Tesla produced its first Cybertruck off the assembly line in Austin, Texas, over the weekend after two years of delays. The first Cybertruck finally rolled off the factory line on July 15 to much celebration at Tesla’s Gigafactory. Tesla CEO Elon Musk first announced the first prototype of the electric pickup truck back in 2019 to great…
Tesla Builds Its First Cybertruck Two Years Behind Schedule
July 17, 2023
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EV Flop: Rivian Market Cap Down 92 Percent, Stock Falls 60 Percent in Past Year
Electric vehicle manufacturer Rivian is losing investor confidence as its market capitalization and share prices have both tumbled, with the company now competing in a difficult market, where leader Tesla is aggressively reducing prices. In late 2021, when Rivian made its public trading debut, its market capitalization had crossed $150 billion. But now, the company’s…
EV Charging Making Inroads to Rural America, Tennessee and Rivian Partnership Shows
March 20, 2023
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The push to electrify America’s roadways has reached Tennessee state parks in recent years, as the state partnered with electric vehicle (EV) company Rivian to install electric car chargers in some of the most remote areas of the state. For example, Fall Creek Falls State Park, the largest and most visited state park in Tennessee,…
Electric Vehicle Companies See Fall in Demand Due to High Costs and Supply-Chain Problems
American electric vehicle (EV) start-ups are dealing with falling demand, as buyers look elsewhere, or put off purchases entirely. High costs, quality-control issues, and supply-chain problems are taking a toll on the EV sector, according to the latest quarterly reports. Several EV companies reported a declining interest for some of their latest vehicles, while production…
Electric Vehicle Companies See Fall in Demand
American electric vehicle (EV) start-ups are dealing with falling demand, as buyers look elsewhere, or put off purchases entirely. High costs, quality-control issues, and supply-chain problems are taking a toll on the EV sector, according to the latest quarterly reports. Several EV companies reported a declining interest for some of their latest vehicles, while production…
Ford Cuts Rivian Stake to About 1 Percent
Ford Motor Co. has cut its stake in Rivian Automotive Inc. to 1.15 percent, as part of a plan to scale down its holdings in the electric-vehicle maker. Ford, which wrote down the value of its Rivian investment by $7.4 billion in 2022, had said last week that the monetization of its stake in Rivian…
Rivian Plans 6 Percent Workforce Reduction, Business ‘Bleeding Cash’
American electric vehicle manufacturer Rivian plans to cut down its workforce in an attempt to control costs as the company battles falling cash reserves and a potential price war with competitors. Rivian intends to lay off 6 percent of its workforce, CEO R.J. Scaringe said in an email to employees on Wednesday. Rivian is estimated…
FedEx, Rivian, DraftKings Join US Companies Cutting Jobs
FedEx, Rivian Automotive, and DraftKings have joined a growing list of U.S. corporations announcing job cuts. FedEx sent an announcement to employees Wednesday informing them that the package delivery company is reducing the size of its officer and director team by more than 10 percent and consolidating some teams and functions. “Unfortunately, this was a…
Rivian Shares Skid After EV Maker Recalls Nearly All Vehicles
Shares of Rivian Automotive Inc. closed 7.3 percent lower on Monday after the electric-vehicle maker recalled nearly all its vehicles, heightening investor concerns that the company may not be able to meet its 2023 production target. Rivian’s market capitalization dropped more than $2 billion to $31.1 billion in a single day, compared with automakers such…
Rivian Produces Over 7,000 Vehicles in Third Quarter, Maintains Full-Year Target
Rivian Automotive Inc. said on Monday it produced 7,363 vehicles at its manufacturing facility in Normal, Illinois, and delivered 6,584 vehicles in the quarter ended Sept. 30. The company also reiterated its full-year production target of 25,000 vehicles, sending shares up 9 percent in post-market trade. The Amazon.com Inc-backed electric vehicle company produced 4,401 and…
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