Rivian Automotive plans to raise USD 1300 million in cash in 2023

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After earning reports comes from Rivian Automotive and its fellow electric vehicle maker Lucidmotors revealed concerns about the demand for electric vehicles.

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The share price of Rivian Automotive Inc for early Tuesday trading time, March 7, 2023, is $15.01 which is low from yesterday.

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For the last past 52 weeks, the lowest price of Rivian's shares is $15.01 and it was for today, and also it may be lower than this, as the market goes further.

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To hoard cash as demand falters, Rivian Automotive Inc. plans to raise $1.3 billion in cash via a sale of convertible notes.

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Some of the important points about Rivian Automotive's plans to raise $1.3 billion in cash via a sale of convertible notes.

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1. Electric vehicle maker Rivian made a series of moves to conserve cash. 2. Rivian automotive laid off 6% of its workforce in recent times.

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3. In fact EV maker Rivian is not in urgent need of cash. The company said that they have enough money to fund its operations in the future till 2025.

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4. As per Feb 2023 reports, Rivian automotive had $12.1 billion in funds on hand as of the end of the year 2022.

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