Rivian Automotive’s Shares Plummet by 23% as Company Announces $1.5 Billion Green Bond Issuance

Rivian Automotive’s shares fell by almost 23% after the company announced its plan to issue $1.5 billion worth of green bonds. The bonds will help support the launch of the R2 sports utility vehicle in Georgia. This is the second time Rivian has issued green bonds in less than a year. Analysts are concerned about the company’s cash flow and speculative business status. Rivian is expected to deliver 52,000 vehicles this year, disappointing some investors. The company’s cash balance has decreased, and it currently burns through $1 billion per quarter.