Rivian shares tumble 15% after EV maker announces 75 million share offering to repay loan

Rivian Automotive shares slumped 15% to $17.60 after the EV maker announced a 75 million common share offering expected to raise about $1.51 billion to repay a US Department of Energy loan. The company reported Q2 deliveries of 12,194 vehicles, beating Wall Street estimates of around 10,600, and guided Q2 revenue at $1.55 to $1.65 billion versus consensus of $1.44 billion. Goldman Sachs is leading the share sale, and Rivian plans to start drawing on its $4.5 billion DOE loan in early 2027 for its planned Georgia manufacturing facility.