RIVIAN SHARES
European shares rise after Powell's dovish comments; focus on elections
European shares rose on Wednesday as investors welcomed dovish comments from Federal Reserve Chair Jerome Powell and looked ahead to the second round of the French vote and a national election in the UK.
Tesla shares rally over 10% as quarterly deliveries beat estimates
Tesla on Tuesday reported a smaller-than-expected 5% drop in vehicle deliveries in the second quarter, as the electric-vehicle maker's price cuts and incentives helped stimulate demand.
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.
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.
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 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.
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.
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.
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.
Tesla's price cuts promise more pain for money-losing US EV startups
Tesla's move last week to slash prices globally on its EVs by as much as 20% could draw new buyers to electric cars in the industry, but also will force other automakers to respond with lower prices or risk getting left behind, analysts and investors said.
US stock market: Wall Street rallies with inflation, Fed on tap
Consumer inflation data will be closely monitored on Tuesday, and is expected to show prices increased by 7.3% in November on an annual basis, slowing from the 7.7% rise in the previous month, while the "core" reading which excludes food and energy is expected to show a 6.1% increase from the 6.3% in the prior month.
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.
Rivian to address layoffs at Friday meeting, Tesla to cut 229 jobs
Tesla Chief Executive Officer Elon Musk last month told top managers he had a "super bad feeling" about the economy and that the company needed to cut staff by about 10%.
Wall Street ends up as investors absorb Fed minutes
The 0.75 percentage-point rate increase which came out of the meeting was the first of that size since 1994. According to the minutes, participants judged that an increase of 50 or 75 basis points would likely be appropriate at the policy meeting later this month.
EV maker Rivian's deliveries nearly quadruple as it ramps up production
The company, which went public late last year and counts Amazon.com Inc as an investor and customer, has been ramping up production of its R1S sport utility vehicle and R1T pickup truck. It has also benefited from soaring demand for electric vehicles. Rivian said it produced 4,401 vehicles in the second quarter at its manufacturing facility in Normal, Illinois, up from 2,553 vehicles in the previous quarter.
Rivian shares tumble as supply-chain woes cut production outlook in half
Rivian, other startups and legacy automakers such as Ford Motor Co and General Motors Co face tough competition from market leader Tesla Inc as they aim to start delivering more electric vehicles in the near future.
Rivian stock skids as legacy automakers rev up EV targets
Rivian's stock has slumped about 14% since the start of Wednesday, when Amazon.com Inc, one of Rivian's biggest investors, said it teamed up with carmaker Stellantis NV .
Elon Musk says high production, breakeven cash flow 'true test' for Rivian
"There have been hundreds of automotive startups, both electric and combustion, but Tesla is (the) only American carmaker to reach high volume production & positive cash flow in past 100 years," Musk said in a tweet.
Rivian valued at over $100 billion on listing after biggest IPO of 2021
That made the Amazon-backed Rivian the second most valuable US automaker after Tesla, which is worth $1.06 trillion. It ranked ahead of General Motors Co. at $86.05 billion, Ford Motor Co. at $77.37 billion, and Lucid Group at $65.96 billion.
Rivian investors hoping it's going to be the next Tesla
In the first day of trading after its initial public offering, Rivian’s stock jumped 29%, putting its market value at $86 billion — in line with GM’s and higher than Ford’s.
Rivian valued at over $100 billion in debut, after world's biggest IPO of 2021
Amazon.com Inc is Rivian's largest shareholder with a 20% stake.
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