Rivian Automotive priced its $1.5 billion convertible debt offering Thursday night. RIVN stock rose Friday after plunging Thursday on plans for the sale.
Meanwhile, luxury EV startup Lucid Motors tumbled near record lows Thursday as it introduced a new lower-cost version of its Lucid Air sedan to buoy demand.
Rivian announced plans to offer the senior notes Wednesday night. It also reported preliminary third-quarter revenue for $1.29 billion-$1.33 billion, in line with consensus.
Rivian stock dived nearly 23% to 18.27 in massive volume, hitting a three-month low and undercutting the 200-day line. On Wednesday, RIVN stock jumped 9.2% to 23.69, rebounding back above the 50-day line.
Shares rose 3.6% to 18.92 on Friday, after the offering priced.
Late Thursday, Rivian said it priced the green convertible senior notes at roughly $23.29 a share. That would be a 27.5% premium to Thursday's close.
The maker of EV pick-up trucks SUVs and delivery vans said it will use the proceeds to "finance, refinance, make direct investments in, in whole or in part, one or more new or recently completed" eligible green projects.
On Monday, Rivian reported better-than-expected Q3 deliveries.
Lucid Stock
Lucid is now offering a single-motor, rear-wheel-drive version of its Lucid Air Pure sedan at $77,400. That's $5,000 below the prior base model, a dual-motor, all-wheel-drive Air Pure variant. That is still available.
Lucid has struggled with demand, cutting prices several times.
Tesla has slashed the price of the Model S sedan Model X SUV multiple times, trying to prop up weak demand for those luxury EVs. The latest cuts have made the entry-level Model X eligible for IRA tax credits of up to $7,500. But the Model S — and Lucid Air — are not.
Lucid stock edged down 0.6% to 5.13 after plunging 7.2% on Thursday. That's just above the all-time low of 4.97 set on Sept. 25. Shares fell slightly early Friday.
TSLA stock rose 0.2% to 260.53 on Friday, rebounding a 50-day line test. That's after surging 5.9% on Wednesday. Tesla cut Model 3 and Model Y prices again on Friday.
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