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☆ Rivian says its updated electric pickup and SUV are faster and have more range than the Cybertruck
▼ + stars: | 2024-06-06 | by ( Benjamin Zhang | ) www.businessinsider.com time to read: +1 min

Rivian unveiled its updated R1T pickup truck and R1S SUV with more power and range on Thursday. The revised R1T and R1S look similar to the outgoing generation but feature major internal updates. The dual-motor, second-generation Rivian R1T and R1S are on sale now. AdvertisementRivian unveiled an updated second generation of its flagship R1T electric pickup truck and R1S SUV on Thursday, featuring a host of technical improvements and two new powertrain options with more power and range. Based on Rivian's estimated performance figures, versions of the second-generation R1 platform now boast faster acceleration and substantially more range than Tesla's Cybertruck.

Persons: Rivian, — Organizations: Service, Business

☆ 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

☆ I spent a day with Chevrolet's two new electric cars. They may not be enough to turn the EV tide.
▼ + stars: | 2024-06-01 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

Read previewChevy's electric aspirations are about to meet their toughest test yet with the launch of the Silverado EV and the Equinox EV. All of this adds up to the security that today's EV shopper is looking for, Majoros told me in an interview. The RST First Edition Silverado EV, which is on sale now, goes for $94,500. Equinox EV is a step in the right direction, but can it beat a hybrid? That could be bad news for Chevy dealers and Equinox EV, which might lose out in a comparison with Ford's or Toyota's hybrids.

Persons: —, Steve, Majoros, you've, it's, Ford's, Elon Organizations: Service, Silverado EV, GM, Business, Chevrolet, Motors, Silverado, Equinox Locations: Detroit

☆ Tesla Cybertruck takes second place to Ford F-150 Lightning, new monthly registration data shows
▼ + stars: | 2024-05-19 | by ( Grace Kay | ) www.businessinsider.com time to read: +1 min

Ford's F-150 Lightning was the most popular EV pickup in March, per S&P Global Mobility data. Over 1,100 new Cybertrucks were registered in the month, according to the data. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The edgy pickup was second only to Ford's F-150 Lightning, according to new vehicle registration data from S&P Global Mobility that was first reported by the Automotive News. During the month of March, the Cybertruck had 1,158 new registrations, while the Lightning had 2,893.

Persons: Ford's, Tesla, —, Cybertruck, Rivian's R1T Organizations: P Global, Service, Automotive, Lightning, Business

☆ Rivian, Lucid and other EV startups scramble to shore up cash and reassure Wall Street
▼ + stars: | 2024-05-10 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

In this article NKLARIVNLCID Follow your favorite stocks CREATE FREE ACCOUNTR1T trucks on the assembly line at the Rivian electric vehicle plant in Normal on April 11, 2022. Stock Chart Icon Stock chart icon Performance of Rivian, Lucid and Nikola stocks over the past year. Rivian reported $7.86 billion in cash, cash equivalents, and short-term investments to end March, with more than $9 billion in total liquidity. Lucid, for its part, ended the first quarter with approximately $4.6 billion in cash, cash equivalents and investments, with total liquidity of approximately $5.03 billion. Unlike Rivian and Lucid, Nikola is exclusively focused on commercial vehicles rather than ones to retail customers.

Persons: Brian Cassella, Tesla, Itay Michaeli, Rivian, Rivian's, Peter Rawlinson, he's, Rawlinson, " Rawlinson, LSEG, Nikola, Thomas Okray, Okray, Derek Jenkins, David Swanson Organizations: Tribune, Service, Rivian, Lucid Group, Nikola Corp, Wall Street, Citi, Saudi, Public Investment Fund, Wall, Lucid, Los Angeles Auto Locations: Normal, Illinois, Georgia, Normal , Illinois, Los Angeles , California, U.S

(This is CNBC Pro's live coverage of Wednesday's analyst calls and Wall Street chatter. A closely watched electric vehicle maker and a cloud software company were among the talked stocks by analysts on Tuesday. "We move to Sell given the increased lack of visibility around an inflection in the aforementioned trends," said analyst Kash Rangan. – Samantha Subin 6:19 a.m.: Wall Street reacts to Reddit's first earnings print as a public company Reddit's first earnings report since hitting the public markets in March is garnering some mixed responses from Wall Street analysts. "Its limited production and commercial history leaves much to be seen," he wrote "Rivian must prove it can acquire the customer base, while maintaining low advertising costs."

Persons: there's, Baird, Goldman Sachs, Kash Rangan, Rangan, – Samantha Subin, Mark Shmulik, Reddit, Doug Anmuth, Bank of America's Justin Post, Citi's Ronald Josey, Samantha Subin, Mark Delaney, Rivian, Dan Levy, RIVN, Wells Fargo's Colin Langan, Langan, Datadog Baird, Amit Agarwal, Will Power, DDOG, Power, Fred Imbert Organizations: CNBC, ZoomInfo Technologies, Wall Street, Google, Bank of America's, Barclays, Datadog, Cisco Locations: Rivian, Datadog

☆ Californians appear to be losing enthusiasm for Tesla
▼ + stars: | 2024-05-01 | by ( Ana Altchek | ) www.businessinsider.com time to read: +1 min

Tesla registrations dropped again in California last quarter, according to a California Auto Outlook report. The report says Tesla saw a 7.8% dip in sales in the state while Rivian's increased by 87.1% and GMC shot up by 24,700%. Tesla still leads the EV market in California, but CNCDA's president said the registration drops are notable. AdvertisementCalifornian drivers appear to be losing some enthusiasm for Tesla. A California Auto Outlook report shows year-over-year Tesla registrations are down again in the state.

Persons: Tesla, — Organizations: California Auto, GMC, Service, Car Dealers, Business Locations: California

The firm initiated coverage on the stock with a buy rating and $60 price target, implying 37.2% upside from where shares closed on Monday. Analyst Mark Lipacis has a target price of $1,160 on shares, suggesting around 35% upside from where shares closed on Monday. However, it kept its $9 price target, which implies upside of just 7.7% over the next 12 months. The stock price now better considers some of our midterm concerns," worte analyst Joseph Spak. Analyst Frank Lee also raised his price target to $225 from $180, implying shares rallying nearly 38% from Monday's close.

Persons: Rivian, Goldman, DraftKings, Goldman Sachs, Ben Miller, Miller, — Hakyung Kim, Joe Ritchie, Ritchie, Nvidia isn't, it's, Mark Lipacis, Lipacis, Hakyung Kim, hasn't, Nicole DeBlase, DeBlase, Joseph Spak, we'd, Fred Imbert, Frank Lee, Lee, Nvidia's GB200 Organizations: CNBC, UBS, HSBC, AMD, US Online Gaming, GE, GE Vernova, General Electric, Nvidia, ISI, Honeywell, Deutsche Bank, Deutsche, Rivian Automotive Locations: NVDA, Monday's

☆ Stocks making the biggest premarket moves: Rivian, Micron, Adobe, Ulta and more
▼ + stars: | 2024-03-15 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Check out the companies making the biggest moves in premarket trading: Rivian Automotive — The EV stock added nearly 4% following an upgrade by Piper Sandler to overweight . Adobe — Shares fell 11% a day after the software company issued weak revenue guidance for its current quarter. Ulta Beauty — Shares tumbled 6.5% a day after the beauty retailer issued full-year earnings guidance that came in on the low end of the consensus forecast. Revenue guidance is in the range of $110.5 million and $112.5 million also below the $113.4 million analyst expectation. Revenue guidance also fell short.

Persons: Piper Sandler, Alexander Potter, Ulta, bitcoin, amortization, Zumiez, —, Sarah Min Organizations: Micron Technology, Citi, Micron, Adobe Locations: cryptocurrencies, FactSet

Piper Sandler raised its rating on Rivian to overweight, noting the stock can rally 96% from here. Baird's $1,050 price target implies that Nvidia stock could still rally another 19%, adding onto its eye-watering 78% gain so far this year. After soaring more than 200% last year, Nvidia shares have surged another 77% in 2024. "Make no mistake: buying RIVN is risky and a botched midyear re-tooling effort could yet surprise investors negatively," Potter wrote. Snowflake shares have struggled this year, losing 20%, in part due to Frank Slootman stepping down his CEO role.

Persons: Piper Sandler, Guggenheim, Baird, Trista Gerra, Blackwell, Gerra, Lisa Kailai Han, Alexander Potter, Tesla, Rivian hasn't, Potter, Rivian, John DiFucci, DiFucci, Snowflake, Frank Slootman, Fred Imbert Organizations: CNBC, Nvidia, GTC, Guggenheim Locations: Rivian

☆ Stocks making the biggest moves midday: Adobe, Ulta, Micron Technology, Rivian Automotive and more
▼ + stars: | 2024-03-15 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Adobe — Shares slipped 15% after the software company issued weak revenue guidance for its current quarter. Revenue guidance came out in the range between $110.5 million and $112.5 million, also below the $113.4 million expectation from analysts. Smartsheet — The business software provider retreated by 3.2% after posting revenue guidance that was worse than analysts expected. Ulta Beauty — Shares edged lower by 5.3% after the beauty products retailer posted disappointing full-year earnings guidance. Steel Dynamics — Shares of the Indiana-based steelmaker rose more than 2% after strong earnings guidance for the first quarter.

Persons: Geron, Piper Sandler, Jabil, PagerDuty, Smartsheet, Ulta, Stocks, cryptocurrencies, bitcoin, MicroStrategy, Cardlytics, —, Alex Harring, Jesse Pound, Lisa Kailai Han, Michelle Fox Theobald Organizations: Geron, U.S, Food, Drug Administration, Micron Technology, Citi, Micron, Adobe, FactSet, Marathon, Steel, Steel Dynamics, Wall Street Locations: Indiana

☆ Here are Wednesday's biggest analyst calls: Nvidia, Tesla, Super Micro, Coinbase, Apple, Microsoft, Rivian & more
▼ + stars: | 2024-03-13 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

"We are initiating coverage of Legend Biotech (LEGN) with an Outperform rating and a price target of $86." Bank of America reiterates Super Micro as buy Bank of America raised its price target on Super Micro to $1,280 per share from $1,040. The firm has an outperform rating on shares of Boeing. We Initiate with a Buy rating and $15 PT." "We initiate coverage of IMVT with a Buy rating and 12-month price target of $50 (60% upside potential)."

Persons: Raymond James, it's, Wells, Tesla, Davidson, Goldman Sachs, Goldman, Baird, Bernstein, TXRH, EBITDA, Jefferies, underperform Jefferies, Baird downgrades Fiserv, Stephanie Ferris, Charles Drucker, helms, Cooper, William Blair, BTIG, Bitdeer, JMP, Morgan Stanley, Idacorp, Rivian Organizations: Biotech, Legend Biotech, Citi, Constellation Brands Citi, Constellation, Watch, Nielsen, DA, " Bank of America, Bank of America, Nvidia, GPU Tech Conference, TAM, Royal Caribbean, Boeing, Apple, Moelis, Company, RBC, Pointe, GM, Microsoft, ROIC, Jefferies, FIS, JPMorgan, Cooper Companies, Bitdeer Technologies, Technology, ICE, of America, Argus Locations: Nice, Texas, Cleveland, Southwest, Kansas, Missouri

☆ 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

☆ Rivian R2 vs Tesla Model Y: How the two electric SUVs stack up
▼ + stars: | 2024-03-10 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

The R2 SUV will go head-to-head with the ultra-popular Tesla Model Y. The boxy R2 looks more rugged than the Model Y. AdvertisementRivian is taking aim at Tesla with the R2, a smaller and more affordable SUV that will compete with the Model Y. The Model Y will be stiff competition for Rivian's R2. Here's how Rivian's R2 stacks up against its top competitor, the Tesla Model Y.

Persons: — Organizations: Tesla, Service, Elon Musk's EV

☆ 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

☆ 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 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

☆ Ride the bull market wave with these top stocks in March, Morgan Stanley says
▼ + stars: | 2024-03-02 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Analysts at Morgan Stanley have named a slate of stocks to buy as March gets underway. The firm said investors should bet on the market's momentum by scooping up shares of undervalued companies. They include HashiCorp , Rivian Automotive , Dell Technologies, Sun Country Airlines and Huntington Bancshares. The stock is down 26% over the last 12 months, but the firm said investors should buy the dip. HashiCorp Analyst Sanjit Singh upgraded the cloud-computing infrastructure company to overweight from equal weight earlier this week.

Persons: Morgan Stanley, scooping, Ravi Shanker, Shanker, Sanjit Singh, Singh, Adam Jonas, —, Jonas, Rivian, Dell, …, Huntington, HBAN Organizations: CNBC, Rivian Automotive, Dell Technologies, Sun Country Airlines, Huntington, Amazon, Rivian, Airlines Locations: Huntington Bancshares

☆ 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

☆ A 'messy' quarter: What analysts are saying after Rivian's latest quarterly report
▼ + stars: | 2024-02-22 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Analysts are growing cautious on Rivian shares as its struggles are worsened by weak electric vehicle demand. RBC has a $15 per share price target, which is roughly 3% below Wednesday's close of $15.39. RIVN 1D mountain Rivian stock. Narayan said legacy automakers are in a better position to navigate the current slowdown in EV demand, and said he expects Rivian stock to "to come under pressure." Langan lowered his price target to $14 per share from $18.

Persons: Rivian, Tom Narayan, expected.It, Narayan, FactSet, Wells, Colin M, Langan, Goldman Sachs, Mark Delaney, Delaney, — CNBC's Michael Bloom Organizations: RBC Capital, RBC, Barclays Locations: Wednesday's

☆ 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

☆ Here are Thursday’s biggest analyst calls: Nvidia, Rivian, Sunrun, DoorDash and more
▼ + stars: | 2024-02-22 | by ( Hakyung Kim | ) www.cnbc.com time to read: +6 min

Here are Thursday's biggest calls on Wall Street: Morgan Stanley raises Nvidia price target Morgan Stanley increased its price target on shares to $795 from $750 after the chipmaker's earnings announcement. " UBS reiterates Nvidia as buy, but trims price target UBS reiterated its buy rating on Nvidia but reduced its price target to $800 from $850. Morgan Stanley upgrades DoorDash to overweight from equal weight Morgan Stanley's upgrade comes after the stock fell around 10% since its earnings report on Feb. 15. Morgan Stanley reiterates overweight rating on Rivian Automative Morgan Stanley kept its overweight rating on Rivian , but cited concerns on the company's outlook. Jefferies reiterates Sunrun as buy Jefferies also raised its price target on Sunrun to $31 from $25, implying shares nearly doubling from Wednesday's close.

Persons: Morgan Stanley, Goldman Sachs, Nvidia Goldman, Morgan, Rivian, Automative Morgan Stanley, Jefferies, Sunrun, Bernstein, Wendy's, Wendy, TD Cowen, Cowen, COTY, Cantor Fitzgerald, Root, Cantor, Remitly Organizations: NVIDIA, UBS, Nvidia, Data Center, RBC, Rivian Automotive, EV, Petrobras, ITC, Coty, BMO, Markets Locations: Argentine, China, Brazil, 2024E

☆ 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 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

☆ 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

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