Since then, shares of Rivian have fallen after its launch was slower than investors expected.
JPMorgan Chase & Co. also sells a package of 13 million to 15 million shares of the manufacturer to an unknown seller, Faber reported, citing unknown. Both units cost $ 26.90 – a 6.7 percent discount before closing on Friday.
Rivian, based in Irvine, California, is a high-ranking, well-funded newcomer to the growing set of EV manufacturers. The IPO was the sixth largest in U.S. history, taking more than $ 13 billion to fund growth. However, Rivian is struggling to increase production at its existing plant in Normal, Illinois, due to pressure in the supply chain.