DIRS.INFO The most relevant business & tech news

It is the second time in less than a year that Rivian is issuing such a green bond, which raises capital from investors seeking to back climate-focused projects. The company had issued a $1.3 billion convertible green bond in March to support the launch of its smaller R2 vehicle family. The company beat estimates in the third quarter by producing 16,304 vehicles and delivering 15,564 vehicles to customers. As of Sept. 30, Rivian had about $9.1 billion in cash on its balance sheet, down from $10.2 billion in June. The current median price target for the 24 analysts covering Rivian's shares is $30, with a "buy" recommendation, LSEG data showed.

Persons: Rivian, Elliot Johnson, it's, Johnson, Robert Scaringe, Garrett Nelson, Nelson, Chibuike Oguh, Abhirup Roy, Lance Tupper, Alexandra Hudson, Diane Craft, David Gregorio Our Organizations: Rivian Automotive Inc, Reuters, Evolve, Tesla Inc, EV, Thomson Locations: Irvine , California, Georgia, Atlanta, New York, San Francisco

☆ Rivian CEO RJ Scaringe: Ramp of our production plant is key to profitability as a business
▼ + stars: | 2023-10-03 | 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 EmailRivian CEO RJ Scaringe: Ramp of our production plant is key to profitability as a businessCNBC’s Phil LeBeau and Rivian CEO RJ Scaringe join 'Squawk Box' to discuss company's Q3 delivery results, after the EV automaker reported better than expected deliveries, plans to bring down loss per vehicle, cost concerns, and more.

Persons: RJ, Phil LeBeau, RJ Scaringe Organizations: EV

☆ Rivian CEO on raising EV production: Tremendous levels of predictability across our supply base
▼ + stars: | 2023-08-09 | 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 EmailRivian CEO on raising EV production: Tremendous levels of predictability across our supply baseCNBC’s Phil LeBeau and Rivian CEO RJ Scaringe join 'Squawk Box' to discuss the company's quarterly earnings results, which reported a loss for the second quarter that was narrower than expected and raised its production guidance for the full year, rest of year outlook, and more.

Persons: Phil LeBeau, RJ Scaringe

☆ Tesla challenger Rivian's market value almost doubled in 2 weeks as its stock price hit a 2023 high
▼ + stars: | 2023-07-11 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

Rivian's stock has been on fire lately, hitting the highest levels in 2023 this week. The EV maker's market capitalization almost doubled in two weeks to reach $23.2 billion on Monday. Wedbush Securities has upgraded Rivian's price forecast from $25 to $30 as a show of confidence in the firm. But on Monday, the shares hit a 2023 high of $26.61, with the price surging almost 100% from two weeks earlier. In other terms, Rivian's market capitalization almost doubled in the two weeks through Monday to $23.2 billion.

Persons: Rivian, Dan Ives, RJ Scaringe Organizations: EV, Wedbush Securities, Service, Wall, Bloomberg, Amazon Locations: Wall, Silicon

SAN FRANCISCO, June 21 (Reuters) - Rivian (RIVN.O) has acquired Swedish EV route planning app maker Iternio to add its technology to its electric pickups and sport utility vehicles, as well use its data to better expand its own charging network, its CEO told Reuters on Wednesday. Rivian CEO RJ Scaringe did not disclose the value of the deal but said it was closed in the first quarter. Scaringe said Rivian would invest in improving and growing ABRP as a stand-alone app for users of other EVs and integrate Iternio's technology into its mobile app and in-vehicle navigation system. Iternio was founded in 2018 and operates two lines of business: the ABRP app, which is the consumer-facing side, and a back end where it provides routing data services for other entities. Reporting by Abhirup Roy in San Francisco and Akash Sriram in Bengaluru; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: RJ Scaringe, Scaringe, Rivian, Iternio, Tesla, Abhirup Roy, Akash Sriram, Jonathan Oatis Organizations: FRANCISCO, Swedish EV, Reuters, EV, Thomson Locations: Swedish, North America, Europe, San Francisco, Bengaluru

☆ Tesla stock is on track for the biggest 2-month surge since 2020 as the EV maker bags more charging deals
▼ + stars: | 2023-06-21 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Tesla stock is on track for the biggest two-month rally since 2020 as the company secures more charging deals. The shares have surged almost 60% since end-April, buoyed by the EV maker' collaborations with GM, Ford, and Rivian. Tesla also bagged another win after Texas approved the company's charging plugs as the state's industry standard. Simultaneously, Texas said it would mandate Tesla's charging plugs as the standard for the state's electric vehicle charging companies, according to Reuters. In recent weeks, the carmaker announced partnerships with General Motors and Ford, allowing both companies to use Tesla's charging stations by 2024.

Persons: Tesla, —, Elon, Rivian, RJ Scaringe, Dan Ives, bullishness Organizations: GM, Ford, Texas, Service, EV, Tesla, American, Adventure, Reuters, General Motors, Federal Reserve Locations: , Texas, China

☆ EV maker Rivian to adopt Tesla's charging standard
▼ + stars: | 2023-06-20 | by ( Abhirup Roy | ) www.reuters.com time to read: +4 min

SAN FRANCISCO, June 20 (Reuters) - Electric vehicle maker Rivian (RIVN.O) said on Tuesday it has agreed to adopt Tesla's (TSLA.O) charging standard, giving Rivian customers access to the biggest U.S. charging network and adding momentum to Tesla's bid to set the industry standard. Rivian also said it will make a Tesla-style charging port standard on its vehicles starting in 2025. While other automakers get access to Tesla's charging network, Tesla stands to profit from selling power to a bigger group of electric vehicle drivers. Tesla's charging standard had been proprietary until November, when it made the design and specifications public and rebranded the technology as the North American Charging Standard (NACS). "It's great to see the industry coming together to adopt the North American Charging Standard," Tesla's senior director of charging infrastructure, Rebecca Tinucci, said in a statement.

Persons: Rivian, Tesla, paring, Dan Ives, Tesla's, Mike Blake, RJ Scaringe, Joe Biden's, Rebecca Tinucci, Abhirup Roy, Akash Sriram, Kevin Krolicki, Will Dunham, Stephen Coates Organizations: FRANCISCO, General Motors, Ford, carmaker, EV, Wedbush Securities, Reuters, U.S . Department of Energy, REUTERS, Mike Blake Services, American, ABB, America, Toyota, Nissan, Thomson Locations: United States, Canada, Irvine , California, Carlsbad , California, U.S, Swiss, China, Japan, San Francisco, Bengaluru

☆ Exclusive: EV maker Rivian to adopt Tesla's charging standard
▼ + stars: | 2023-06-20 | by ( Abhirup Roy | ) www.reuters.com time to read: +4 min

REUTERS/Mike BlakeSAN FRANCISCO, June 20 (Reuters) - Electric vehicle maker Rivian (RIVN.O) said it has agreed to adopt Tesla's (TSLA.O) charging standard, giving customers access to the biggest U.S. charging network and adding momentum to Tesla's bid to set the industry standard. While other automakers get access to Tesla's charging network, Tesla stands to profit from selling power to a bigger group of electric vehicle drivers. Tesla's charging standard had been proprietary until November, when it made the design and specifications public and rebranded the technology as the North American Charging Standard (NACS). "It's great to see the industry coming together to adopt the North American Charging Standard," Tesla's senior director of charging infrastructure, Rebecca Tinucci, said in a statement. China, the world's largest market for electric vehicles, has its own charging standard.

Persons: Mike Blake, FRANCISCO, Rivian, Tesla, Tesla's, RJ Scaringe, Biden, Rebecca Tinucci, Abhirup Roy, Kevin Krolicki, Stephen Coates Organizations: REUTERS, General Motors, Ford, carmaker, U.S . Department of Energy . Services, American, ABB, America, Toyota, Nissan, Thomson Locations: Carlsbad , California, U.S, United States, Canada, Irvine , California, Swiss, China, Japan, San Francisco

☆ Exclusive: Exclusive: EV maker Rivian to adopt Tesla's charging standard
▼ + stars: | 2023-06-20 | by ( Abhirup Roy | ) www.reuters.com time to read: +4 min

☆ 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.

The company looked set to add nearly $800 million to its market valuation, based on premarket stock prices, after it reiterated its annual production forecast and beat quarterly revenue estimates. Davidson, who was among the 10 analysts that lowered their price target on a stock that has declined 25% this year. Reuters GraphicsNonetheless, the company is expected to benefit from a pullback in commodity prices and easing supply chain issues. "As sagging EV commodity prices, technology improvements, and supply chain loosening positively impact operations, we see a logical path to positive gross margins next year," Canaccord Genuity analysts said. Reporting by Akash Sriram in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

☆ Rivian CEO RJ Scaringe on Q1 earnings, road to profitability
▼ + stars: | 2023-05-10 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRivian CEO RJ Scaringe on Q1 earnings, road to profitabilityRivian founder and CEO RJ Scaringe and CNBC's Phil LeBeau join 'Squawk Box' to discuss the company's quarterly earnings results, supply chain challenges, pricing strategy, and more.

☆ Rivian reports a narrower-than-expected quarterly loss, reaffirms EV production target
▼ + stars: | 2023-05-09 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Electric vehicle maker Rivian Automotive on Tuesday reported a first-quarter loss that was narrower than expected and said it's still on track to meet a 50,000-vehicle production target for 2023. Here's how the company did as per consensus analyst estimates by Refinitiv:Loss per share: $1.25 adjusted vs. $1.59 expected. Revenue: $661 million vs. $652.1 million expected. Rivian's net loss narrowed to $1.35 billion, or $1.45 per share, from $1.59 billion, or $1.77 per share, during the year-earlier period. Rivian said on April 3 that it built 9,395 EVs in the first quarter and delivered 7,946 vehicles to customers.

☆ 2023 layoff tracker: The latest on which companies have announced job cuts
▼ + stars: | 2023-04-25 | by ( Jennifer Korn | ) edition.cnn.com time to read: +20 min

New York CNN —BuzzFeed, Lyft, Whole Foods and Deloitte all recently announced layoffs affecting thousands of US workers. With 11,000 job cuts announced in November and the 10,000 announced in March, Meta’s headcount will fall to around 66,000 — a total reduction of about 25%. The company announced in January that it was eliminating some 18,000 positions as part of a major cost-cutting bid at the e-commerce giant. IndeedJob listing website Indeed.com announced cuts of approximately 2,200 employees, representing almost 15% of its total workforce, the company said in March. The cuts come after the company announced several rounds of job cuts throughout the pandemic due to falling demand, followed by rapid hiring last year.

☆ EV maker Rivian misses first-quarter production estimates; shares drop
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike BlakeApril 3 (Reuters) - Rivian Automotive Inc (RIVN.O) on Monday missed first-quarter production estimates as the electric-vehicle maker grappled with supply chain constraints, sending its shares down 4% in early trade. Rivian produced 9,395 vehicles at its Normal plant in the quarter ended March, compared with Visible Alpha's consensus estimates of 10,030 vehicles. Reuters GraphicsThe Irvine, California-based company, however, reiterated its annual production target of 50,000. 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. Electric-car maker Tesla (TSLA.O) on Sunday said it delivered 422,875 vehicles in the quarter ended March, up 4% from the previous quarter.

☆ Jeep's CEO doesn't think there are enough raw materials on earth to meet electric-car demand
▼ + stars: | 2023-03-29 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +4 min

Automakers are already racing to secure limited raw materials. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyStellantis' CEO doesn't think there are enough raw materials readily available to meet electric vehicle needs. "The affordability is not there, because the raw materials are scarce and very expensive, and I would add very volatile," Tavares said. Tesla CEO Elon Musk has emphasized just how much of a challenge getting these materials will be for EV-makers. Even mining executives have expressed concern that demand for these materials continues to outstrip the current available supply.

☆ Rivian is forcing some customers to wait years for their vehicle deliveries — and it risks alienating them at a critical time in its fight to become the next Tesla
▼ + stars: | 2023-03-01 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +6 min

Rivian runs the risk of alienating customers who have been waiting years for their vehicles. He's hedged his bet on Rivian with orders for the Tesla Cybertruck and the electric Ram 1500. Some feel embarrassed by their early support of Rivian while their wait times increase to nearly half a decade. Rivian has previously said timing of deliveries is "based on a number of factors, including delivery location, configuration and original preorder or reservation date." Are you a current or former Rivian employee, Rivian vehicle owner, or Rivian order holder?

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.

☆ How Rivian went from Wall Street darling to another struggling EV startup
▼ + stars: | 2023-02-28 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +8 min

Another Rivian customer told Insider they placed a reservation last July. A Rivian spokesperson told Insider that timing is "based on a number of factors, including delivery location, configuration and original preorder or reservation date." The Rivian spokesperson told Insider Scaringe's language refers to "how we deliver over the long term." An employee laid off in Rivian's first round of cuts last summer told Insider it felt like growing pains many other companies have experienced. Are you a current or former Rivian employee, Rivian vehicle owner, or Rivian order-holder?

☆ It's not just the chip shortage — other supply chain disruptions are wreaking havoc on automakers and helping keep prices high
▼ + stars: | 2023-02-21 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

The pandemic, the shift to EVs, and supply chain problems are all to blame. GM's Bowling Green plant will stop Corvette output this week due to a "parts supply issue." Despite tailwinds like huge profits, high demand, and low inventory, automakers are bracing themselves for more disruptions. The relationship between automakers and their parts companies has never been perfect, but it's especially challenging of late even as the two remain codependent. Now, parts companies are struggling amid macroeconomic concerns, inflation, in addition to the transition to EV components (or risking becoming defunct), and that will impact the automakers they supply to.

☆ Former Wall Street darling Rivian suddenly has a lot to prove
▼ + stars: | 2023-02-11 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +8 min

☆ Electric vehicle stocks roar back to life in 2023 — Wall Street's favorite plays from here
▼ + stars: | 2023-02-08 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

The average analyst price target calls for at least a 10% gain in the next 12 months, per FactSet. It also has 82% upside to the average analyst price target. Rivian Automotive has a whopping 90% upside to the average analyst price target. Lastly, General Motors has nearly 15% upside to the average analyst price target, with 54% of analysts covering the Cadillac maker rating it a buy. While a majority of the analysts covering the stock rate it a buy, the average price target implies 1% downside.

☆ Rivian Initiates a Second Round of Layoffs, Cutting 6% of Workforce
▼ + stars: | 2023-02-01 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

Rivian Automotive Inc. plans to initiate another round of layoffs, the latest in the electric-vehicle startup’s efforts to preserve cash as it confronts challenges scaling its business. In a note to employees sent Wednesday, Chief Executive RJ Scaringe said Rivian plans to trim another 6% of its workforce, mirroring a cut of the same size made last summer in response to inflationary pressures and an uncertain economic climate.

☆ Rivian to Lay Off 6% of Workforce in EV Maker’s Second Round of Job Cuts
▼ + stars: | 2023-02-01 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

☆ EV maker Rivian to cut 6% of jobs amid price war
▼ + stars: | 2023-02-01 | by ( ) edition.cnn.com time to read: +3 min

Reuters —Rivian Automotive is laying off 6% of its workforce in an effort to cut costs as the EV maker, already grappling with falling cash reserves and a weak economy, braces for an industry-wide price war. The company is focusing resources on ramping up vehicle production and reaching profitability, Chief Executive R.J. Scaringe said in an email to employees on Wednesday announcing the job cuts. Layoffs at Rivian come amid falling EV prices kicked off by cuts made recently by Elon Musk-led Tesla (TSLA) and Ford Motor Co. To further conserve its cash, Rivian late last year shelved plans to build delivery vans in Europe with Mercedes. Its cash and cash equivalents stood at $13.27 billion as of Sept. 30, 2022, down from over $18 billion a year earlier.

Search resuls for: "Scaringe"

25 mentions found