The value of the California company’s stock began to decline
exactly one week after it went public on November 10 with the biggest IPO since social media provider Facebook, and surpassed the value of General Motors Co
, the biggest vehicle maker in the United States.
Shares in Rivian, which was said to have produced the first all-electric pick-up truck, resumed their downtrend on Monday, after a slight recovery on the preceding Friday.
Rivian shares, traded under ‘RIVN’ on NASDAQ, were down by 13.93% from Friday’s close in New York morning trade on Monday, at $110.68 each
. Their high was $179.47 on November 16
Also on Friday, Ford Motor Co, which owns 12% of Rivian, said that it had canceled plans to co-develop electric vehicles (EVs) with Rivian