London Daily

Focus on the big picture.
Friday, Dec 05, 2025

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

0:00
0:00
Close
UK Inquiry Finds Putin ‘Morally Responsible’ for 2018 Novichok Death — London Imposes Broad Sanctions on GRU
India backs down on plan to mandate government “Sanchar Saathi” app on all smartphones
King Charles Welcomes German President Steinmeier to UK in First State Visit by Berlin in 27 Years
UK Plans Major Cutback to Jury Trials as Crown Court Backlog Nears 80,000
UK Government to Significantly Limit Jury Trials in England and Wales
U.S. and U.K. Seal Drug-Pricing Deal: Britain Agrees to Pay More, U.S. Lifts Tariffs
UK Postpones Decision Yet Again on China’s Proposed Mega-Embassy in London
Head of UK Budget Watchdog Resigns After Premature Leak of Reeves’ Budget Report
Car-sharing giant Zipcar to exit UK market by end of 2025
Reports of Widespread Drone Deployment Raise Privacy and Security Questions in the UK
UK Signals Security Concerns Over China While Pursuing Stronger Trade Links
Google warns of AI “irrationality” just as Gemini 3 launch rattles markets
Top Consultancies Freeze Starting Salaries as AI Threatens ‘Pyramid’ Model
Macron Says Washington Pressuring EU to Delay Enforcement of Digital-Regulation Probes Against Meta, TikTok and X
UK’s DragonFire Laser Downs High-Speed Drones as £316m Deal Speeds Naval Deployment
UK Chancellor Rejects Claims She Misled Public on Fiscal Outlook Ahead of Budget
Starmer Defends Autumn Budget as Finance Chief Faces Accusations of Misleading Public Finances
EU Firms Struggle with 3,000-Hour Paperwork Load — While Automakers Fear De Facto 2030 Petrol Car Ban
White House launches ‘Hall of Shame’ site to publicly condemn media outlets for alleged bias
UK Budget’s New EV Mileage Tax Undercuts Case for Plug-In Hybrids
UK Government Launches National Inquiry into ‘Grooming Gangs’ After US Warning and Rising Public Outcry
Taylor Swift Extends U.K. Chart Reign as ‘The Fate of Ophelia’ Hits Six Weeks at No. 1
250 Still Missing in the Massive Fire, 94 Killed. One Day After the Disaster: Survivor Rescued on the 16th Floor
Trump: National Guard Soldier Who Was Shot in Washington Has Died; Second Soldier Fighting for His Life
UK Chancellor Reeves Defends Tax Rises as Essential to Reduce Child Poverty and Stabilise Public Finances
No Evidence Found for Claim That UK Schools Are Shifting to Teaching American English
European Powers Urge Israel to Halt West Bank Settler Violence Amid Surge in Attacks
"I Would Have Given Her a Kidney": She Lent Bezos’s Ex-Wife $1,000 — and Received Millions in Return
European States Approve First-ever Military-Grade Surveillance Network via ESA
UK to Slash Key Pension Tax Perk, Targeting High Earners Under New Budget
UK Government Announces £150 Annual Cut to Household Energy Bills Through Levy Reforms
UK Court Hears Challenge to Ban on Palestine Action as Critics Decry Heavy-Handed Measures
Investors Rush Into UK Gilts and Sterling After Budget Eases Fiscal Concerns
UK to Raise Online Betting Taxes by £1.1 Billion Under New Budget — Firms Warn of Fallout
Lamine Yamal? The ‘Heir to Messi’ Lost to Barcelona — and the Kingdom Is in a Frenzy
Warner Music Group Drops Suit Against Suno, Launches Licensed AI-Music Deal
HP to Cut up to 6,000 Jobs Globally as It Ramps Up AI Integration
MediaWorld Sold iPad Air for €15 — Then Asked Customers to Return Them or Pay More
UK Prime Minister Sir Keir Starmer Promises ‘Full-Time’ Education for All Children as School Attendance Slips
UK Extends Sugar Tax to Sweetened Milkshakes and Lattes in 2028 Health Push
UK Government Backs £49 Billion Plan for Heathrow Third Runway and Expansion
UK Gambling Firms Report £1bn Surge in Annual Profits as Pressure Mounts for Higher Betting Taxes
UK Shares Advance Ahead of Budget as Financials and Consumer Staples Lead Gains
Domino’s UK CEO Andrew Rennie Steps Down Amid Strategic Reset
UK Economy Stalls as Reeves Faces First Budget Test
UK Economy’s Weak Start Adds Pressure on Prime Minister Starmer
UK Government Acknowledges Billionaire Exodus Amid Tax Rise Concerns
UK Budget 2025: Markets Brace as Chancellor Faces Fiscal Tightrope
UK Unveils Strategic Plan to Secure Critical Mineral Supply Chains
UK Taskforce Calls for Radical Reset of Nuclear Regulation to Cut Costs and Accelerate Build
×