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An electric pick-up truck is pictured at the Rivian Automotive Inc facility in Costa Mesa, California, U.S.,November 1, 2023. Smaller rival Lucid (LCID.O) cut its production forecast on Tuesday "to prudently align with deliveries", sending its shares down 3%. Last month, it reported third-quarter deliveries above market expectations. The company reported a net loss of $1.37 billion, compared with a loss of $1.72 billion a year earlier. Its third-quarter production fell nearly 30% to 1,550 vehicles.

Persons: Mike Blake, Tesla, Elon Musk, I'm, RJ Scaringe, Scaringe, Rivian, Alec Lucas, Akash Sriram, Zaheer Kachwala, Abhirup Roy, Krishna Chandra Organizations: Rivian Automotive Inc, REUTERS, Rivian, Reuters, Global, Saudi Arabia's Public Investment Fund, Amazon, Wall, Thomson Locations: Costa Mesa , California, U.S, Bengaluru, San Francisco

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

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. The IPO raised $4.87 billion for SoftBank based on 95.5 million shares sold. It infers a valuation on Arm on a fully diluted basis of $54.5 billion, making it the largest stock market debut since electric car maker Rivian Automotive Inc (RIVN.O) in 2021. Arm did not immediately respond to a request for comment. Reporting by Echo Wang and Anirban Sen in New York Editing by Greg RoumeliotisOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Echo Wang, Anirban Sen, Greg Roumeliotis Organizations: REUTERS, Arm Holdings, Rivian Automotive Inc, Thomson Locations: New York

Arm kicked off its roadshow in Baltimore, where influential asset manager T Rowe Price is headquartered, underscoring the fund manager's significance in big IPOs. Arm disclosed the proposed range would value it at between $48 billion and $52 billion. The valuation that Arm is chasing represents a climb-down from the $64 billion valuation at which SoftBank last month acquired the 25% stake it did not already own in the company from its $100 billion Vision Fund. Jamie Mills O’Brien, portfolio manager at British fund manager Abrdn, said he found SoftBank's valuation ask in the IPO "more palatable than initially discussed." Unlike most loss-making but high-growth tech companies that debut with lofty valuations but later plummet below list price, Arm is profitable.

Persons: Group's, T Rowe Price, SoftBank, Jamie Mills O’Brien, Abrdn, Arm, Dado Ruvic, Sara Russo, Bernstein, Goldman Sachs, JPMorgan Chase, Manya Saini, Pablo Mayo, Arun Koyyur, Nick Zieminski Organizations: Arm Holdings, Rivian Automotive Inc, Sands, Cambridge, Vision, Nvidia Corp, Apple, Nvidia, Devices, Intel, Samsung Electronics, REUTERS, Acorn Computers, Apple Computer, VLSI Technology, London Stock Exchange, Nasdaq, SoftBank, Inc, Reuters, Barclays, JPMorgan, Mizuho Financial Group, underwriters, Pablo Mayo Cerqueiro, Thomson Locations: Baltimore, Arlington , Virginia, England, China, United States, Bengaluru, London, Lincoln

A few hours before its Nasdaq debut, VinFast more than doubled its value in premarket trading involving less than 4% of its shares. Nikola now commands a market value of $1.4 billion, versus $13.9 billion before listing while Lucid has a current market value of $15.5 billion, versus $24 billion during its 2021 SPAC deal. It is still unclear how many of the company shares will trade on Tuesday and at what price. VinFast's founder, Vietnam's richest man Pham Nhat Vuong, pledged $2.5 billion in April to bolster the EV maker, including $1 billion from his personal fortune. He is the beneficial owner of 99% of the ordinary shares of the EV maker after the merger.

Persons: Mike Blake, Black Spade, Nikola Corp, Nikola, Lucid, Rivian, Pham Nhat Vuong, VinFast, Phuong Nguyen, Yantoultra, Jaiveer Singh, Francesco Guarascio Organizations: Los Angeles Auto, REUTERS, Nasdaq, Nikola, Tesla Inc, Rivian Automotive Inc, VinFast, P Global Mobility, Investors, Thomson Locations: Los Angeles , California, U.S, HANOI, Dealogic, North Carolina, Vietnam, United States

☆ Polestar to adopt Tesla's supercharger network in the US, Canada
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - Swedish electric vehicle (EV) maker Polestar said on Thursday it has signed an agreement with Tesla (TSLA.O) to adopt the EV maker's Supercharger network in the United States and Canada. Starting 2025, new Polestar vehicles sold in North America will be equipped with Tesla's North American Charging Standard (NACS) charging port by default, the company said. The deal comes days after Swedish carmaker Volvo Cars (VOLCARb.ST) said all its electric vehicles (EVs) will have access to Tesla's Supercharger network in the U.S., Canada and Mexico. Tesla's Superchargers account for about 60% of the total number of fast chargers available in the United States, according to the U.S. Department of Energy. Reporting by Tiyashi Datta in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Polestar, Tesla's, Biden, Tiyashi Datta, Pooja Desai Organizations: Tesla, Volvo, General Motors, Rivian Automotive Inc, CCS, U.S . Department of Energy, Thomson Locations: Swedish, United States, Canada, North America, U.S, Mexico, California, Bengaluru

☆ Volvo EVs to now have access to Tesla superchargers
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

June 27 (Reuters) - Swedish carmaker Volvo Cars (VOLCARb.ST) said on Tuesday it had signed an agreement with Tesla (TSLA.O) to give its electric vehicles (EVs) access to the EV maker's Supercharger network in the United States, Canada and Mexico. The deal makes Volvo the first European automaker to adopt Tesla's North American Charging Standard (NACS), adding to the slew of EV makers and charging equipment manufacturers taking up the technology. Tesla's Superchargers account for about 60% of the total fast chargers available in the United States, according to the U.S. Department of Energy. Its recent deals represent major strides in displacing rival standard CCS that earlier exclusively had the backing of President Joe Biden's administration. The government is offering $7.5 billion in funding to speed the deployment of EV chargers in the United States.

Persons: Joe Biden's, Akash Sriram, Maju Samuel Organizations: Volvo, Tesla, EV, Rivian Automotive Inc, General Motors, U.S . Department of Energy, Thomson Locations: Swedish, United States, Canada, Mexico, California, Bengaluru

☆ Wall Street ends lower, pausing rally as Powell testimony looms
▼ + stars: | 2023-06-20 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

All three major U.S. equity indexes ended the session in the red but off session lows, with oil super-majors Exxon Mobil Corp weighing on the S&P 500 and the Dow. Including Tuesday's loss, the benchmark S&P 500 has advanced 14.3% so far this year. Of the 11 major sectors of the S&P 500 all but consumer discretionary stocks (.SPLRCD) ended in negative territory. The S&P 500 posted 14 new 52-week highs and no new lows; the Nasdaq Composite recorded 68 new highs and 87 new lows. Volume on U.S. exchanges was 11.15 billion shares, compared with the 11.36 billion average for the full session over the last 20 trading days.

Persons: Jerome, Robert Pavlik, Pavlik, We've, Rivian, Morgan Stanley, Daniel Zhang, Eli Lilly, Stephen Culp, Shristi Achar, Shubham Batra, Johann M, Aurora Ellis Organizations: Fedex, Dow, Nasdaq, Federal, Exxon Mobil Corp, Dakota Wealth, U.S . House Financial, Dow Jones, Energy, Rivian Automotive Inc, Tesla Inc, PayPal Holdings, KKR & Co, Nike, Alibaba Group, Adobe Inc, Dice Therapeutics, Fedex Corp, NYSE, Thomson Locations: Fairfield , Connecticut, China, Europe, Bengaluru

☆ S&P 500 ends lower, pausing rally with Powell testimony in view
▼ + stars: | 2023-06-20 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

Federal Reserve Chairman Jerome Powell's congressional testimony Wednesday looms as a potential market mover. All three major U.S. equity indexes ended the session in the red but off session lows, with oil super-majors Exxon Mobil Corp weighing on the S&P 500 and the Dow. The broad sell-off comes on the heels of the Nasdaq's longest weekly winning streak since March 2019, and the S&P 500's longest since November 2021. As of Friday's close, the benchmark S&P 500 had advanced 20% in the last twelve months, and over 14% so far this year. According to preliminary data, the S&P 500 (.SPX) lost 20.79 points, or 0.47%, to end at 4,388.80 points, while the Nasdaq Composite (.IXIC) lost 22.28 points, or 0.16%, to 13,667.29.

Persons: Jerome, Robert Pavlik, Pavlik, We've, Morgan Stanley, Daniel Zhang, Eli Lilly, Stephen Culp, Shristi Achar, Shubham Batra, Johann M, Aurora Ellis Organizations: Federal, Exxon Mobil Corp, Dow, Dakota Wealth, U.S . House Financial, Nasdaq, Dow Jones, Rivian Automotive Inc, Tesla Inc, Rivian, PayPal Holdings, KKR & Co, Nike, Alibaba, Adobe Inc, Dice Therapeutics, Fedex Corp, Thomson Locations: Fairfield , Connecticut, China, Europe, Bengaluru

☆ Vietnam EV maker VinFast sees sales boom, path to breakeven
▼ + stars: | 2023-05-17 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Vuong projected sales of between 40,000 and 50,000 cars this year, up from EV sales of about 7,400 in 2022 when the company's only market was Vietnam. In addition, Vuong said VinFast planned to add two other models to its lineup: an electric pickup truck and a battery-powered city or "mini car." VinFast, which began operations in 2019, has a plant in Vietnam and plans for a second plant to open in North Carolina in 2025. An electric pickup truck would face competition from Rivian Automotive Inc (RIVN.O), Ford Motor Co's (F.N) F-150 Lightning and other models. The entry-level, small EV would face competition from Chinese-made electric vehicles, including from BYD.

☆ 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.

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.

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

☆ 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.

☆ US shares of EV makers skid after Lucid, Fisker target cuts
▼ + stars: | 2023-05-09 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

REUTERS/Steve... Read moreNEW YORK, May 9 (Reuters) - Cuts to production forecasts by Lucid Group Inc (LCID.O) and Fisker Inc (FSR.N) slammed shares of electric-vehicle makers in early trading on Tuesday, with Lucid down about 9%. Fisker shares were last down 5.3% after the company reported quarterly results earlier on Tuesday and cut its production forecast for 2023. That added to the bearish news for the industry from late Monday, when Lucid reported quarterly revenue that missed analysts' expectations and trimmed its 2023 production forecast. Its shares were down 9.1% in strong early trading volume and on track for their biggest daily percentage drop since Feb. 23. The analysts also reiterated their "buy" rating on Lucid, but lowered their price target to $10.

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

☆ Biopharma firm Acelyrin valued at $2.1 billion in strong market debut
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

May 5 (Reuters) - Shares of Acelyrin Inc (SLRN.O) rose 28% in their Nasdaq debut on Friday, giving the biopharma company a market capitalization of $2.1 billion. The Los Angeles-based company, which had priced its shares at $18 apiece, raised $540 million by selling 30 million shares in an upsized offering on Thursday. Acelyrin joins a spate of new listings recently that have fueled hopes of a recovery in IPO markets. On Thursday, Johnson & Johnson Inc's (JNJ.N) consumer health business Kenvue Inc (KVUE.N) went public, becoming the largest public offering since Rivian Automotive Inc (RIVN.O) in 2021. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ J&J's Kenvue eyes $47 billion valuation in biggest US IPO since 2021
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] The company logo for Kenvue Inc. Johnson & Johnson's consumer-health business, is displayed on a screen during the company's IPO at the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2023. REUTERS/Brendan McDermidMay 4 (Reuters) - Johnson & Johnson's (JNJ.N) consumer health unit Kenvue Inc (KVUE.N) was set to fetch a valuation of about $47 billion on Thursday, in what would be the biggest U.S. initial public offering since late 2021. Shares, priced at $22 apiece by Kenvue, were indicated to open nearly 14% above their offer price on the New York Stock Exchange. While the Kenvue deal is the largest IPO to launch since electric-vehicle maker Rivian Automotive Inc (RIVN.O) listed its shares on the Nasdaq in late 2021, deal advisers have warned that equity capital markets may not recover in a meaningful way any time soon. Reporting by Manya Saini and Bhanvi Satija in Bengaluru; Editing by Shounak Dasgupta and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ J&J's Kenvue prices upsized IPO at upper end of range to raise $3.7 bln -sources
▼ + stars: | 2023-05-03 | by ( Echo Wang | ) www.reuters.com time to read: +1 min

Kenvue defied volatile market conditions to price about 166 million shares at $22 per share, the sources said, adding that the size of the deal was upsized by about 10%. The IPO values Kenvue at about $41 billion. Kenvue had earlier said it planned to sell 151 million shares at a range of between $20 and $23 per share. Kenvue's share sale marks the biggest IPO to result from a corporate carve-out in over two decades. The IPO market has been largely frozen over the past year as stock-market volatility and economic uncertainty have put off many hopefuls.

☆ Factbox: Tech firms, Wall Street lead job cuts in Corporate America
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +8 min

read moreSpotify Technology SA (SPOT.N):Music streaming service Spotify is cutting 6% of its workforce, or roughly 600 roles. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. Workday Inc (WDAY.O):The software company will cut roughly 500 jobs, or 3% of its workforce, citing a challenging macroeconomic environment. Morgan Stanley (MS.N):The Wall Street powerhouse is planning to cut about 3,000 jobs in the second quarter, Reuters reported. MANUFACTURING SECTOR3M Co (MMM.N):The industrial conglomerate said it would cut 2,500 manufacturing jobs after reporting a lower profit.

[1/3] U.S. President Joe Biden attends the groundbreaking of the new Intel semiconductor manufacturing facility in New Albany, Ohio, U.S., September 9, 2022. But all that new construction has a real estate problem. That would be a problem for the Biden administration, which has pushed through legislation to fuel the developments. A White House official said it was a "high-class problem" to have, adding: "Folks are finding places to build. The governors of South Carolina, Virginia and North Carolina have each proposed to spend hundreds of millions of dollars on readying industrial sites in the coming years.

☆ Tesla shares slip as margin worries overshadow record deliveries
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

April 3 (Reuters) - Tesla Inc (TSLA.O) shares fell 5% on Monday, dragged down by growing worries about the electric-vehicle maker's profit margins after aggressive price cuts led to only a modest increase in quarterly deliveries. After slashing prices on its vehicles by as much as 20% in January, Tesla posted record deliveries of 422,875 vehicles in the first quarter but they were up just 4% on the prior quarter. Bernstein analysts said Tesla "will need to further lower prices this year and/or next year to achieve its volume targets, incrementally pressuring margins." "We maintain that price cuts have and will undermine industry profitability (including Tesla's), but that incumbents are deep pocketed and not likely to back down," they added. Tesla shares were trading at $197, having gained 9% last week in the run-up to the deliveries report.

☆ 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.

☆ Nikola tumbles to record low on $100 million stock sale
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

March 31 (Reuters) - Shares of Nikola Corp (NKLA.O) hit a record low on Friday after the electric-truck maker said it plans to sell shares and raise $100 million, amid high production costs. Nikola said late Thursday it will sell about 29.9 million shares in public offering and 59.4 million shares to hedge fund Antara Capital L.P., an existing holder of the company's convertible bonds. Nikola fell to $1.15 per share after offering shares to raise capital"Despite the $100 million cash injection, management still has a lot of work to do to balance cash burn against its existing cash," said BTIG analyst Gregory Lewis, and downgraded the stock to "neutral" from "buy". The company said it has $123 million in cash and $85 million in restricted cash as of March 28. Last year, the company had said it might sell shares to raise up to $400 million.

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