Rivian shares fall as EV maker looks to raise $1.3 billion

• Rivian Automotive plans to raise $1.3 billion in cash via a sale of convertible notes.
• The EV maker had $12.1 billion on hand as of the end of 2022.
• Earnings reports from Rivian and fellow EV maker Lucid revealed concerns about the demand for electric vehicles.

Rivian Automotive plans to raise $1.3 billion in cash via a sale of convertible notes, joining a growing list of EV makers scrambling to hoard cash as demand falters.

Shares of Rivian closed down over 14% on Tuesday.

Source: CNBC