By Patrick George
Shares of electric automaker Rivian are down 13% today after it disclosed plans to sell 75 million shares of common stock.
Based on Rivian's share price Monday evening, when the move was announced, the sale would raise about $1.5 billion.
The automaker said it plans to use the proceeds from a sale for "general corporate purposes," including equity requirements for a U.S. Department of Energy loan meant to support construction of its upcoming electric vehicle manufacturing facility in Georgia.
Rivian recently began selling the R2, a new all-electric SUV with a lower price tag than its previous EVs. The automaker is seeking the same level of mainstream sales success Tesla had with its Model Y, while building up its technology around autonomous vehicles.
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