Trucking News

Musk Says True Test of Rivian Will Be High Production & Breakeven Cash Flow

TNI || New Delhi || 15th Nov 2021`


Elon Musk, Tesla’s boss is of an opinion that Rivian Automotive Inc. will face a true test in the form of breakeven cash flow and high production.

The comment from Musk came a day after electric vehicle manufacturer made a blockbuster market debut.

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In a tweet, Musk said that there are many automotive startups from electric and fuel, but it is Tesla, the only American carmaker in 100 years, to attain high volumes of production, as well as positive cash flows.

Rivian has managed to raise around $12 billion in the world’s biggest IPO in 2021, and its market valuation has risen to more than $100 billion as shares saw a whopping increase.

This development post the Initial Public Offering has made Rivian the second most valuable automaker in the U.S. after Elon Musk owned Tesla.

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Musks tweet was a response to one of his followers who pointed out that Tesla had been selling the Roadster model for over a couple of years when they had IPOed at $1.7 billion.

Since the time they went public, Tesla has elevated production to deliver around 500,000 cars per year. The company has already entered the trillion-dollar market club in October this year.