Arab Press

بالشعب و للشعب
Monday, Mar 30, 2026

Tesla's Elon Musk trolls Rivian after blockbuster IPO

Tesla's Elon Musk trolls Rivian after blockbuster IPO

Following its first two days of trading, Rivian is valued at more than $100 billion

Despite Rivian's blockbuster IPO, Elon Musk has warned that the "true test" for the electric vehicle maker and Tesla competitor's success will be to achieve high production and breakeven cash flow.

"There have been hundreds of automotive startups, both electric & combustion, but Tesla is [the] only American carmaker to reach high volume production & positive cash flow in past 100 years," Musk tweeted.

A representative for Rivian did not immediately return FOX Business' request for comment on Musk's tweet.

Rivian, which is backed by Amazon and favored by Jeff Bezos, raised approximately $11.9 billion in its IPO after selling 153 million shares at $78 apiece. In addition, the company has granted underwriters a 30-day option to purchase up to 22.95 million additional shares at the IPO price.

Following its first two days of trading, Rivian is valued at more than $100 billion, above the market values of automotive giants General Motors and Ford Motor Company. Amazon holds a 22.4% stake in Rivian, while Ford holds a 14.4% stake. Shares are up approximately 3% as of the time of publication Friday.


Though Rivian has approximately 55,400 preorders for its R1T pickup and R1S SUV and has reached an agreement with Amazon for 100,000 electric delivery vans by 2030, the company has not generated any material revenue to date. Rivian said in its amended IPO prospectus that it will lose up to $1.28 billion in the third quarter and that revenue will range from zero to $1 million.

Rivian began production and deliveries of the the R1T in September, which starts at $67,500 and has an EPA-estimated 314 miles of range on a single charge. As of Oct. 31, Rivian produced 180 R1Ts and delivered 156 R1Ts. The R1S, which starts at $70,000 and has an EPA-estimated 316 miles of range on a single charge, is expected to begin deliveries in December following completion of ongoing vehicle validation and all required testing.
The company expects to produce approximately 1,200 R1Ts and 25 R1Ss and deliver approximately 1,000 R1Ts and 15 R1Ss by the end of 2021. In addition, Rivian anticipates its preorders will be filled by the end of 2023. Meanwhile, the company expects to produce and deliver 10 electric delivery vans in 2021.

Rivian recently began production and deliveries of its R1T passenger pickup truck in September, which starts at $67,500 and has an EPA-estimated 314 miles of range. 


Rivian's factory in Normal, Illinois, is currently equipped to produce up to 150,000 vehicles annually. Rivian is aiming to produce approximately 1,310 R1 vehicles and 1,710 commercial vehicles per week, which equates to 65,000 R1 vehicles and 85,000 commercial vehicles, including EDVs, annually.

"We expect to reach a vehicle production rate, which, when annualized, would result in us using 100% of the facility’s current installed capacity of up to 150,000 vehicles by late 2023," Rivian wrote in the filing. "Further, we believe that we will be able to increase the annual production capacity of the Normal Factory up to 200,000 vehicles in 2023 as we introduce additional R1 platform variants and expand the facility. Over the next couple of years, we expect to establish additional domestic production capacity in order to support our product development roadmap and fulfill future anticipated demand."

This isn't the first time Musk has taken a swipe at the competition.

In August, Musk tweeted "Don’t want to be unreasonable, but maybe they should be required to deliver at least one vehicle per billion dollars of valuation *before* the IPO?" in response to reports that Rivian's IPO would value the company's at approximately $80 billion. He also tweeted laughing emojis in response to a report that Rivian was developing a Level 3 autonomous driving system with hands-free capability, similar to Tesla's Full Self-Driving feature.

In October, Musk also responded to a report that the R1T production rate stalled at just over 1 electric truck per day, tweeting "prototypes are trivial compared to scaling production & supply chain."

"If those are solved, achieving positive gross margin is the next nightmare," he added. "Starting a second new vehicle line before first is working will divide resources & amplify probability of failure."

In addition to Musk's Twitter jabs, Tesla has previously filed a lawsuit against Rivian, accusing the company of stealing employees and trade secrets.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Saudi Arabia Strongly Condemns Attacks on Presidential Residences in Hawler
Saudi Stocks Edge Lower as Tadawul Index Closes Slightly Down
Houthis Enter Expanding Iran Conflict as US Deploys Additional Troops
Iran Seeks Assurances for Regional Allies as Saudi Arabia Presses for Firm Security Guarantees
Iranian Strike Reportedly Destroys $270 Million US E-3 Sentry Aircraft at Saudi Air Base
Iranian Strike on Saudi Base Leaves Ten American Personnel Injured
Ukraine Claims Russia Shared Satellite Intelligence with Iran Ahead of Saudi Base Strike
Pakistan Engages Regional Powers in Diplomatic Talks Over Iran Conflict
Escalating Iran Conflict Brings Renewed Focus to US Military Presence in Saudi Arabia
Iranian Strike Targets Saudi Airbase, Damaging Key US Military Assets
Modi and Saudi Crown Prince Emphasise Secure Shipping Routes in Talks on West Asia Conflict
Dallas-Based Company Secures One Billion Dollar Hotel Development Deal in Saudi Arabia
Zelensky Secures Defence Cooperation Deals with Gulf States During Strategic Regional Tour
Trump Calls on Saudi Arabia to Join Abraham Accords in Push for Expanded Middle East Cooperation
Trump Balances Humor and Praise in Remarks on Saudi Crown Prince
Saudi Arabia’s Strategic Pipeline Reaches Seven Million Barrel Capacity to Bypass Hormuz
Rubio Signals U.S. Could Conclude Iran Conflict Within Weeks as Air Campaign Intensifies
More Than a Dozen U.S. Soldiers Injured in Saudi Base Attack as Iran-Backed Houthis Expand Conflict
Iranian Strike on US Base in Saudi Arabia Injures Troops and Damages Aircraft
Pakistan to Convene Regional Talks with Saudi Arabia, Turkey and Egypt Amid Iran War Diplomacy
Ukraine and Saudi Arabia Reach ‘Mutually Beneficial’ Defence Agreement
Ukraine to Share Battlefield Expertise with Saudi Arabia Under New Defence Agreement
Trump Takes Center Stage at Saudi Arabia’s FII Miami Amid Escalating Iran Conflict
Gulf States Explore Pipeline Routes to Bypass Strait of Hormuz Amid Rising Tensions
Iran Conflict Drives Saudi Arabia to Deepen Security Ties with Ukraine
Saudi Arabia Reviews Desert Ski Resort Plans with Cancellation of Key Building Contracts
Saudi Arabia Targets Business Hotel Shortfall with $1 Billion Development Push
Iran and Allied Forces Intensify Strikes on Energy Sites and Urban Areas Across Region
Ukraine and Saudi Arabia Formalise Defence Cooperation Agreement, Zelenskiy Announces
Saudi Arabia Reportedly Presses US to Intensify Operations Against Iran
Saudi Arabia Expands Maritime Network with Launch of Six New Shipping Services
Saudi Arabia Launches FII Summit Amid Heightened Focus on Global Stability and Investment Risks
Saudi Arabia’s HUMAIN Secures First US Customer in Expansion of AI Capabilities
Saudi Arabia Calls on US to Seize Strategic Opportunity to Reshape the Middle East
Saudi Arabia’s Strategic Investments Help Shape Silicon Valley’s Rise
Saudi Arabia Announces Passing of King Abdullah, Marking End of an Era
Saudi Arabia May Shift From Neutrality to Retaliation if Houthi Attacks Escalate, Experts Warn
UAE and Saudi Arabia Urge Decisive US Action on Iran as Regional Pressure Intensifies
Zelensky Visits Saudi Arabia After Offering Ukraine’s Drone Expertise
Saudi Arabia Pauses Ambitious Desert Ski Project Amid Strategic Reassessment
Trump Set for Palm Beach Return Following Saudi-Backed Summit in Miami
Saudi Arabia Accelerates Yanbu Oil Exports Toward Five Million Barrel Target
Report Highlights Saudi-US Security Discussions as Trump Administration Evaluates Iran Strategy
Saudi Arabia’s Humain Commits Three Billion Dollars to Elon Musk’s xAI in Strategic Technology Push
Saudi Arabia Signals Firm Shift in Iran Policy, Declares Coexistence No Longer Viable
Saudi Clubs Prepare Major Push to Sign Mohamed Salah Amid Growing Transfer Speculation
Saudi Arabia Rejects Claims It Seeks to Prolong Regional Conflict
Saudi Arabia Condemns Iranian Actions and Signals Firm Shift Toward Stronger Response
Saudi Arabia Reassesses Strategic Approach as Regional Tensions with Iran Intensify
Pakistan Reaffirms Strong Support for Saudi Arabia Following High-Level Visit
×