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☆ Rivian joins Ford and GM in turning to Tesla chargers
▼ + stars: | 2023-06-20 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

Rivian said it will start building its R1T pickup and R1S SUV with NACS-style charging ports starting in 2025. While Rivian isn’t nearly as large of an automaker as GM or Ford, it’s reasonably popular among EV buyers, so the move marks a significant step for broader acceptance of the Tesla standard. Tesla’s charging system had been proprietary and only usable by Teslas, although Teslas could use industry standard Combined Charging System (CCS) chargers with an adapter. In recent weeks, Ford and then GM both announced that they would also switch from CCS for EV fast charging to Tesla’s tech. Having more automakers and charging companies using its standard has been seen as a win for Tesla.

Persons: CNN — Rivian, Rivian, Rivian isn’t, Elon Musk, Ford, Tesla, Cox Organizations: CNN, Amazon, Ford, General Motors, EV, CCS, Tesla, –, Cox Automotive, BMW, Audi Locations: Canada, United States

☆ 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

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

☆ EV maker Rivian sees stable demand through the year - CFO
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

June 15 (Reuters) - Electric vehicle maker Rivian Automotive (RIVN.O) expects demand for its pickups and sport-utility vehicles to remain stable through the year, it's finance chief said, even as higher borrowing costs and fears of recession have dented demand across the industry. Rivian is also ramping up production of its in-house drive unit ahead of plan, Chief Financial Officer Claire McDonough said on Thursday at the Deutsche Bank auto conference. "But we've seen really a stable environment throughout the course of this year from a demand vantage point. "Our priority right now is ramping production and driving down costs so that we're starting to really reduce the level of cash burn within the business," McDonough said. Rivian in February decided to lay off 6% of its workforce and last month stood by its annual production forecast of 50,000 cars.

Persons: Claire McDonough, McDonough, Tesla, Akash Sriram, Abhirup Roy, Jonathan Oatis Organizations: Rivian, Deutsche Bank, stoke, Thomson Locations: Irvine , California, Bengaluru, San Francisco

☆ EV startups conserve cash as make-or-break moment approaches. Here's where everyone stands
▼ + stars: | 2023-05-24 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +14 min

As legacy automakers increasingly ramp production of all-electric vehicles, cushioned by the profits of gas-powered models, a handful of EV startups are scrambling to conserve cash and stay in the mix. It also means the amount of cash Fisker had left as of the end of March, $652.5 million, isn't yet cause for alarm. Still, Fisker cut its production guidance for 2023 to between 32,000 vehicles and 36,000 vehicles, from 42,400 in its original plan. Or as Evercore ISI analyst Doug Dutton wrote before Fisker's earnings report, "Fisker is beginning to turn into a story of binary and 'show me' outcomes." It had $108.1 million remaining as of the end of March, but it lost $171.1 million in the first quarter .

Persons: Tesla, Rivian, Claire McDonough, Rivian's, It's, McDonough, Deutsche Bank's Emmanuel Rosner, Rosner, Sherry House, Peter Rawlinson, Bank of America's John Murphy, Murphy, Aston Martin, Henrik Fisker, Fisker, Doug Dutton, Dutton, Nikola Nikola, Trevor Milton, Nikola, Voltera, TD Cowen, Jeffrey Osborne, Osborne, Polestar Polestar, it's, Johan Malmqvist isn't, aren't, Deutsche Bank's Rosner, Lordstown, Foxconn, Foxconn doesn't Organizations: EV, Amazon, Deutsche, Lucid's, Bank of America's, BMW, Global, Magna International, Nikola, Iveco, Volvo Cars, Geely, Lordstown, Nasdaq, General Motors Locations: Georgia, Magna, Austria, U.S, Europe, North America, Nikola's, Swedish, China, Ohio, Lordstown

☆ 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.

May 9 (Reuters) - Rivian Automotive Inc (RIVN.O) on Tuesday beat Wall Street estimates for quarterly revenue as it sold more higher-priced electric vehicles, and stood by its annual production forecast of 50,000 cars. Amazon-backed Rivian said in March it would sell $1.3 billion in convertible green bonds due in 2029 to shore up its cash balance. Revenue for the quarter ended March 31 stood at $661 million, compared with Wall Street estimates of $652.1 million, according to Refinitiv data. Cash and cash equivalents at the end of the first quarter were $11.24 billion, compared with $11.57 billion, in the preceding three-month period. Rivian's quarterly net loss narrowed to $1.35 billion from $1.59 billion a year earlier.

☆ Rivian quarterly revenue beats estimates on higher-priced EV sales
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

May 9 (Reuters) - Rivian Automotive Inc (RIVN.O) beat Wall Street estimates for quarterly revenue on Tuesday as it sold more higher-priced electric vehicles and stood by its annual production forecast of 50,000 cars. Amazon-backed Rivian said in March it would sell $1.3 billion in convertible green bonds due in 2029 to shore up its cash balance. Revenue for the quarter ended March 31 stood at $661 million, compared with Wall Street estimates of $652.1 million, according to Refinitiv data. Cash and cash equivalents at the end of the first quarter were $11.24 billion, compared with $11.57 billion, in the preceding three-month period. Reporting by Akash Sriram and Tanya Jain in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ After testing more than 25 electric cars, these 5 were the most fun to drive
▼ + stars: | 2023-04-27 | by ( Tim Levin | ) www.businessinsider.com time to read: +5 min

The electric Hummer, Porsche Taycan, Rivian R1T, and Pininfarina Battista are each a blast for different reasons. Kia EV6 GTThe 2023 Kia EV6 GT. Tim Levin/InsiderWarn your passengers to brace themselves before pinning it in Kia's new EV6 GT. The 2023 Kia EV6 GT. Porsche TaycanThe 2022 Porsche Taycan Cross Turismo Turbo S. Tim Levin/InsiderPorsches are renowned for their superior driving dynamics.

☆ VW, Rivian, Nissan, BMW lose access to US EV tax credits
▼ + stars: | 2023-04-17 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Aly Song/File PhotoApril 17 (Reuters) - The U.S. Treasury said on Monday that Volkswagen, BMW, Nissan, Rivian, Hyundai and Volvo electric vehicles will lose access to a $7,500 tax credit under new rules for battery sourcing. VW said it was "fairly optimistic" the ID.4 SUV will qualify for the tax credit. Treasury also disclosed General Motors Co (GM.N) electric Chevrolet Bolt and Bolt EUV will qualify for the full $7,500 tax credit. GM said earlier it expected at least some of its EVs would qualify for the $7,500 tax credit under the new rules, including the 2023 Cadillac Lyriq and forthcoming Chevrolet Equinox EV SUV and Blazer EV SUV. Treasury in December said EVs ineligible for the $7,500 consumer tax credit could qualify for a commercial leasing $7,500 credit.

☆ VW, Rivian, Nissan, BMW lose access to U.S. EV tax credits
▼ + stars: | 2023-04-17 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Aly Song/File PhotoApril 17 (Reuters) - The U.S. Treasury said Monday that Volkswagen, BMW, Nissan, Rivian, Hyundai and Volvo electric vehicles will lose access to a $7,500 tax credit under new battery sourcing rules. Treasury also disclosed General Motors (GM.N) electric Chevrolet Bolt and Bolt EUV will qualify for the full $7,500 tax credit. GM said earlier it expected at least some of its EVS would qualify for the $7,500 tax credit under the new rules, including the 2023 Cadillac Lyriq and forthcoming Chevrolet Equinox EV SUV and Blazer EV SUV. Earlier, Ford Motor (F.N) and Chrysler-parent Stellantis (STLAM.MI) said most of their electric and PHEV models would see tax credits halved to $3,750 on April 18. Treasury in December said EVs ineligible for the $7,500 consumer tax credit could qualify for a commercial leasing $7,500 credit.

☆ The EV revolution has never felt farther away as inflation, rocky supply chains, and Tesla threaten billions of dollars of investment
▼ + stars: | 2023-04-12 | by ( Alexa St. John | ) www.businessinsider.com time to read: +7 min

In the United States, automakers face major headwinds as they look to establish an all-new EV supply chain, catch Tesla, and win over skeptical buyers — all on top of an increasingly negative economic backdrop. The extent of China's role in the EV supply chain, including with lithium, is coming to light. "The epicenter of where minerals reside, where processing resides, where EV production resides, all are outside of the US," Douglas Kent, EVP of corporate and strategic alliances at the Association for Supply Chain Management, said. Tesla was long past the worst of its production snafus by the time other automakers got serious about EVs. By the time other automakers got serious about EVs, Tesla was long past its biggest manufacturing snafus and profitability challenges.

☆ Stellantis unveils Ram EV pickup, to debut late in 2024, at New York auto show
▼ + stars: | 2023-04-05 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The EV truck will go on sale in one of the most important segments of the North American electric vehicle market. Stellantis CEO Carlos Tavares said the truck will be built in the U.S. and the location would be announced soon. He told reporters on the sidelines of the auto show that consumers will choose the Ram over other EV trucks because it will exceed other trucks' performance on range, speed of charge, towing and other factors. The Ram truck's launch late in 2024 will come more than two years after similar EV trucks like the Rivian (RIVN.O) R1T electric pickup and Ford's (F.N) F-150 Lightning electric truck. The RAM EV truck will be built on a new body-on-frame architecture designed for full-size EVs, capable of towing up to 14,000 lbs and carry a payload of up to 2,700 lbs.

NEW YORK — An upcoming Ram electric pickup truck from Stellantis will offer up to 500 miles of driving range when fully charged, the automaker said Wednesday as it officially revealed the vehicle. That range would top Ram's current gas-powered 1500 full-size trucks as well as all-electric pickups currently available such as GMC's Hummer EV, Ford's F-150 Lightning and Rivian's R1T. Tesla has said its Cybertruck, which is expected later this year, would be capable of up to 500 miles of EV range. "We are delivering an electric pickup truck when we should, because for electrification being first actually might not be the best," Ram CEO Mike Koval Jr. said during the event. "The Ram 1500 REV lineup will give our customers options depending on how they use their truck."

☆ Rivian says it remains on track to build 50,000 EVs in 2023
▼ + stars: | 2023-04-03 | by ( John Rosevear | ) www.cnbc.com time to read: +1 min

The Rivian name is shown on one of their new electric SUV vehicles in San Diego, U.S., December 16, 2022. Electric vehicle maker Rivian Automotive said Monday that its first-quarter deliveries were in line with expectations and that it remains on track to produce 50,000 EVs in 2023. Rivian said in a statement that it produced 9,395 EVs in the first quarter and delivered 7,946 vehicles to customers by quarter-end. Rivian also said that it remains on track to hit its full-year production guidance. The company said on Feb. 28 that it expects to produce 50,000 vehicles in 2023, roughly double its 2022 total.

☆ After driving 25 electric vehicles, these are my 7 favorites
▼ + stars: | 2023-04-01 | by ( Tim Levin | ) www.businessinsider.com time to read: +6 min

I've tested 25 electric cars from Tesla, Mercedes, Hyundai, Ford, and more. Picking an absolute favorite is tough, since I've had so many memorable experiences with so many interesting vehicles. Pininfarina BattistaThe Pininfarina Battista. The Battista has four motors (most electric cars have one or two) and cranks out a certifiably bonkers 1,900 horsepower. The Pininfarina Battista.

☆ People are so desperate to get an EV that they're putting deposits down on multiple and buying whichever one is built first
▼ + stars: | 2023-03-31 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +6 min

Without dealers, startups are learning new lessons in customer service. "At this point I've pretty much made up my mind," Pao said, "I'm just going to cancel my Rivian order." EV startups learn customer serviceElectric vehicle startups are learning a tough lesson in customer service, Caldwell said, as they try to keep would-be buyers on the hook for years on end. Some of Rivan's order-holders are losing hopeInsider has spoken or corresponded with nearly three dozen current and former Rivian order holders in recent months. Are you a current or former Rivian employee, Rivian vehicle owner, or Rivian order holder?

☆ Americans love to buy more car than they need. It's making electric cars more expensive.
▼ + stars: | 2023-03-30 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

But Americans love SUVs and trucks, and they're going to have to pay for them in the near term. A lot of prospective EV buyers just haven't yet found the types of EVs they're looking for. They don't necessarily need more luxury electric sedans — they want the trucks and SUVs they're used to. A recent study found most car-buyers don't want to spend more than $50,000 to go EV, but they also want electric trucks and SUVs that inherently cost more. Bigger vehicles are often just more expensive, largely because they require bigger batteries — the most expensive part of these new EVs.

☆ Electric cars I'd never buy, after driving 24 different models
▼ + stars: | 2023-03-29 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

I've driven more than 20 different electric vehicles. Those models are the the GMC Hummer EV, Nissan Leaf, and ElectraMeccanica Solo. GMC Hummer EVThe GMC Hummer EV Edition 1. Nissan LeafFast-charging the 2022 Nissan Leaf. 2023 Nissan Leaf.

☆ 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.

☆ Tesla opening its Supercharger network to rivals could be a brilliant marketing move from a company that famously doesn't advertise — with one big risk
▼ + stars: | 2023-03-17 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

Tesla plans to open 3,500 of its fast-charging plugs to all electric-car owners by the end of 2024. Until now, Tesla's Supercharger network was only for Tesla owners in the US. According to Loren McDonald, CEO of EV industry consultancy EVAdoption, the Supercharger network serves as Tesla's single biggest marketing tactic. Sam Abuelsamid, an auto industry analyst at Guidehouse Insights, agrees that expanding Supercharger access could help Tesla sell more cars. Analysts see another risk: A boom in demand for limited charging stalls could frustrate Tesla owners by crowding popular stations.

☆ Rivian, Amazon in talks to end exclusivity part of electric van deal - WSJ
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

March 13 (Reuters) - Electric-vehicle maker Rivian Automotive Inc (RIVN.O) and its largest shareholder Amazon.com Inc (AMZN.O) are in talks to end the exclusivity part of their electric van deal, the Wall Street Journal reported on Monday citing people familiar with the matter. Online retailer 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. Amazon informed the EV maker it wanted to buy about 10,000 vans this year, which was at the low end of a range it previously provided Rivian, the report added. Shares of the EV maker fell around 3% in trading before the bell. Rivian makes and delivers the R1T pickup truck and R1S sport utility vehicle apart from the electric delivery van for Amazon.

☆ These hopeful electric-car buyers have deposits at multiple automakers. They just want a car.
▼ + stars: | 2023-03-10 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +6 min

"At this point I've pretty much made up my mind," Pao said, "I'm just going to cancel my Rivian order." Customers are hedging their bets with orders for vehicles from multiple companies, from startups like Rivian to legacy companies like Ford and Toyota. EV startups learn customer serviceElectric vehicle startups are learning a tough lesson in customer service, Caldwell said, as they try to keep would-be buyers on the hook for years on end. Some of Rivan's order-holders are losing hopeInsider has spoken or corresponded with nearly three dozen current and former Rivian order holders in recent months. Are you a current or former Rivian employee, Rivian vehicle owner, or Rivian order holder?

☆ 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.

☆ A YouTuber charged a non-Tesla EV at a Supercharger and it 'descended into chaos'
▼ + stars: | 2023-03-07 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Marques Brownlee took his Rivian R1T to a Supercharger that had just been opened to non-Teslas. He said non-Tesla EVs sometimes took up multiple parking spots due to their charging port locations. The YouTuber said the charging station makes his Rivian a better car, but cuts into Tesla's advantage. Youtuber Marques Brownlee took his Rivian R1T to a Tesla Supercharger in rural New York last week and he said on Twitter that the visit "descended into chaos" when other non-Tesla drivers showed up as well. The billionaire agreed to begin opening up some of the electric-car maker's Superchargers to non-Tesla owners earlier this year.

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