RIVIAN
Rivian jumps 36% as $5 bln Volkswagen investment signals 'vote of confidence'
The investment is set to reinforce Rivian's dwindling cash reserves, push the startup nearer to profitability, and enhance its competitive stance in a market led by Tesla. As part of the agreement, Rivian will establish a joint venture with Volkswagen that is equally managed by both companies. This partnership will involve sharing electric vehicle architecture and software, which could later be utilized by Volkswagen's brands such as Audi, Porsche, and Lamborghini.
Explainer: What's behind Volkswagen's USD 5 billion EV software bet on Rivian?
The tie-up is the latest in a string of deals by Volkswagen Chief Executive Oliver Blume, who took over in September 2022 after the ousting of Herbert Diess. Shifting from combustion engine to electric cars requires expertise in areas where historically Volkswagen has little experience, from charging to batteries to software.
From $25,000 to $2.5 million in one day. How a man earns 100 times his investment overnight? Insider trading or market sentiment?
Was there some foul play like insider trading involving Rivian’s stock or the sentiment was so high that it resulted in a mind-blowing gain? Know in detail.
Volkswagen's $5 billion investment in Rivian boosts EV maker's shares
Rivian secures vital funding through Volkswagen's investment, enabling the launch of new EV models. The partnership signifies a significant step towards technological advancement and financial sustainability in the competitive electric vehicle market.
What are EV startups doing to ride out weak demand?
Fisker filed for bankruptcy protection due to fundraising difficulties and weak demand for its Ocean electric SUV. Rivian, Lucid Group, and Nikola are making strategic moves to reduce costs, boost demand, and introduce new vehicle options in the competitive electric vehicle market.
Aramco sale set to raise at least $11.2 billion for Saudi Arabia
Saudi Aramco's mega stock offering, set to raise $11.2 billion, supports the government's economic transformation. The sale includes Aramco's $124 billion dividend, attracting foreign investors despite challenges in the oil market.
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Amazon unveils first electric seaport trucks amid push to slash tailpipe emissions
The e-commerce giant already has eight of those semi trucks in use at the Los Angeles/Long Beach port complex, where every so-called drayage truck must be zero-emissions by 2035.
Social media company Reddit set for NYSE debut after IPO
The Reddit social network was set to make its trading debut Thursday after pricing robustly in an initial public offering that suggested greater investor enthusiasm for new stock issuers. Reddit is set to debut Thursday on the New York Stock Exchange under the ticker RDDT after an IPO priced at $34 dollars a share, the company said Wednesday in a statement, which would value the platform at around $6.4 billion.
What are EV startups doing to ride out weak demand?
US electric vehicle startups are turning to cheaper models, slamming the brakes on their production ramp-up plans and laying off employees to navigate a slump in demand due to steep borrowing costs and high repair expenses for the vehicles.
As demand for fast deliveries surges, companies struggle with the EV transition
Global e-commerce is expected to grow at more than twice the rate as offline purchases, and, by decade’s end, 25,000 packages will be shipped every second, according to an analysis by environmental group Stand.earth.
Tesla delivers record Q4 cars, but China's BYD steals top EV spot
Tesla delivered a record number of electric vehicles in the fourth quarter, beating market estimates and meeting its 2023 target, but lost its spot as the top EV maker by sales to China's BYD.
Tesla to deliver Cybertrucks after Musk tempers expectations
Cybertruck, Tesla's first new model in nearly four years, is critical to its reputation as a maker of innovative vehicles. At a time when the company is battling softening electric vehicle (EV) demand and rising competition, Cybertruck is also key for generating sales, though not to the extent of the company's high-volume Models 3 and Y.
Rivian to raise nearly $15 billion in debt for EV plant in Georgia
The taxable bonds would be issued by the Georgia Department of Economic Development and the Joint Development Authority of Jasper, Morgan, Newton and Walton Counties, according to an agreement on November 9.
Amazon deploys 10,000 Rivian EVs in US; aims for bigger electric push in India
Amazon has partnered with EV maker Rivian to have at least 100,000 electric delivery vans on the road by 2030. Amazon said in July it had more than 5,000.
Rivian CEO says bond issue does not reflect concerns about EV maker's financial health
Electric vehicle maker Rivian's recent bond issuance was aimed at bolstering its balance sheet ahead of potential geopolitical risks that could increase borrowing costs, according to CEO RJ Scaringe.
EV maker Rivian beats Q3 delivery estimates after raising production
The Irvine, California-based startup said it was on track to produce 52,000 vehicles in 2023 - a target it raised in August from 50,000 vehicles as supply-chain bottlenecks eased. The stronger-than-expected numbers from Rivian come amid concerns of softening demand for electric vehicles in the U.S. due to higher borrowing costs, which has prompted price cuts and discounts by rivals including Tesla.
Tesla shares gain as Baird Equity adds stock to 'best ideas' list
Tesla sparked a price war earlier this year and last week slashed prices of three models in China. It also launched a cheaper version of the Model S sedan and Model X SUV on Aug. 14 as it looks to stoke demand and grab a larger share of the market.
Tesla builds first Cybertruck after two years of delays
The company has pushed back production timing since then and Elon Musk had cited shortages in sourcing components last year as the reason for pushing the launch of Cybertruck into 2023.
Rivian's stock rallies to highest in 2023 after posting strong deliveries
Shares of Rivian Automotive surged more than 18% on Friday as it continued to rally after the electric vehicle (EV) maker reported better-than-expected quarterly deliveries early this week.
EV startup Nikola reports jump in second-quarter deliveries, shares rise
Nikola, which went public in 2020, produced 33 trucks during the second quarter, compared with 63 trucks in the preceding quarter.
Rivian beats estimates for second-quarter EV deliveries
Amazon-backed Rivian has been struggling to lift output, pressured by supply-chain disruptions and a price war started by market leader Tesla. The Irvine, California-based startup, which makes R1T pickup trucks and R1S SUVs, has been developing its own drive unit to lower costs and reduce dependency on suppliers.
Texas becomes first US state to mandate Tesla's charging technology
The announcement follow decisions by GM and Ford to add Tesla charging technology, shunning efforts by the Biden administration to make the Combined Charging System (CCS) the dominant charging standard in the United States.
EV maker Rivian to adopt Tesla's charging standard
Electric vehicle maker Rivian said it has agreed to adopt Tesla's charging standard, giving customers access to the biggest U.S. charging network and adding momentum to Tesla's bid to set the industry standard.
EV maker Rivian takes bold bet with higher-priced vehicles amid heating competition
Rivian calmed investor nerves this week by sticking to its 2023 production target and reporting better-than-expected quarterly revenue in a sharp contrast to peers Lucid Group , Fisker Inc and Nikola Corp.
US electric vehicle startups set for another quarter of steep cash burn
Having gone public with hopes of shaking up the automobile industry, these companies have seen their market valuations evaporate in the past few months as EV demand slows.
Rivian, Amazon in talks to end exclusivity part of electric van deal
Amazon had placed an order for 100,000 electric delivery vans (EDVs) from the Irvine, California-based EV maker in 2019, as part of the company's plans to cut carbon emissions. It has taken deliveries and inducted the EDVs into its fleet, with over 10 million packages delivered using the vans.
Rivian plans to sell $1.3 billion in bonds to shore up capital, shares fall
Shares in Rivian fell nearly 7% in after-hours trading. Initial investors will get an option to buy an additional $200 million of the bonds for settlement 13 days after the bonds are issued, Rivian said in a statement.
Amazon to invest over €1 billion in electric vans, truck fleet across Europe
Amazon said the investment was also aimed at spurring innovation across the transportation industry and encouraging more public charging infrastructure for electric vehicles (EVs).
Amazon sees resilient consumer demand as shares jump 13%
Shares of the world's largest online retailer rose 13% in trading after the bell, extending its market valuation by more than $150 billion.
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