New Delhi, July 7 -- Shares of electric vehicle maker Rivian Automotive slumped 15% in Tuesday's intraday trade, falling to $17.60 and reversing their recent gains after the company announced plans to sell 75 million common shares to help repay a loan from the US Department of Energy (DOE).

Rivian intends to use the proceeds for purposes including making contributions under the amended loan agreement with the Department of Energy, Bloomberg reported, citing the company's regulatory filing.

The EV maker has access to a $4.5 billion DOE loan after renegotiating the agreement with the department and expects to begin drawing funds in early 2027. Rivian is yet to turn profitable, and Wall Street estimates the company will require around $8 b...