DIRS.INFO The most relevant business & tech news

☆ Rivian's CEO has a theory for the slowdown in EV growth
▼ + stars: | 2024-07-23 | by ( Ana Altchek | ) www.businessinsider.com time to read: +4 min

The CEO said there's bias skewing conversations about EV growth and what's caused a slowdown. Tesla's Model Y remains the world's best-selling vehicle and the second most popular vehicle from the EV giant is the Model 3 sedan. "Maybe they wanted something that was a little bit bigger, but they got something that was more like the Model Y," Scaringe said. AdvertisementThe CEO said that similarly to the R1, Rivian's R2 is "very intentionally" "not trying all to be a Tesla Model Y." The model will cost $45,000, comparable to Tesla's Model Y, which starts at $43,000.

Persons: —, RJ Scaringe, haven't, Scaringe, Tesla, Rivian, It's Organizations: Service, Business, Tesla's, Tesla, EV

☆ Rivian investor day focuses on cost reductions, efficiencies and next-generation EVs
▼ + stars: | 2024-06-27 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

Shares of the company remain off by roughly 40% this year amid significant cash burn and slowdown in EV sales. Rivian on Thursday reconfirmed its 2024 guidance that included production of 57,000 vehicles and a path to positive gross profit during the fourth quarter, including regulatory credits. It also outlined longer-term growths, such as plans to achieve positive adjusted earnings before interest, taxes, depreciation and amortization in 2027. Volkswagen is expected to use Rivian's electrical architecture and software stack for vehicles beginning in the second half of the decade, Scaringe said Tuesday. A provided image of Oliver Blume, CEO of Volkswagen Group and RJ Scaringe, founder and CEO of Rivian, as the companies announce joint venture plans on June 25, 2024.

Persons: RJ Scaringe, Rivian, Scaringe, Oliver Blume Organizations: Rivian Automotive, Volkswagen Group, Volkswagen

☆ Rivian stock soars 37% after it strikes $5 billion deal with Volkswagen
▼ + stars: | 2024-06-26 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Rivian stock surged 37% after it secured a $5 billion deal with Volkswagen. The companies will form a joint-venture to develop next-gen vehicle software and electrical architecture. AdvertisementRivian stock soared 37% on Wednesday after it struck a $5 billion deal with Volkswagen. The two companies will form a joint-venture to collaborate on next-generation vehicle software and electrical architecture, which will be utilized in cars from both brands. As part of the deal, Volkswagen will invest an initial $1 billion in Rivian via a convertible note that will convert into Rivian stock later this year, assuming the companies receive regulatory approval for the deal.

Persons: —, RJ Scaringe, Dan Ives, Ives Organizations: Volkswagen, Service, JV, Volkswagen Group's, Rivian Locations: Rivian

☆ Rivian and VW join up to design vehicle software
▼ + stars: | 2024-06-25 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —Rivian and Volkswagen Group are forming a joint venture to create vehicle software, the two companies announced Tuesday. The two automakers did not provide a name for the new joint venture company or name its leadership team. Rivian’s fundamental vehicle software design is expected to provide the basis for the new company’s software. The technologies designed by the company will include both the user-interface software that runs things like the entertainment system and gauges and deeper vehicle software that interacts with things like the vehicle’s motors. VW already has its own vehicle software subsidiary, Cariad, and that company will continue with its work, VW chief executive Oliver Blume said on a conference call.

Persons: CNN —, RJ Scaringe, that’s, ”, Scaringe, it’s, Oliver Blume, what’s, Blume, ” Scaringe Organizations: CNN, Volkswagen Group, VW, Volkswagen, Porsche’s, Porsche Locations: Georgia, Atlanta

Moreover, the partnership will enable Rivian to cut operating costs by leveraging volumes of supplies including chips and components, he said. It will also help Rivian, known for its flagship R1S SUVs and R1T pickups, turn cashflow positive. Volkswagen will immediately invest $1 billion in Rivian through a note that will convert to stock on Dec. 1, subject to regulatory approvals. The German automaker will also invest $2 billion in Rivian stock - $1 billion each in 2025 and 2026 - subject to the startup hitting certain milestones, and provide a $1 billion loan in 2026. Rivian stock has halved so far this year.

Persons: Stephane Mahe, RJ Scaringe, Vitaly Golomb, Herbert Diess, Diess, Rivian, Scaringe, Sam Fiorani, Mavka Capital's Golomb, VW's Cariad, Abhirup Roy, Ben Klayman, Noel Randewich, Christina Amann, Harshita Varghese, Sayantani Ghosh, Rod Nickel, Matthew Lewis, Leslie Adler Organizations: Volkswagen, REUTERS, Reuters, JV, Audi, Porsche, Lamborghini, Bentley, Volkswagen Group, Mavka, VW, AutoForecast Solutions, Traders, S3 Partners, Rivian, Thomson Locations: Reze, Nantes, France, Europe, Asia, North America, U.S, German, South Carolina, San Francisco, Detroit, Oakland , California, Berlin, Bengaluru

☆ EVs are too expensive. Here are 5 cheaper models coming soon.
▼ + stars: | 2024-06-09 | by ( Tom Carter | ) www.businessinsider.com time to read: +5 min

Demand for electric vehicles has slowed in recent months amid a lack of cheaper options, and carmakers are now scrambling to develop more affordable EVs. AdvertisementLuckily for these consumers, the next few years should see a range of more affordable electric vehicles released. Here are some other new affordable EV options coming soon:Volvo EX30The Volvo EX30 goes on sale in the US this summer. picture alliance/Getty ImagesGerman automaker VW abandoned plans to build affordable EVs with European rival Renault last month, and is planning to go solo. Elliot Ross Studio, INCRivian founder RJ Scaringe pulled off a Steve Jobs-style "one more thing" when he unveiled two new affordable EVs in March.

Persons: —, John Keeble, Kia EV3, Josh Lefkowitz, Kia, Elliot Ross, RJ Scaringe, Steve Jobs, Tesla, Rivian, Scaringe Organizations: Service, Business, Ford, Nissan, Volvo, Reuters, Kia, Hyundai, EV, BI, Getty, GM, Equinox, US, VW, Volkswagen, Renault, Elliot Ross Studio, INC Rivian, Tesla Locations: Edmunds, Korean, Korea, Europe, Anadolu

☆ Rivian redesigns all-electric R1 pickup and SUV, adds Nvidia chips and improves performance
▼ + stars: | 2024-06-06 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

In this article NVDARIVN Follow your favorite stocks CREATE FREE ACCOUNT2025 Rivian R1S RivianRivian Automotive has redesigned its all-electric R1 pickup and SUV models to improve range, performance and computing power with the help of Nvidia chips, the company said Thursday. Amid the most notable changes to the new vehicles is their computing power, which Rivian says delivers 10 times more performance than the previous system. The lower-priced vehicles are crucial to Rivian's expansion as sales of its current models have slowed amid a sluggish industrywide sales pace for electric vehicles. 2025 Rivian R1T and R1S RivianRivian said pricing for the second-generation R1S SUV will increase $1,000 from current models to start at $75,900, with top-end trimotor models starting around $106,000. Rivian said the vehicles also feature more luxurious, updated interiors as well as a fully redesigned software interface.

Persons: Rivian, RJ Scaringe, R1T, Rivian Rivian Organizations: Nvidia, Max Locations: Illinois, Georgia, The California

☆ Rivian CEO RJ Scaringe on Q1 results, R2 production timeline and state of EV market
▼ + stars: | 2024-05-08 | 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 on Q1 results, R2 production timeline and state of EV marketCNBC’s Phil LeBeau and Rivian CEO RJ Scaringe join 'Squawk Box' to discuss the company's quarterly earnings results, state of the EV market, company product pipeline, expansion of its charging network, and more.

Persons: RJ Scaringe, Phil LeBeau Organizations: EV

☆ You can watch movies under the stars using the projector built into the 'treehouse' tent for Rivian's R2 and R3 models
▼ + stars: | 2024-03-11 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Rivian will sell a rooftop tent with a built-in projector for its new models, TechCrunch reported. The tent, called "Treehouse," will be sold as an accessory to its upcoming R2 and R3 models, TechCrunch reported. AdvertisementThe Rivian Treehouse is our take on the rooftop tent. The EV maker is taking $100 preorders for the R2 SUV, with prices for the vehicle starting at $45,000. AdvertisementOwners can also camp inside the R2 SUV as every seat can be folded down.

Persons: Rivian, —, Rivian's, Brian Gase, Gase, lanning Organizations: TechCrunch, EV, Service

☆ Pharmaceutical companies behind weight-loss drugs are slimming down a new target: The Magnificent 7
▼ + stars: | 2024-03-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at pharma companies' surging stocks and threatening tech darlings thanks to their weight-loss drugs. And it comes despite only 1% of US adults taking weight-loss drugs, according to Bank of America , which predicts that number could rise to 15% by 2035. Weight-loss drugs are also cutting more than just fat. For Wall Street, meanwhile, the equation is much simpler: Getting more people on weight-loss drugs boosts the economy. The trend, which will be powered by cash-rich mega-cap tech companies, is thanks to strong earnings growth, the bank said.

Persons: —, Joe Biden, Donald Trump —, Trump, Zhan, Eli Lilly, Tesla, Hannah Latham, Octavio Jones, Christian Rodriguez, Laura MacPherson, Jenny Chang, Rodriguez, they're, Goldman Sachs, Biden, Barry Sternlicht, Fernando Gutierrez, It's, Elon Musk, TikTok, Pete Ryan, RJ Scaringe, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, pharma, Business, Tesla, Microsoft, JPMorgan, Pfizer, Novo Nordisk, Bank of America, Nvidia, Companies, Fed, Infrastructure Investment, Alpha, Commission, Elon, EV, Nike, Congress, White, Meta, SXSW Locations: China, US, New York, London

☆ Rivian pulled off a Steve Jobs moment with its surprise announcements
▼ + stars: | 2024-03-08 | by ( Camilo Fonseca | ) www.businessinsider.com time to read: +2 min

Rivian's "one more thing" was a nod to Steve Jobs' habit of teasing a last product reveal at events. Scaringe stunned his audience with the reveal of the R3 midsize crossover, catching the audience by surprise. That comment — and perhaps the whole surprise reveal — was a thinly veiled reference to Apple cofounder Steve Jobs' habit of making last-minute product announcements, introducing "one more thing" after seemingly finishing his keynote speech. AdvertisementBut the R3 wasn't the only surprise that Scaringe had up his sleeve, who added that "there's one more thing." The Rivian R3X performance variant Elliot Ross Studio, INCWith his double-surprise reveal, Scaringe seems to have taken Jobs' penchant for theatricality to heart.

Persons: RJ Scaringe, Steve Jobs, Scaringe, —, Rivian, Tim Cook's, Elliot Ross Organizations: Service, Apple, Apple Watch, Air, MacBook, Elliot Ross Studio, INC

☆ Rivian shares surge as company reveals new EV models, $2.25 billion in cost savings
▼ + stars: | 2024-03-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

Rivian CEO RJ Scaringe, in announcing the company's upcoming R2 SUV, also revealed two additional crossovers called the R3 and R3X, a performance variant. The Rivian R3 electric vehicle is unveiled at the Rivian South Coast Theater in Laguna Beach, California, on March 7, 2024. The Amazon -backed company has been burning through cash to improve current EV production and narrow losses. Shifting production of the R2 from the in-development plant in Georgia to the company's plant in Normal, Illinois, will save $2.25 billion, Rivian said in a press release. Rivian CEO RJ Scaringe speaks at an event to unveil a smaller R2 SUV during an event in Laguna Beach, California, U.S., March 7, 2024.

Persons: RJ Scaringe, Mike Blake, It's, Patrick T, Fallon, CNBC's Phil LeBeau, Scaringe, Rivian Organizations: Reuters, Rivian Automotive, Coast Theater, AFP, Getty Locations: Laguna Beach , California, U.S, Georgia, Normal , Illinois

☆ Wall Street is loving AI while Big Tech is warning employees about how they use it
▼ + stars: | 2024-02-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at Wall Street's love affair with Nvidia (and AI) while Big Tech still grapples with how to use the tools . Since Nvidia's GPUs sit at the center of the AI revolution, the company's success suggests the hype around the tech is warranted. One issue is bias showing up in AI tools . AdvertisementInternal documents show that Amazon is warning its employees not to use third-party generative AI tools for work , BI's Ashley Stewart and Eugene Kim report. It's an interesting acknowledgement of the risks involved with using AI tools — especially when Amazon is pitching its own chatbot to customers .

Persons: —, It's, Michael M, Tyler Le, it's, Matthew Fox, Wall, Jensen, Kathleen Brooks, XTB, BI's George Glover, Chelsea Jia Feng, — ChatGPT, Monica Melton, BI's Ashley Stewart, Eugene Kim, Paul Morigi, Jenny Chang, Rodriguez, Goldman, Joe Duran, Jensen Huang, Huang, Reddit, Sam Altman, Elon Musk, Gemini, isn't, RJ Scaringe, Rivian, Scaringe, Steve Conine, Niraj Shah, Lucas Jackson, Wayfair, Bruce Dixon, they'd, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Service, Nvidia, Big Tech, Getty, Nasdaq, Nikkei, GameStop, SEC, CNBC, EV, Warner Bros Discovery Inc, Hyatt Hotels Locations: Paul, New York, London, Chicago

☆ Rivian employees have to wait overnight to hear if they're being laid off. HR experts say the tactic has few benefits.
▼ + stars: | 2024-02-22 | by ( Shubhangi Goel | Sawdah Bhaimiya | ) www.businessinsider.com time to read: +5 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementKeeping the attention focusedOne HR professional told Business Insider that the staggered announcements might be the company's way of keeping its attention focused. "The benefit is the next day the entire focus of communication and support is dedicated to the separating employees," Varelas told BI. Drawbacks to making employees wait overnight to hear if they've been laid offHowever, it is a less than ideal way to conduct layoffs because it worries both retained and separated employees, Varelas said.

Persons: —, RJ Scaringe, Elaine Varelas, Varelas, Rob Smedley, Freeths, Smedley, they'd, they've, Gearalt Fahy, Womble Bond Dickinson, Fahy, Michael Doolin, Dooley, Rivian Organizations: Service, Business, Keystone Partners, Google, Clover Locations: Southern California

☆ Rivian's CEO can't seem to give a clear answer whether the company has enough money to build its next vehicle
▼ + stars: | 2024-02-22 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

Rivian CEO RJ Scaringe skirted questions on whether the EV maker has enough cash to produce the R2. Scaringe told CNBC he's "confident" in the capital Rivian has through 2025. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Rivian reported a loss of $5.4 billion in 2023 despite delivering twice as many EVs compared to the previous year.

Persons: RJ, Scaringe, CNBC he's, —, Rivian Organizations: CNBC, Service, EV, Bloomberg Locations: Rivian

☆ Rivian and Lucid shares plunge after weak EV earnings reports
▼ + stars: | 2024-02-22 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +2 min

Shares of electric vehicle makers Rivian and Lucid plummeted Thursday after the companies reported disappointing results and stagnant production in their fourth-quarter earnings after the bell Wednesday. Rivian forecast it will make 57,000 vehicles in 2024, slightly less than the 57,232 vehicles the company produced last year. Rivian and Lucid make up a fraction of EV sales compared with the industry leader, Tesla. A Cox Automotive analysis found that Rivian accounted for just over 4% of EV sales in 2023, while Lucid made up 0.5%. Electric truck maker Nikola reported worse-than-expected revenue and a slightly better-than-expected loss per share in its earnings Thursday.

Persons: Lucid, RJ Scaringe, Peter Rawlinson, EVs, Tesla, Nikola, — CNBC's Michael Wayland Organizations: Wall, LSEG, Cox, EV Locations: Saudi Arabia

☆ Jim Cramer says 'people are traveling' and he likes this cruise stock and this airline
▼ + stars: | 2024-02-22 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +1 min

Boeing, the leadership from the top is the only leadership government cares about," Jim Cramer said Thursday. Dow stock Boeing was down slightly. Etsy : Shares of the online marketplace for handmade goods dropped 8% on an earnings miss and a softer-than-expected guide. "I have nothing but good things to say about Royal Caribbean," Jim said. "People are traveling," he said, adding he likes Southwest Airlines here.

Persons: Jim Cramer, Cramer, Jim, RJ Scaringe, Scaringe Organizations: Boeing, Max, Dow, plummetted, Royal, Southwest Airlines Locations: Caribbean

☆ Rivian's future hinges on its upcoming R2 — here's what we know about the EV and why it's so important
▼ + stars: | 2024-02-22 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

We'll learn more about the R2 at Rivian's March 7 reveal event. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Debuting next month, the R2 is a crucial piece of Rivian's future as a smaller and cheaper option for a new wave of EV customers. The R2 is currently slated to sell for between $45,000 and $55,000 — which Scaringe called a "really important sweet spot" in the EV market. DeliveriesAfter the March 7 reveal, Rivian will open up pre-orders for the vehicle and begin taking deposits.

Persons: —, RJ Scaringe, Rivian, Rivian hasn't, Scaringe Organizations: Rivian's, Service, Tesla, Volkswagen Locations: Georgia

☆ Rivian CEO RJ Scaringe: We will be positive gross margin by Q4 2024
▼ + stars: | 2024-02-22 | 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: We will be positive gross margin by Q4 2024CNBC’s Phil LeBeau and Rivian CEO RJ Scaringe join 'Squawk Box' to discuss the company's quarterly earnings results, 2024 production guide which widely missed Wall Street estimates, slowdown of the EV market at large, the company's growth outlook, and more.

Persons: RJ Scaringe, Phil LeBeau

☆ Rivian workers won't be getting much sleep tonight
▼ + stars: | 2024-02-22 | by ( Grace Kay | Grace Eliza Goodwin | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewRivian left thousands of its workers in limbo after announcing it was laying off 10% of its salaried staff on Wednesday. AdvertisementIn an email to BI, Rivian did not specify exactly how many salaried staff members would be cut, but said that it has 16,700 total employees, including both salaried and hourly workers. High interest rates, slowing demand, and pressure from Tesla's pricing strategy have put pressure on the US electric car market. "Most notably the impact of historically high interest rates which has negatively impacted demand."

Persons: —, RJ Scaringe, they'd, Scaringe, Rivian, didn't Organizations: Service, Business, Ford, General Motors

☆ Rivian is laying off 10% of its salaried workers amid challenges
▼ + stars: | 2024-02-21 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

CNN —Rivian announced Wednesday that it will lay off 10% of its salaried workers beginning Thursday morning, amid a quarterly loss and an increasingly competitive EV market. Rivian has a total of 16,700 employees but would not disclose how many of those are considered salaried employees. Rivian has previously, on two different occasions, laid off 6% of its workforce, as the company has looked to reduce its losses. Sales of electric vehicles has not expanded as rapidly in the past year as it had before, and automakers have blamed high interest rates for some of that slow-down. Scaringe boasted that Rivian produced the best-selling electric vehicle over $70,000 last year.

Persons: CNN — Rivian, RJ Scaringe, Rivian, Tesla Organizations: CNN, Ford, Tesla, Scaringe Locations: California

☆ Rivian stock falls as EV maker reports fourth-quarter results, announces 10% job cuts
▼ + stars: | 2024-02-21 | by ( ) www.cnbc.com time to read: +2 min

Rivian's cash and cash equivalents were $7.86 billion at the end of the December quarter, compared with $7.94 billion in the preceding three-month period. However, revenue for the October-December period stood at $1.32 billion, above Wall Street estimates of $1.26 billion, according to LSEG data. Rivian has been posting a loss on every vehicle it sells and expects to record its first quarter of positive gross margin later this year. The company's R2 platform, which is expected to be cheaper and smaller, is set to be unveiled early next month. The company reported a net loss of $1.52 billion for the fourth quarter ended Dec. 31, compared with a loss of $1.72 billion a year earlier.

Persons: Rivian, RJ Scaringe, Elon, shying, Tesla, Lucid Organizations: Visible, Tesla Locations: New York, Georgia

☆ Rivian is slashing 10% of staff. Read the email it sent to its workers.
▼ + stars: | 2024-02-21 | by ( Grace Eliza Goodwin | Grace Kay | ) www.businessinsider.com time to read: +5 min

Despite doubling its EV deliveries in 2023, Rivian reported a $5.4 billion loss for the year. In an email to Business Insider, Rivian did not specify exactly how many salaried staff members would be cut, but said that it has 16,700 total employees, including both salaried and hourly workers. Here's the full email that Rivian CEO RJ Scaringe sent out to staff on Wednesday, announcing that layoffs would be coming on Thursday. Tomorrow, we're reducing our salaried employees by approximately 10% along with a limited number of non-manufacturing hourly employees. Also, anyone impacted tomorrow will still be eligible for our FY'23 bonus.

Persons: Rivian, Claire McDonough, Jacob Bourne, Bourne, Tesla, Scaringe, RJ Scaringe Organizations: Bloomberg, Business, Intelligence, Ford, General Motors, Dealers

☆ Rivian CEO RJ Scaringe goes one-on-one with Jim Cramer
▼ + stars: | 2024-01-26 | by ( Jim Cramer | ) 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 goes one-on-one with Jim CramerRivian CEO RJ Scaringe joins 'Mad Money' host Jim Cramer to talk the state of the EV transition in the U.S., investment in charging infrastructure, consumer adoption of EVs and more.

Persons: RJ Scaringe, Jim Cramer Locations: U.S

☆ Investing in charging network will 'give customers peace of mind', says Rivian CEO
▼ + stars: | 2024-01-26 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvesting in charging network will 'give customers peace of mind', says Rivian CEORivian CEO RJ Scaringe joins 'Mad Money' host Jim Cramer to talk the state of the EV transition in the U.S., investment in charging infrastructure, consumer adoption of EVs and more.

Persons: RJ Scaringe, Jim Cramer Locations: U.S

Search resuls for: "RJ Scaringe"

25 mentions found