Electric vehicle company Rivian announced this week it intends to sell $1.3 billion in bonds to help facilitate the launch of a new crossover vehicle it plans to manufacture at its future $5 billion Georgia factory.
The announcement comes as pressure mounts for the California-based startup to shore up its finances after it posted a $6.8 billion loss last year, prompting the company’s stock price to plummet. Rivian’s stock closed Tuesday at $14.64 a share, a new low for the company, and remained less than $15 a share at mid-day Wednesday.
Irvine, California-based Rivian is an EV startup that currently sells its flagship R1T truck and R1S SUV, along with electric delivery vans. The company had one of the biggest initial public offerings in U.S. history in 2021, and later that year announced plans for a sprawling factory an hour east of Atlanta where it said it would employ 7,500 workers.
