Tesla boss Elon Musk mentioned on Thursday excessive manufacturing and breakeven money circulation can be the “true check” for Rivian, a day after the electrical automobile maker’s blockbuster market debut.
“There have been tons of of automotive startups, each electrical and combustion, however Tesla is (the) solely American carmaker to achieve excessive quantity manufacturing & optimistic money circulation in previous 100 years,” Musk mentioned in a tweet.
“I hope they’re (Rivian) capable of obtain excessive manufacturing and breakeven money circulation. That’s the true check.”
Rivian raised about $12 billion (roughly Rs. 89,332 crore) on the earth’s largest preliminary public providing this yr and its market valuation hit greater than $100 billion (roughly Rs. 7,44,430 crore) as shares surged, making it the second most precious automaker in the US after Tesla.
Rivian, which has simply began promoting its automobiles, was not instantly accessible for touch upon Musk’s tweet.
Musk was responding to one in every of his followers pointing that Tesla had been promoting its Roadster mannequin for over two years with plans to roll out Mannequin S when it went public over a decade in the past.
Because the IPO, Tesla has ramped up manufacturing to ship about 500,000 vehicles yearly, with the corporate getting into the trillion-dollar market worth membership final month.
© Thomson Reuters 2021