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June 9 (Reuters) - The White House on Friday said electric-vehicle charging stations using Tesla (TSLA.O) standard plugs would be eligible for billions of dollars in federal subsidies as long as they included the U.S. charging standard connection, CCS, as well. The statement follows separate announcements by U.S. automakers Ford Motor (F.N) and General Motors (GM.N) that they were adopting the Tesla model of charging, known as the North American Charging Standard (NACS). Tesla shares rose 4.1%. Some of them said on Friday that they would work to adapt to the Tesla standard. [1/2] Tesla charging stations are pictured in a parking lot in Shanghai, China March 13, 2021.

Persons: Biden, Tesla, Robyn Patterson, Patterson, Tesla's, Oleg Logvinov, Aly, Logvinov, Sam Houston, Danni Hewson, AJ Bell, Blink, Jonathan Levy, We've, They've, Asaf Nagler, ChargePoint, Jarrett Renshaw, Abhirup Roy, Hyunjoo Jin, Chavi Mehta, Bhanvi, Sayantani Ghosh, David Gaffen, Peter Henderson, Matthew Lewis Organizations: U.S, Ford Motor, General Motors, American, CCS, Analysts, Ford, GM, EV, Reuters, Volkswagen, Hyundai Motor, Kia, IoTecha, REUTERS, CharIN, Union of Concerned, Tesla, ABB, America, Thomson Locations: United States, Shanghai, China, CharIN North America, Swiss, Philadelphia, San Francisco, Bengaluru

☆ White House welcomes Tesla to take advantage of federal dollars
▼ + stars: | 2023-06-09 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +5 min

June 9 (Reuters) - The White House on Friday said electric-vehicle charging stations using Tesla (TSLA.O) standard plugs would be eligible for billions of dollars in federal subsidies as long as they included the U.S. charging standard connection, CCS, as well. Tesla shares rose as much as 7.5% on Friday but pared gains to close 4.1% higher at $244.40. Analysts said the Ford and GM news was a big win that could make Tesla Superchargers an industry standard in the United States. GM and Ford shares closed up 1.1% and 1.3%, respectively. Musk on Friday said in a tweet it would be "ideal" for Tesla chargers to need only CCS adapters to meet federal charging standards.

Persons: Biden, Tesla, Robyn Patterson, Patterson, Tesla's, Sam Houston, Danni Hewson, AJ Bell, Blink, Jonathan Levy, ChargePoint, Musk, Jarrett Renshaw, Hyunjoo Jin, Abhirup Roy, Chavi Mehta, Bhanvi, Sayantani Ghosh, David Gaffen, Peter Henderson, Matthew Lewis Organizations: U.S, Ford Motor, General Motors, American, CCS, Ford, GM, EV, Reuters, Volkswagen, Hyundai Motor, Kia, Union of Concerned, Tesla, Elon, Thomson Locations: United States, Philadelphia, San Francisco, Bengaluru

☆ Nikola adjourns meeting to garner more support for share proposal
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

SAN FRANCISCO, June 7 (Reuters) - Nikola (NKLA.O) adjourned its shareholder meeting on Wednesday after failing to garner enough support for a proposal to increase the number of shares the electric truck maker is allowed to issue, delaying its prospects of raising much-needed capital. The company, like other electric vehicle makers, has been grappling with dwindling cash and weakening demand amid fears of a recession. While some proposals require a majority of shares voted, Proposal 2 needs more than 50% of all outstanding shares in favor to pass. "More than 77% of shares voted through June 6 have been in favor of Proposal 2, but more time is needed to obtain the required vote," Nikola said in a statement, adding that the meeting will reconvene on July 6. Nikola shares have dropped about 73% this year to 59 cents as of Wednesday's close, below Nasdaq's $1 threshold.

Persons: Nikola, NKLA.O, Stasy Pasterick, Michael Lohscheller, Abhirup Roy, Lisa Shumaker Organizations: FRANCISCO, bourse, Thomson Locations: San Francisco

The deal, announced last month, would open more than 12,000 Tesla Superchargers to drivers of Ford vehicles in North America starting in 2024. SS&C has invested in such charging companies as ChargePoint Holdings Inc (CHPT.N), EVgo Inc (EVGO.O) and Blink Charging Co (BLNK.O). The Ford deal was a boost to Tesla's more widespread, reliable North American Charging Standard (NACS) and dented the value of smaller players offering the rival Combined Charging System (CCS). Complaints about other charging companies' software bugs or broken charging hardware only opens the door to greater access for Tesla's standard, however, industry officials said. Under its new deal, Ford will distribute Tesla adapters to customers and starting in 2025 will equip future EVs with NACS.

Persons: Joe Biden, Paul Baiocchi, Ford, Elon Musk, Tesla's, Biden, Pete Buttigieg, Tesla, Lazard, Mohit Kohli, Chris Harto, Arcady Sosinov, Chris Anthony, Sosinov, Abhirup Roy, Hyunjoo Jin, David Shepardson, Jarrett Renshaw, Ben Klayman, Matthew Lewis Organizations: FRANCISCO, Ford, North America, U.S, SS, C ALPS Advisors, ChargePoint Holdings, EVgo Inc, CNBC, CCS, EVs, Volta, Volkswagen AG, General Motors Co, BMW, Consumer, Aptera, Thomson Locations: U.S, North, Europe, San Francisco, Washington

☆ Electric truck maker Nikola may do reverse stock split to comply with Nasdaq rules
▼ + stars: | 2023-06-01 | by ( Abhirup Roy | ) www.reuters.com time to read: +2 min

SAN FRANCISCO (Reuters) -Electric truck maker Nikola Corp may execute a reverse stock split if its stock does not comply with Nasdaq’s minimum bid price requirements within a certain period, its chief executive Michael Lohscheller said on Thursday. Nasdaq requires shares trade above $1 and sends a notice if one trades below that mark for 30 consecutive business days. If Nikola cannot comply in those periods, the company can execute the reverse stock split, subject to a shareholder vote, to move its shares above the $1 mark, Lohscheller said. A reverse stock split consolidates the number of existing shares into fewer shares. Cash burn in the first quarter was $240 million, compared with $200 million per quarter in 2022, Nikola said last month.

Persons: Nikola, Michael Lohscheller, Massimo Pinca Nikola, Lohscheller, ”, Cash, ” Nikola Organizations: FRANCISCO, Reuters, U.S, Nikola, REUTERS, Nasdaq, Companies, ” Investors Locations: Turin, Italy

☆ EV maker Rivian takes bold bet with higher-priced vehicles amid heating competition
▼ + stars: | 2023-05-11 | by ( Abhirup Roy | ) www.reuters.com time to read: +4 min

"We see demand from customers for what we're building" Rivian CEO R.J. Scaringe told Reuters on Wednesday. Rivian is confident of maintaining prices in the face of growing competition, he said, adding that extra-large batteries, better performance and premium features would distinguish the company from rivals. Any immediate impact on Rivian's demand will be difficult to gauge as the company, along with rival Lucid, stopped disclosing current orders in a move that has concerned analysts. "You'll absolutely see prices come down when they're able to have more economies of scale and when there's more competition. Reporting by Abhirup Roy in San Francisco; Editing by Peter Henderson and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Shares of SUV maker Fisker and truck maker Nikola Corp (NKLA.O), which reported early on Tuesday, fell 7% and 13%, respectively. Shares of Lucid, which makes luxury sedans, dropped 6% on Tuesday after its results late on Monday. Fisker lowered its annual production target to between 32,000 and 36,000 vehicles from its earlier target of 42,400 cars, blaming supply-chain issues and an "updated timing" for roadworthiness certification. The company, which started production of its Ocean SUV just in November and has $652.5 million in cash, also posted a larger-than-expected loss. For Nikola, cash burn came in at $240 million as it produced 63 vehicles.

May 8 (Reuters) - Electric vehicle (EV) maker Lucid Group Inc (LCID.O) reported lower-than-expected first-quarter revenue on Monday and trimmed its 2023 production forecast as a price war sparked by Tesla, rising interest rates and recession fears hurt sales. Shares in the maker of the Air luxury sedan dropped about 9% in after hours trade. The company reported quarterly revenue of $149.4 million, compared with analysts' average estimate of $209.9 million, according to Refinitiv. Chief Financial Officer Sherry House said the company had $4.1 billion in liquidity, enough to fund the luxury EV maker at least into the second quarter of next year. The EV maker is set to unveil its Gravity sport utility vehicle later this year ahead of its launch in 2024.

[1/2] A Tesla Model 3 vehicle drives on autopilot along the 405 highway in Westminster, California, U.S., March 16, 2022. Tesla denied liability for the accident and said in a court filing that Hsu used Autopilot on city streets, despite a user manual warning against doing so. "This case should be a wakeup call to Tesla owners: they can't over-rely on Autopilot, and they really need to be ready to take control and Tesla is not a self-driving system," he said. The Hsu trial unfolded in Los Angeles Superior Court over three weeks, with testimony from three Tesla engineers. The main question in Autopilot cases was who is responsible for an accident while a car is in driver-assistant Autopilot mode - a human driver, the machine, or both?

After the verdict on Friday, juror Mitchell Vasseur, 63, told Reuters that he and his fellow jurors felt badly for Hsu, but ultimately determined that Autopilot was not at fault. Jury foreperson Olivia Apsher, 31, said the Autopilot system reminds drivers when they are not adequately taking control. "There are audible warnings and visual warnings both for the driver, indicating that it is your responsibility." The trial unfolded in Los Angeles Superior Court over three weeks and featured testimony from three Tesla engineers. Reporting by Abhirup Roy in Los Angeles, and Dan Levine and Hyun Joo Jin in San Francisco Editing by Peter Henderson and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

[1/2] A Tesla Model 3 vehicle drives on autopilot along the 405 highway in Westminster, California, U.S., March 16, 2022. It said in a court filing that Hsu used Autopilot on city streets, despite Tesla's user manual warning against doing so. The main question in Autopilot cases is who is responsible for an accident while a car was in driver-assistant Autopilot mode - a human driver, the machine, or both? That executive, Ashok Elluswamy, director of Autopilot software at Tesla, testified during the Hsu trial last week about the videotape. Also at issue in the Hsu trial is the airbag.

☆ Faraday Future pushes back EV deliveries, looking for cash
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +2 min

Still, the company said its first vehicle would come off the production line on Friday, and shares rose 13% to $0.31. Faraday Future on Thursday said it was in discussions with additional potential investors to secure the funding. Faraday Future has been struggling with a cash crunch and a board reshuffle following a governance dispute with one of its largest shareholders, FF Top Holding. Last November, Faraday Future raised doubts about its ability to continue as a "going concern". But the company managed to secure enough funds in February to start much-delayed production of the FF 91 Futurist last month.

☆ Tesla cuts prices in US to spur demand
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +1 min

April 7 (Reuters) - Tesla Inc (TSLA.O) has slashed prices of its electric vehicles in the United States, its website showed on Thursday, doubling down on a discount drive against the backdrop of a weakening economy. The cuts ranged from 1.9% on the performance version of the Model 3 to 5.6% on the basic version of the Model S. Tesla did not immediately respond to a request for comment on the reductions. The move follows repeated comments in recent months by Chief Executive Elon Musk that Tesla would focus on lowering prices to spur demand and had seen success in sparking orders with global discounts introduced in January. Prices of both the performance and basic variants of Model 3 cars were cut by $1,000, the website showed. The price of the basic version of the Model 3 was cut by 2.3% to $41,990 while its performance version was cut by 1.9% to $52,990.

NEW YORK, April 6 (Reuters) - Walmart Inc (WMT.N) plans to have its own network of electric vehicle charging stations by 2030 to tap into the growing adoption of EVs in the United States. Walmart's more than 5,000 stores and Sam's Club warehouses are located within 10 miles of about 90% of Americans. As EV charging infrastructure ramps up in the U.S., there are widespread concerns over uptime, performance, ease of use and high installation costs of the machines. Owning its chargers, instead of partnering with a network operator, will help Walmart address reliability and cost issues, Kapadia said. Walmart's plan comes as U.S. President Joe Biden has committed to building a network of 500,000 public EV chargers by 2030.

☆ Rivian to relocate staff to Illinois EV plant to accelerate production - WSJ
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +1 min

Companies Rivian Automotive Inc FollowMarch 24 (Reuters) - Rivian Automotive Inc (RIVN.O) is relocating parts of its manufacturing engineering team to Illinois to speed up production, the Wall Street Journal reported on Friday, citing a person familiar with the matter. The reorganization, expected to be announced soon, would mean those working on manufacturing engineering would be asked to relocate to central Illinois or its headquarters in Irvine, California, according to the WSJ report. Rivian, which makes R1T electric pickup trucks and R1S SUVs at its factory in Normal, Illinois, in February forecast 2023 production below analysts' expectations as it grapples with lingering supply chain snarls. The electric-vehicle maker has been losing money on every vehicle it builds, and narrowly missed its annual production target of 25,000 units last year. Reporting by Akash Sriram in Bengaluru and Abhirup Roy in San Francisco; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

The biggest makers and network operators of EV charging stations include Tesla Inc (TSLA.O), ChargePoint Holdings Inc (CHPT.N), EVgo Inc (EVGO.O) and Electrify America. In Arizona, the state's Department of Transportation is leading efforts to build charging stations, and expects $76.5 million in federal charging funds over the next five years. The first, $1.25 billion round of the Biden buildout is focused squarely on the highway fast chargers, with later rounds including slower chargers for overnight charging, for instance. Its South Korean charger manufacturer, SK Signet Inc (260870.KN), is planning to open a Texas factory to produce up to 10,000 direct-current fast chargers annually by 2026. Shares of EVgo jumped nearly 10% on Feb. 15, when the U.S. government announced the new rules for chargers.

☆ Self-driving startup Gatik to double workforce, strikes Kroger deal
▼ + stars: | 2023-03-15 | by ( Abhirup Roy | ) www.reuters.com time to read: +3 min

SAN FRANCISCO, March 15 (Reuters) - Self-driving trucking startup Gatik will double its workforce by year end, a top executive said, after it announced a deal on Wednesday with grocer Kroger Co (KR.N) to transport goods within its Dallas, Texas network. Gatik, which operates traditional mid-sized trucks fitted with its autonomous technology, aimed to expand to 15 new U.S. states over five years, CEO Gautam Narang told Reuters. Many investors in the self-driving industry have grown sceptical as complicated technology and tough safety regulations have delayed large-scale commercialization. Autonomous truck company Embark Technology (EMBK.O) said this month it would lay off 70% of its employees and start evaluating options, including winding down the business. Microsoft (MSFT.O)plans to invest more than $10 million in Gatik at a valuation above $700 million, sources told Reuters in January.

☆ GM's Cruise to focus on cost cuts as it ramps up robotaxis
▼ + stars: | 2023-03-07 | by ( Abhirup Roy | ) www.reuters.com time to read: +2 min

Ford Motor Co (F.N) and Volkswagen AG (VOWG_p.DE) last fall announced they would shutter their Argo AI self-driving unit and focus on driver-assistance technology that provided more immediate returns. Cruise's rival and Alphabet Inc's (GOOGL.O) self-driving technology unit, Waymo, has this year laid off over 8% of its workforce. The company is also developing a fully autonomous vehicle called Origin from scratch without a steering wheel and with subway-like doors for rideshare and deliveries. "This is a really pivotal year for us that will really transform not just Cruise but the whole perception of autonomous vehicles." Reporting by Abhirup Roy in San Francisco; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ Rivian plans to sell $1.3 bln in bonds to shore up capital, shares fall
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

SAN FRANCISCO, March 6 (Reuters) - Rivian Automotive (RIVN.O) plans to sell bonds worth $1.3 billion, it said on Monday, as weakening demand and lofty costs tighten a cash crunch around electrical vehicle makers. 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. The capital from this offering will help facilitate the launch of Rivian's smaller R2 vehicle family, a Rivian spokesperson told Reuters, adding that convertible debt was "optimal cost of capital versus selling equity at today's levels." It reported cash and cash equivalents of $11.57 billion at the end of December, down from $13.27 billion a quarter earlier. The interest rate, initial conversion rate and other terms of the bonds will be decided at the pricing of the offering.

☆ Rivian stands by 2023 production target despite media report
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

The 62,000 figure was said in an internal meeting and was taken out of context, the Rivian spokesperson said. Bloomberg later said that the figure was given at an all- hands meeting as part of a "production master plan" for the year. The Rivian spokesperson declined to comment on the context in which the number was given or about a company master plan. The company cited persistent supply-chain snarls sparked by the pandemic and bad weather that hampered production, adding it expected the issues to continue through 2023. Shares of Rivian closed up 7.6% at $16.92 on Friday after rising more than 11% on the Bloomberg report.

☆ Rivian sticks to 50,000 vehicle production target for 2023
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: 1 min

March 3 (Reuters) - Rivian Automotive Inc (RIVN.O) on Friday said it was sticking to its official production forecast of 50,000 vehicles in 2023. A company spokesperson said that comments about 62,000 vehicles, reported by Bloomberg, were from an internal meeting and taken out of context. Earlier this week, Rivian said it aimed to produce 50,000 cars this year, below analysts' estimate of 67,170 units, according to Visible Alpha. Reporting by Abhirup Roy in San Francisco and Eva Mathews in Bengaluru; Editing by Shinjini Ganguli and Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

That is one of the cheapest prices in the EV group, and Fisker, which has produced only 56 vehicles so far, saw orders improve. Nikola said issues hurting demand for its battery-powered trucks would not ease any time soon. Rivian forecast 2023 production well below analyst estimates on Tuesday, citing nagging supply chain shortages, sending shares down 8% in after-hours trading. Bowe oversees investments in a host of startups, including EV charging companies, and said she was looking at investment opportunities in EV makers. But the four companies have already lost a combined $84 billion in value over the past year, given production woes and supply chain disruptions.

☆ Alphabet's Waymo cuts 137 jobs in second round of layoffs this year
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - Alphabet Inc's (GOOGL.O) self-driving technology unit, Waymo, laid off 137 employees in its second round of layoffs in 2023, the firm told Reuters on Wednesday. Including the latest job cuts, the division has let go of 8% of its workforce, or 209 employees, this year. Investors and industry watchers have been concerned as to how billions of dollars have been poured in the self-driving technology sector in a short span of time to commercialize it. Alphabet said in January it would slash 12,000 jobs, which will affect a large number of employees who support experimental projects. Reporting by Akash Sriram in Bengaluru and Abhirup Roy in San Francisco and David Shepardson; Editing by Shailesh Kuber and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Rivian sees 2023 production well below estimates, recalls over 12,700 vehicles
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Kamil Krzaczynski/File PhotoFeb 28 (Reuters) - Rivian Automotive Inc (RIVN.O) on Tuesday forecast 2023 production well below analysts' estimates as it grapples with lingering supply chain bottlenecks, and announced a recall of more than 12,700 vehicles. The Irvine, California-based company also reported lower-than-expected fourth quarter revenue as the electric-vehicle firm delivered far fewer vehicles than it produced. Rivian produced 24,337 vehicles in 2022, slightly short of its target of 25,000 units. The company reported fourth-quarter net loss of $1.72 billion, or $1.87 per share, compared with $2.46 billion, or $4.83 per share, a year earlier. Rivian reported cash and cash equivalents of $11.57 billion, down from $13.27 billion at the end of the preceding quarter.

Feb 22 (Reuters) - Lucid Group Inc (LCID.O) on Wednesday forecast 2023 production well short of analysts' expectations and reported a major drop in orders during the fourth quarter amid weakening demand, sending the electric carmaker's shares down 11% after hours. "There's probably a lot of frustration from customers having to wait for so long to get the vehicles they ordered." House said Lucid would incur capital expenditures of between $1.5 billion and $1.75 billion in 2023. Lucid reported a cash balance of $1.74 billion in the fourth quarter, after raising $1.52 billion in December. The stock fell 82% last year after Lucid halved its production forecast due to supply chain issues.

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