Rivian Automotive Inc. stock fell slightly more than 15% in midday trading Thursday, extending losses for a second straight session.
Rivian
RIVN,
-15.53%
shares traded as low as $120.60 after ending 15% in the red on Wednesday, their first stumble following the EV maker’s initial public offering. That’s still a hefty gain from its $78 IPO price and a first trade last Wednesday of $106.75.
See also: 5 things to know about Rivian
The company bills itself as a maker of electric vehicles for the outdoors, and started selling a few limited-edition electric pickup trucks earlier this year, with volume production of the pickup and an upcoming electric SUV expected for next year.
See also: More electric pickup trucks are coming to market. The question now is who will buy them?
Rivian also plans to make electric delivery vans for Amazon.com Inc.
AMZN,
+4.14%,
which alongside Ford Motor Co.
F,
-1.51%
has a stake in the company and have its own charging network.
With the week’s losses, Rivian’s market valuation dropped to around $107 billion, still ahead of Ford’s valuation of $76 billion and General Motors Co.’s
GM,
-3.53%
valuation of $90 billion, but a long way from Tesla Inc.’s
TSLA,
+0.68%
market value of over $1 trillion.