO cost. The start-up’s shares extended gains Thursday, ending up the day 22%greater. The business’s market cap is now over $100 billion, making it better than the tradition car manufacturers Ford and General Motors (both of which are over 100 years of ages).
It’s not the very first time Musk has actually talked about his business’s rival. Last month, in action to another tweet about Rivian’s electric-truck production rate, he tweeted that “models are minor compared to scaling production & supply chain.”
Rivian did not instantly react to an ask for talk about Musk’s newest tweet.