Rivian’s stock recovered sharply after the company, maker of what resembles an electric-truck of a certain size, reported $7.6 million in revenue on Thursday, even though its reservation backlog had dropped off.
The company went public less than two months ago.
The company’s shares have more than doubled since its IPO price of $12 a share. However, it has had a tumultuous road to the public markets. As noted by The Drive earlier this week, for several months, the company refused to make executives available to respond to questions about the company, including in a Variety interview conducted earlier this year. (Despite its refusal to comment on the company to Variety’s reporter, Rivian confirmed the interview took place. For the full account of how that interview went, read this.)
Rivian recently opened a new manufacturing center in Louisiana, and while it remains secretive about how well things are going there, it provided a few insights to HuffPost about how much demand there might be for its products in the United States.
The company could face stiff competition — its products seem to fall more into the category of an “electric-road-worthy” solution for millennials than a regular truck, as I noted earlier. And companies like General Motors and Volkswagen will likely be trying to build something similar.
In the meantime, sales appear to be growing, though growing a bit slower than investors would have hoped.
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