DIRS.INFO The most relevant business & tech news

A grueling manhunt for the suspect wanted in a highway shooting spree stretched into its fifth day as authorities said they believe he retreated deep into a forested swath of southeastern Kentucky with no indication he has fled elsewhere. “There’s so many people that have eyes on this investigation around the world that now we should have gotten a pretty good tip that he exited the woods,” Pennington told reporters 72 hours into the operation. Amid the search, authorities went to his home in Woodbine, about 23 miles from the shooting site, to collect evidence. The search by foot remains daunting, Pennington said, as temperatures have stayed above 80 degrees during the day. “I hope he doesn’t have water, and I hope he doesn’t have food," Pennington said at a news conference Tuesday.

Persons: Joseph A ., Couch, Scottie Pennington, “, ”, “ I’m, ” Couch, Gilbert Acciardo, ” Acciardo, Daniel Boone, ” Pennington, London Mayor Randall Weddle, Pennington Organizations: Army, Kentucky State Police, Toyota, . Forest Service, Daniel Boone National, Target Firearms, NBC, Army Reserve, London Mayor, NBC News Locations: Kentucky, Laurel County, London, Laurel, Daniel Boone National Forest, Woodbine

☆ Biden to announce new efforts to curb gender-based violence
▼ + stars: | 2024-09-12 | by ( Zoë Richards | Zoë Richards Is A Politics Reporter For Nbc News. | ) www.nbcnews.com time to read: +2 min

President Joe Biden on Thursday will commemorate the 30th anniversary of the Violence Against Women Act by announcing new efforts to curb gender-based violence, senior administration officials said. Klein said the Department of Housing and Urban Development on Thursday will also announce a new office targeting gender-based violence that will help survivors get secure housing and economic stability. The initial legislation, which was passed through a bipartisan crime bill in 1994, included the first National Domestic Violence Hotline. Biden's American Rescue Plan also included investments targeting gender-based violence. The Family Violence Prevention and Services Act program reported that roughly $1 billion in supplemental funding has supported 252 tribes, 1,500 domestic violence programs and 1,400 sexual assault programs.

Persons: Joe Biden, Biden, Jennifer Klein, Klein Organizations: Council, Justice Department, The Justice Department, Department of Housing, Urban, Prevention

But for the first time in recent political memory, the 2024 presidential race has left Florida as a comparative afterthought. It used to be …presidential elections, we would be on a razor’s edge about the state of Florida,” Gov. “With the work we have been doing and the grassroots momentum, Florida is competitive in 2024,” Florida Democratic Party Communications Director Eden Giagnorio said. They use Nikki Fried’s make-believe volunteer numbers," he said, referring to the Florida Democratic Party chairwoman. Last week, Harris campaign allies also started it “Fighting for Reproductive Freedom” bus tour in Florida, a starting line Democrats hyped as a sign of national relevance.

Persons: Ron DeSantis, Joe Biden’s, Donald Trump, ”, Eden Giagnorio, Paul Hennessy, Trump, Harris, Evan Power, Nikki Fried’s, Danielle Alvarez, “, Matt Dixon, “ It’s, Kamala Harris, Steve Schale, ” Schale, ” Harris, Biden, Doug Emhoff Organizations: ”, Republican, Electoral, Democrats, Florida, Democratic, Cook, Florida Democratic Party, ” Florida Democratic Party Communications, Florida’s, Republican Party of Florida, Florida Democratic, “ Trump, NBC, Trump, Veteran Florida Democratic Locations: TALLAHASSEE, Fla, Florida, South Florida, ” Florida, Ron DeSantis , Florida, Orlando, Jacksonville

Now, the Harris campaign says it’s seeing an unprecedented rush of volunteers in the state, especially young adults. “It’s certainly going to help the Harris campaign,” Dinan said, though he added just how much Swift moves the needle is an open question. “We care about the issues that every other person on the ballot is looking at.”Health care has been a huge issue for the Harris campaign, particularly in North Carolina. One of every 5 North Carolina residents is Black, and there is a growing number of Latino voters. “Republican leadership in North Carolina is tested and has proven to have a superior ground game,” he said.

Persons: Kamala Harris, Donald Trump’s, Trump, Barack Obama, There’s, Josh Stein, Mark Robinson, Harris, Donald Trump, ”, Dory MacMillan, Joe Biden, Biden, Carolinians, “, John Dinan, Taylor, “ It’s, ” Dinan, Swift, Anderson Clayton, “ Young, ” Clayton, Matt Mercer Organizations: Democratic, Republican, Gov, “ Voters, Quinnipiac University, Trump, Biden, Wake Forest University, General Services Administration, Democratic Party, Appalachian State University, University of North, Chapel Hill, MSNBC, Democrats, GOP Locations: GREENSBORO, N.C, —, North Carolina, Carolina, University of North Carolina, Black

Taylor Swift matched Beyoncé's record for the most career MTV Video Music Awards on Wednesday night after winning seven awards in one evening. Before her first win of the night for song of the summer, Swift had 23 VMAs. Swift, 34, ended the night with a win for video of the year, her third consecutive year earning the award. She also took home Moon Person statues for best pop, best artist, best director, best collaboration and best editing. It was a big night for Swift after one of the biggest years of her life.

Persons: Taylor Swift, Swift, Beyoncé, Travis Kelce, Travis, Kamala Harris, Harris, Tim Walz, “, ” Swift, ”, Sen, JD Vance, Benjamin Button Organizations: MTV, Guinness World Records, Country Music, Minnesota Gov Locations: Texas, R, Ohio, U.S, Europe, South America, Asia, Australia, Miami, New Orleans, Indianapolis, Canada

Microsoft told employees on Thursday that it has hired Carolina Dybeck Happe as its executive vice president and chief operations officer, reporting to CEO Satya Nadella. Dybeck Happe comes from GE, where she was senior vice president and chief financial officer from 2020 until September 2023. She will join Microsoft's senior leadership team alongside finance chief Amy Hood, cloud and AI engineering leader Scott Guthrie and other executives. GE CEO Larry Culp called Dybeck Happe "a high-impact executive" when GE announced in 2019 that it had picked Dybeck Happe to replace Jamie Miller as chief financial officer. Before that, she spent almost 17 years at Swedish lock company Assa Abloy, where she became chief financial officer and deputy CEO.

Persons: Carolina Dybeck, Satya Nadella, Dybeck Happe, Microsoft's, Amy Hood, Scott Guthrie, Nadella, Dybeck, Rajesh Jha, Larry Culp, Jamie Miller, Kevin Turner, Gene Munster Organizations: Microsoft, GE, Microsoft Digital IT, Microsoft Business Operations, GE Aerospace, GE Vernova, New York Stock Exchange, Maersk, Walmart Locations: Carolina, Swedish

☆ Photos show a US Air Force B-2 Spirit bomber flying with Japanese F-35s for the first time
▼ + stars: | 2024-09-12 | by ( Chris Panella | ) www.businessinsider.com time to read: +4 min

Read previewNew photos captured a US B-2 Spirit bomber flying with Japanese F-35 Lightning II fighter aircraft for the first time. The historic first flight was part of Bomber Task Force missions. AdvertisementThe US Air Force B-2 launched from Royal Australian Air Force Base Amberley in Australia. B-2s, normally stationed at Whiteman Air Force Base in Missouri, have been conducting Bomber Task Force missions for the past three weeks. The stealth capabilities of B-2 Spirit bombers are particularly unique in the US Air Force.

Persons: —, PACAF, Justin Meyer, Samantha White, INDOPACOM Organizations: Service, Force, Business, Pacific Air Forces, Bomber Task Force, US Pacific Air Forces, Japan Air Self, Defense Force, US Air Force, Royal Australian Air Force Base Amberley, Whiteman Air Force Base, 110th Expeditionary Bomb Squadron, Japan, Self, Getty, Bomber, Pacific Command Locations: Australia, Missouri, Japan, United States, Kosovo, Iraq, Afghanistan, Europe, US, Guam

☆ OpenAI, Anthropic and Google execs meet with White House to talk AI energy and data centers
▼ + stars: | 2024-09-12 | by ( Hayden Field | ) www.cnbc.com time to read: +3 min

Leaders at OpenAI, Anthropic, Microsoft , Google and several American power and utility companies met Thursday at the White House to discuss the future of artificial intelligence energy infrastructure in the U.S., sources familiar with the meeting told CNBC. An OpenAI spokesperson told CNBC that the company believes building additional infrastructure in the U.S. is critical to the country's industrial policy and economic future. by ensuring data-centers are built in the United States while ensuring the technology is developed responsibly," White House spokesperson Robyn Patterson told CNBC. White House chief of staff Jeff Zients and White House deputy chief of staff Bruce Reed also attended, according to a source. Anthropic counts Amazon as a leading investor, while OpenAI is heavily backed by Microsoft.

Persons: Sam Altman, Dario Amodei, Ruth Porat, OpenAI, Biden, Harris, Joe, Kamala, Robyn Patterson, Gina Raimondo, Jennifer Granholm, Jake Sullivan, Ali Zaidi, Kristine Lucius, John Podesta, Jeff Zients, Bruce Reed, Anthropic, government's Organizations: Microsoft, Google, White, CNBC, CNN, U.S . National, White House, AI Safety, Department of Commerce, National Institute of Standards, Technology, Biden Locations: U.S, America, Wisconsin , California , Texas, Pennsylvania, A.I, United States

☆ Homeowners may be 'overconfident in their retirement readiness,’ economist says. Here’s why
▼ + stars: | 2024-09-12 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Owning a home makes some people feel more confident about their prospects for retirement — but that may be misguided, some experts say. Of those who said they were ahead or on schedule, 42% cite an early start in retirement savings helped them get ahead. The survey polled 6,657 adults, including 2,603 retired adults and 4,054 adult workers, in August. "Homeowners are actually more likely to be overconfident in their retirement readiness," Chen said. "There's a lot of misconception in terms of how people assess whether they are ahead or not in retirement."

Persons: SurveyMonkey, Angie Chen, Chen, Winnie Sun Organizations: Finance, Center for Retirement Research, Boston College, Homeowners, Sun Group Wealth Partners Locations: Irvine , California

☆ 'Nothing is going to change.' Why Wall Street insiders are casting doubt on new policies to protect junior investment bankers from burnout.
▼ + stars: | 2024-09-12 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +8 min

Two of Wall Street's biggest banks are adopting new policies to mitigate overwork and burnout for their junior investment bankers. Bank of America will use a new tool to better track working hours for junior bankers, the Journal report said, and flag HR when those go above 80. But the nature of investment banking work makes it hard to believe that such guardrails will stand the test of time. He completed an internship at an investment bank in New York last summer and accepted a return offer to start full time in 2025. If senior banking staff don't unilaterally enforce the cap and take it seriously, junior bankers can feel pressure to let the rules slide for the sake of the team and their own careers.

Persons: Leo Lukenas III, Lukenas, Jamie Dimon, JPMorgan Chase, we've, they're, Moritz Erhardt, —, We've Organizations: Service, Industry, JPMorgan, Street, Bank of America, Business, Bank of, Green Beret, of America Locations: New York, London

☆ North Korea releases images of Kim Jong Un visiting a uranium enrichment site
▼ + stars: | 2024-09-12 | by ( Yoonjung Seo | Lucas Lilieholm | ) edition.cnn.com time to read: +4 min

North Korean leader Kim Jong Un visits a uranium enrichment facility, which produces weapon-grade nuclear materials, in a photo published by North Korean state media on Friday, September 13, 2024. “By showing highly enriched uranium and production facilities, they are sending a message that the world must recognize North Korea as a nuclear state. By disclosing these facilities, Kim Jong Un is saying that denuclearization of North Korea is unrealistic,” he told CNN. The disclosure comes at a time of heightened tensions between North Korea and the West, with the US and its allies accusing North Korea of providing substantial military aid to Russia’s war effort in Ukraine. North Korea is believed to have several sites for enriching uranium.

Persons: Kim Jong, Kim, “ Kim, ”, Ankit Panda, Stanton, Kim Jong Un, Vladimir Putin, I’m, Martyn Williams, it’s Organizations: South Korea CNN, Korean Central News Agency, Carnegie Endowment, International, Korean, North, North Korean, Ewha Womans University, CNN, Stimson Locations: Seoul, South Korea, North Korea, Russia, West, North Korean, Korea, Ukraine, Moscow, Pyongyang, Korean, Russian

☆ Astronomy Photographer of the Year contest showcases mesmerizing photos
▼ + stars: | 2024-09-12 | by ( Jack Guy | ) edition.cnn.com time to read: +1 min

CNN —The phases of Venus, the Aurora Australis and the International Space Station transiting the Sun all feature as category winners in the Astronomy Photographer of the Year competition. Ryan Imperio was named the overall winner for his photograph capturing the progression of Baily’s beads during the 2023 annular eclipse, according to a Thursday statement from the Royal Observatory Greenwich, which runs the competition. “These are a challenge to capture due to their brevity and the precise timing needed.”Imperio said that he didn’t expect to win the competition. “The images selected each year are absolutely astonishing and I am both thrilled and honoured to have my photo among them,” he said in the statement. Editor’s note: A version of this story appeared in CNN’s Wonder Theory science newsletter.

Persons: Ryan Imperio, ” Imperio, ”, Ed Bloomer, Victoria Lane Organizations: CNN, Space, Astronomy, Royal Observatory Greenwich, Royal Observatory, Royal Museums Greenwich, National Maritime Museum Locations: Victoria, London

☆ CNBC Markets Now: September 12, 2024
▼ + stars: | 2024-09-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCNBC Markets Now: September 12, 2024CNBC Markets Now provides a look at the day's market moves with commentary and analysis from Michael Santoli, CNBC Senior Markets Commentator.

Persons: Michael Santoli Organizations: CNBC

☆ Intel getting help from Commerce Secretary Raimondo as part of effort to spur U.S. production
▼ + stars: | 2024-09-12 | by ( Seema Mody | ) www.cnbc.com time to read: +4 min

The company is turning to Commerce Secretary Gina Raimondo for help. In a recent meeting with Raimondo, Intel CEO Pat Gelsinger voiced frustration over the heavy reliance that U.S. companies have on Taiwan Semiconductor Manufacturing , the world's largest contract chipmaker. Intel is currently building out plants in four U.S. states as it seeks to become more of a foundry business, manufacturing chips for other suppliers. It's an increasingly important initiative for Intel, which is getting trounced in the market for microprocessors. Concerns have been rising for years that China could invade Taiwan, creating a massive risk for the U.S. chip industry.

Persons: Gina Raimondo, Joe Biden, Raimondo, Pat Gelsinger, chipmaker, Biden, It's, David Zinsner, Zinsner, Jensen Huang, Goldman Sachs, Huang, David Solomon Organizations: Semiconductors, America, White, Intel, U.S, Taiwan Semiconductor Manufacturing, Nvidia, Apple, CNBC disbursements, Devices, U.S . Commerce Department, AMD, Google, Broadcom Locations: U.S, Taiwan, Arizona, China

If the Fed cuts rates on September 18, bank account interest rates are likely to decline further. High-yield savings and money market accounts outearn typical checking or savings accounts even when rates decline. If the Fed decides to cut rates, savings account and CD rates will likely decline. AdvertisementEven in a declining interest rate environment, the best high-yield savings accounts offer a higher annual percentage yield than savings accounts at brick-and-mortar banks. Some of the highest-yield saving accounts include the EagleBank High-Yield Savings Account (0.01% to 5.35% APY), Western Alliance Bank High-Yield Savings Premier( 5.31% APY), and BrioDirect High-Yield Savings Account (5.30% APY).

Persons: —, they'll, George Salinas, ™, Nate Hanft, there's, Banks, it's, I've, Hanft Organizations: Service, CFS, Manske Wealth Management, Barclays, Connexus Credit, Wealth, Western Alliance Bank, Yield Savings Locations: Salinas

☆ Europe cuts interest rates again as economic recovery falters
▼ + stars: | 2024-09-12 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The European Central Bank (ECB) cut interest rates Thursday, lowering borrowing costs for the second time in recent months as inflation slows and Europe’s economy stumbles. The ECB cut rates for the first time in five years in June, but kept them unchanged at its last meeting in July. However, it marginally downgraded the outlook for economic growth in the eurozone to 0.8%, from 0.9% projected in June. “Financing conditions remain restrictive, and economic activity is still subdued, reflecting weak private consumption and investment,” the ECB said. Earlier this week, former ECB chief Mario Draghi said in a report that slowing economic growth and productivity present an “existential challenge” to Europe.

Persons: Bert Colijn, Christine Lagarde’s, Mario Draghi, Draghi Organizations: London CNN, European Central Bank, ECB, Olympic, Paralympic Games, P Global, Hamburg Commercial Bank, “, ING Locations: Germany, Paris, Europe, United States, China, EU

To help you decide whether ESPN Plus is right for your needs, we've answered all of your pressing questions, including how much is ESPN Plus and any available deals on subscriptions. ESPN Plus (Monthly Plan) ESPN Plus is designed for sports, giving subscribers access to live MLB, NHL, NFL, soccer, golf, and UFC fights. Hulu + Live TV Hulu + Live TV includes over 90 channels, along with Hulu's on-demand library and access to Disney Plus and ESPN Plus. If you already have a Hulu or Disney Plus subscription, your MyDisney account login information will be the same for ESPN Plus. Instead of launching a separate service, all ESPN Plus content is unlocked in the ESPN app once you subscribe.

Persons: we've, There's, Peyton Manning, What's, Hulu's, you'll, Venu, —, Fubo Organizations: Business, ESPN, ESPN Plus, NBA, MLB, NHL, NFL, UFC, Hulu, Disney Plus, Disney, ABC, ESPN3, ESPN2, ESPN ESPN, Fire, Apple, Google, Fox, Warner Bros, Discovery, TNT, TBS

☆ Oil prices lower due to high U.S. production and weak Chinese demand: Biden's senior energy advisor
▼ + stars: | 2024-09-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil prices lower due to high U.S. production and weak Chinese demand: Biden's senior energy advisorAmos Hochstein, senior advisor to President Biden for energy and investment, joins 'Squawk Box' to discuss why energy prices are down as much as they are, struggling energy markets around the world, and more.

Persons: Amos Hochstein, Biden

☆ Russia will be ‘at war’ with NATO if Ukraine long-range missile restrictions lifted, Putin warns
▼ + stars: | 2024-09-12 | by ( Avery Schmitz | Michael Conte | ) edition.cnn.com time to read: +5 min

“This will mean that NATO countries – the United States and European countries – are at war with Russia,” Putin told reporters on Thursday. US officials have expressed concerns that allowing Ukraine to strike deep inside Russia could escalate the conflict and cause Russia to further accuse the US of being part of the war. Blinken said he discussed the restrictions with Ukrainian President Volodymyr Zelensky and would report back to President Biden. On Tuesday, the bipartisan congressional Ukraine caucus called on Biden to allow Ukraine to strike targets inside Russia with the long-range weapons. The United States already does provide intelligence to Ukraine, and has previously assisted in the targeting, although not with the long-range systems currently being considered.

Persons: Vladimir Putin, ” Putin, Joe Biden’s, Antony Blinken, we’ll, ” Blinken, Andrii Sybiha, David Lammy, Blinken, Volodymyr Zelensky, Biden, Putin, Stacie Pettyjohn, CNN’s Alex Marquardt, Rustem Umerov, William Courtney, ”, Michael Callahan, Natasha Bertrand, Oren Liebermann, Lex Harvey Organizations: CNN, NATO, Kyiv, Ukrainian, Britain’s, Biden, Republicans, West, United, Center, New American Security, Belbek Airbase, Tactical Missile, Ukrainian Defense, RAND Corporation Locations: Ukraine, Moscow, United States, Russia, Kyiv, Blinken’s Ukraine, Russian, Belbek, Crimea, Ukrainian, Iran, US

☆ Jumbo Fed cut could suggest something more 'sinister' in the economy, economist says
▼ + stars: | 2024-09-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJumbo Fed cut could suggest something more 'sinister' in the economy, economist saysGeorge Brown, senior U.S. economist at Schroders, says a 50 basis point cut from the Federal Reserve could send the wrong message to markets.

Persons: George Brown Organizations: Federal Reserve

☆ I quit BlackRock after slogging my way to VP in 7 years. I have no regrets.
▼ + stars: | 2024-09-12 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +6 min

I remembered meeting up with friends who didn't work in the industry. AdvertisementLeaving BlackRock for the startup worldI took an 80% pay cut when I quit my job at BlackRock to join Style Theory, a fashion rental startup. Ong took an 80% pay cut when she left BlackRock for Style Theory. One thing that Style Theory offered me was the huge amount of autonomy I had as an employee. After leaving Style Theory, I moved to Singapore just a few months before the COVID-19 pandemic hit.

Persons: —, Jennifer Ong, BlackRock, Ong, Jennifer, I'd Organizations: Service, BlackRock, Business Locations: Singapore

☆ Harris or Trump: Does it matter for China who wins the election?
▼ + stars: | 2024-09-12 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +3 min

Casanova's view is shared by other experts who have said that both the Republican and the Democratic presidential nominees — Donald Trump and Kamala Harris — will remain tough on China. U.S. trade ties with China will remain tense no matter who wins the election in November, according to Carlos Casanova, senior economist at Swiss private bank UBP. Stronger tariffs by Harris cannot be ruled out either, given Biden not only retained Trump's tariffs, he piled on more. During the debate, Harris did not give specifics on her China policy, but said that "a policy about China should be in making sure the United States of America wins the competition for the 21st century." So it doesn't matter who wins the election," Casanova told CNBC's "Squawk Box Asia."

Persons: Donald Trump, Kamala Harris —, Carlos Casanova, Trump, Harris, Eswar Prasad, Biden, Casanova, CNBC's, Janet Yellen, Yellen, Marko Papic, it's Organizations: Republican, Democratic, CNBC, U.S, Cornell University, America, BCA Research Locations: Yantai, China, China . U.S, Swiss, U.S, United States, Europe, Beijing

☆ These mid-tier brands are winning in fashion while luxury struggles
▼ + stars: | 2024-09-12 | by ( Madeline Berg | ) www.businessinsider.com time to read: +6 min

Read previewTanking share prices, excess stock flooding outlets, a slowdown in once-reliable China: 2024 has been a tough year for luxury brands. AdvertisementTo find relief from high luxury prices, those consumers are turning to midlevel brands like clothing store Zara and jewelry brand Pandora, which are thriving. "It is acceptable for people to buy accessories with luxury brands and then buy apparel at Zara." Advertisement"With these other product ranges apart from charms, they think they are benefiting from the downtrading of consumers," Sokolova said. The trick for both Zara and Pandora will be maintaining their appeal when aspirational consumers can once again spend on luxury.

Persons: —, Gucci, Claire Tassin, Tassin, Levato, Kering, Louis Vuitton, LVMH, TK, Jelena Sokolova, Michael Kors, Zara, Pandora, it's, Sokolova, It's, Pamela Anderson, Tiffany Organizations: Service, Business, Morning, Brands, Bain & Company, Gucci, Morningstar, Cartier Locations: China, Spanish, Danish, Paris, Morocco, Portugal, Turkey, Europe, Zara

☆ Hybrid work boosts satisfaction and productivity and is here to stay, PwC says
▼ + stars: | 2024-09-12 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +6 min

Read previewPwC says workers won't return to the office five days a week — and it's time for companies to see hybrid work as the new normal. "Hybrid workers have higher degrees of satisfaction and productivity than fully on-site," Anthony Abbatiello, workforce transformation leader and partner at PwC, told Business Insider. PwC's research found that hybrid workers are likelier to feel they belong at their company than fully on-site or remote workers. We came out with five signals that the research identified that are crucial for workforce transformation," Abbatiello said. AdvertisementAccording to Abbatiello, companies should be both "talent magnets" that attract emerging talent and "talent factories" that help existing workers stay and build careers.

Persons: —, Anthony Abbatiello, Abbatiello, Goldman Sachs, PwC, they're Organizations: Service, Business, Companies, Big Tech

☆ Why VW investing $5 billion in Rivian might be transformative for both companies — and the auto industry
▼ + stars: | 2024-09-12 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +2 min

Electric truck maker Rivian's $5 billion deal with Volkswagen Group nets Rivian some much-needed cash. But it also gives Volkswagen a path to a future in the auto industry it has struggled to gain on its own. As of the second quarter, Rivian was losing somewhere around $1.5 billion per quarter — or about $30,000 to $43,000 on every truck it sold in the past five quarters. Financial strain and instability in the EV market and the broader economy have led to multiple rounds of layoffs at Rivian. But there are still challenges: Automotive history is littered with failed partnerships, Rivian and VW are still competitors, and the EV transition has proven rockier than many forecasters had expected.

Persons: Rivian, Joe McCabe, Alex Potter, Piper Sandler Organizations: Volkswagen Group, Volkswagen, AutoForecast Solutions, EV, VW Locations: Georgia

Search resuls for: "senior"

25 mentions found