September 30, 2022

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Billionaire Soros buys stake in EV startup Rivian

Billionaire Soros buys stake in EV startup Rivian

NEW YORK, Feb 11 (Reuters) – (This story was corrected on Feb. 11 to remove the reference to consumer vehicles in the second paragraph)

Billionaire investor George Soros has bought nearly 20 million shares in electric truck startup Rivian Automotive Inc. (Rivno) Securities filings for the quarter ended December 31, showed on Friday.

The 1,983,761 shares, valued at about $2 billion at the time, made Soros Fund Management among the company’s most prominent investors. Rivian, which is 20% owned by Amazon.com Inc, is expected to supply the e-commerce company with more than 100,000 electric trucks.

Irvine, California-based Rivian He said In December, it predicted production would be “a few hundred vehicles” below its 2021 target of 1,200 due to supply chain constraints, highlighting potential challenges in ramping up production for electric car leader Tesla. (TSLA.O).

Shares of Rivian are down 9% on Friday and are down 43% year-to-date. The stock price is down 67% from the $179.46 high it touched on November 16, less than a week after it raised $12 billion in its biggest stock debut of 2021.

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(David Randall reports). Editing by Richard Chang

Our criteria: Thomson Reuters Trust Principles.

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