Rivian Automotive Inc. stock fell slightly more than 15% in midday trading Thursday, extending losses for a second straight session.
Rivian RIVN, -17.36% shares traded as low as $ 120.60 after ending 15% in the red on Wednesday, their first stumble following the EV maker’s initial public offering. That’s still a hefty gain from its $ 78 IPO price and a first trade last Wednesday of $ 106.75.
See also: 5 things to know about Rivian
The company bills itself as a maker of electric vehicles for the outdoors, and started selling a few limited-edition electric pickup trucks earlier this year, with volume production of the pickup and an upcoming electric SUV expected for next year.
See also: More electric pickup trucks are coming to market. The question now is who will buy them?
Rivian also plans to make electric delivery vans for Amazon.com Inc. AMZN, +3.47%, which alongside Ford Motor Co. F, -2.06% has a stake in the company and have its own charging network.
With the week’s losses, Rivian’s market valuation dropped to around $ 107 billion, still ahead of Ford’s valuation of $ 76 billion and General Motors Co.’s GM, -3.48% valuation of $ 90 billion, but a long way from Tesla Inc.’s TSLA, -0.90% market value of over $ 1 trillion.