DIRS.INFO The most relevant business & tech news

☆ EV startup Lucid to cut about 18% of its workforce
▼ + stars: | 2023-03-28 | by ( ) edition.cnn.com time to read: +1 min

Electric-vehicle maker Lucid Group Inc said on Tuesday it would lay off about 18% of its workforce, or around 1,300 employees, to cut costs as part of a restructuring plan. Lucid, which had about 7,200 employees at the end of last year, will incur between $24 million and $30 million in related charges. The company expects to substantially complete the restructuring plan by the end of the second quarter. “We are also taking continued steps to manage our costs by reviewing all non-critical spending at this time,” Rawlinson said. Industry experts say price cuts by industry leader Tesla Inc and the availability of cheaper EV models from traditional automakers have weighed on demand for new vehicles from startups such as Lucid and Rivian Automotive Inc.Last month, Rivian said it would let go of 6% of its workforce in an effort to cut costs.

☆ EV startup Lucid plans to cut about 18% of its workforce - report
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

March 28 (Reuters) - Electric-vehicle maker Lucid Group Inc (LCID.O) is planning to lay off about 18% of its workforce, Insider reported on Tuesday, citing sources familiar with the matter and an internal memo. Lucid, which had about 7,200 employees at the end of last year, will communicate details of the layoffs in the next three days, according to the report. Last month, Rivian said it would let go of 6% of its workforce in an effort to cut costs. Companies in the United States have stepped up cost cuts as they brace for a looming recession amid aggressive interest rates hikes by central banks worldwide. Reporting by Akash Sriram in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Rivian Moves More Engineers Near Illinois EV Factory to Speed Up Output
▼ + stars: | 2023-03-24 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

Electric-vehicle maker Rivian Automotive Inc. is relocating parts of its manufacturing engineering team to its Illinois factory as part of a reorganization aimed at speeding up production, according to a person familiar with the plan. The reorganization is expected to be announced soon and will result in a significant portion of the engineering team that works on manufacturing-related tasks being asked to relocate from around the country to central Illinois or the company’s headquarters in Irvine, Calif., the person said.

☆ 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.

The Amazon electric delivery van is one of the three vehicles Rivian builds at its Normal, Ill., factory. Amazon .com Inc. and Rivian Automotive Inc. are in talks to scrap the exclusivity part of their electric-van deal, allowing the auto maker to sell to others, after the technology giant’s order for 2023, according to people familiar with the matter. Under terms of a 2019 agreement, Rivian is required to sell all of the vans it makes to Amazon. In recent months, Amazon notified Rivian that it wanted to buy about 10,000 vans this year, which was at the low end of a range it previously provided the auto maker, the people said.

☆ 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.

REUTERS/Rebecca Cook/File PhotoMarch 6 (Reuters) - American carmakers will lean on technology to keep the horsepower wars going among their electric muscle cars, a tectonic shift from the big, rumbling motors of the past. GM and Dodge have both issued timelines to stop selling gas-powered muscle cars and replace them with electric variants that will wear the same badges. Dodge's Charger and Challenger muscle cars will not be made next year, while Chevrolet has laid out plans for an electric Corvette. Brands such as Polestar and Mercedes-Benz (MBGn.DE) have announced optional power upgrades to their sedans that improve acceleration and total horsepower via paid OTA (over-the-air) software updates. Dodge has said it will transition its muscle cars to an electric platform, and is working to differentiate those models.

☆ EV Startups Brace for Another Tough Year as Cash Dwindles
▼ + stars: | 2023-03-06 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

For many of the electric-vehicle startups, last year was rife with supply-chain constraints and manufacturing troubles that hindered their efforts to get off to a fast start. Now, young companies such as Rivian Automotive Inc. and Lucid Group Inc. are facing a more pressing challenge this year: They need to right their factory operations before running through their cash reserves.

☆ Rivian stands by 2023 production target despite media report
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

The 62,000 figure was said in an internal meeting and was taken out of context, the Rivian spokesperson said. Bloomberg later said that the figure was given at an all- hands meeting as part of a "production master plan" for the year. The Rivian spokesperson declined to comment on the context in which the number was given or about a company master plan. The company cited persistent supply-chain snarls sparked by the pandemic and bad weather that hampered production, adding it expected the issues to continue through 2023. Shares of Rivian closed up 7.6% at $16.92 on Friday after rising more than 11% on the Bloomberg report.

☆ Rivian sticks to 50,000 vehicle production target for 2023
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: 1 min

March 3 (Reuters) - Rivian Automotive Inc (RIVN.O) on Friday said it was sticking to its official production forecast of 50,000 vehicles in 2023. A company spokesperson said that comments about 62,000 vehicles, reported by Bloomberg, were from an internal meeting and taken out of context. Earlier this week, Rivian said it aimed to produce 50,000 cars this year, below analysts' estimate of 67,170 units, according to Visible Alpha. Reporting by Abhirup Roy in San Francisco and Eva Mathews in Bengaluru; Editing by Shinjini Ganguli and Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

☆ Rivian Issues Another Recall for Electric Trucks, SUVs
▼ + stars: | 2023-02-28 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

Rivian said it aimed to produce 50,000 vehicles this year as it works to deliver vehicles to tens of thousands of waiting customers. Electric-vehicle maker Rivian Automotive Inc. said Tuesday it was recalling 12,716 vehicles to fix a faulty sensor in the front passenger seat, as production challenges continue to weigh on the young company. The recall covers nearly 89% of the vehicles it produced through September, after which it fixed the problem on subsequently built sport-utility vehicles and trucks.

☆ Rivian sees 2023 production well below estimates, recalls over 12,700 vehicles
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Kamil Krzaczynski/File PhotoFeb 28 (Reuters) - Rivian Automotive Inc (RIVN.O) on Tuesday forecast 2023 production well below analysts' estimates as it grapples with lingering supply chain bottlenecks, and announced a recall of more than 12,700 vehicles. The Irvine, California-based company also reported lower-than-expected fourth quarter revenue as the electric-vehicle firm delivered far fewer vehicles than it produced. Rivian produced 24,337 vehicles in 2022, slightly short of its target of 25,000 units. The company reported fourth-quarter net loss of $1.72 billion, or $1.87 per share, compared with $2.46 billion, or $4.83 per share, a year earlier. Rivian reported cash and cash equivalents of $11.57 billion, down from $13.27 billion at the end of the preceding quarter.

Feb 22 (Reuters) - Lucid Group Inc (LCID.O) on Wednesday forecast 2023 production well short of analysts' expectations and reported a major drop in orders during the fourth quarter amid weakening demand, sending the electric carmaker's shares down 11% after hours. "There's probably a lot of frustration from customers having to wait for so long to get the vehicles they ordered." House said Lucid would incur capital expenditures of between $1.5 billion and $1.75 billion in 2023. Lucid reported a cash balance of $1.74 billion in the fourth quarter, after raising $1.52 billion in December. The stock fell 82% last year after Lucid halved its production forecast due to supply chain issues.

☆ Lucid shares stumble on dour EV production target as price war weighs
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Shares of Lucid Group Inc (LCID.O) slumped 10% in premarket trading on Thursday after the electric vehicle maker's 2023 production targets fell short of expectations amid waning demand and a price war unleashed by market leader Tesla Inc (TSLA.O). Lucid expects to produce 10,000 to 14,000 luxury electric vehicles this year, below analysts' estimates of 21,815 cars, according to Visible Alpha. Tesla shares rose 1.3%. About a quarter of Lucid's free float shares are in short position, according to analytics firm Ortex. Meanwhile, Nikola Corp's shares (NKLA.O) rose 4.7% on receiving an order for 20 hydrogen electric trucks from German logistics company Richter Group.

Feb 22 (Reuters) - Lucid Group Inc (LCID.O) on Wednesday forecast 2023 production well short of analysts' expectations and reported a major drop in orders during fourth quarter, sending the electric carmaker's shares down 11% after hours. Lucid said it expects to produce 10,000 to 14,000 luxury electric vehicles this year, up from 7,180 cars last year. Lucid reported a cash balance of $1.74 billion in the fourth quarter, after raising $1.52 billion in December. Lucid's revenue rose to $257.7 million in the quarter ended Dec. 31 from $26.4 million a year earlier. The stock fell 82% last year after Lucid halved its production forecast due to supply chain issues.

☆ Lucid sees 2023 production far below forecasts, shares dive 10%
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 22 (Reuters) - Lucid Group Inc (LCID.O) on Wednesday forecast 2023 production well short of analysts' expectations after reporting quarterly revenue that missed Wall Street estimates, and the electric carmaker's shares fell 10% after hours. Lucid said expects to produce 10,000 to 14,000 luxury electric vehicles this year, up from 7,180 cars last year. Lucid's revenue rose to $257.7 million in the quarter ended Dec. 31 from $26.4 million a year earlier. Shares of the Newark, California-based company fell about 10% in extended trading. The stock fell 82% last year after Lucid halved its production forecast due to supply chain issues.

☆ Ford cuts Rivian stake to about 1% amid production woes at EV maker
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

[1/2] Employees works on an assembly line at startup Rivian Automotive's electric vehicle factory in Normal, Illinois, U.S. April 11, 2022. REUTERS/Kamil KrzaczynskiFeb 10 (Reuters) - Ford Motor Co (F.N) has cut its stake in struggling EV maker Rivian Automotive Inc (RIVN.O) to 1.15%, a week after the Detroit automaker reported a fall in profit and predicted a tough year ahead. Ford, which wrote down the value of its Rivian investment by $7.4 billion in 2022, has been paring down its stake amid production struggles at the Irvine, California-based company. Ford held a 11.4% stake in Rivian at the end of 2021. Rivian shares also had a bleak 2022, losing about 82% of their value.

☆ Lucid joins Tesla-led EV price war with discounts on some Air models
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

Feb 9 (Reuters) - Lucid Group (LCID.O) said on Thursday that customers will get a $7,500 credit on buying certain variants of the Air luxury electric car, revving up a price war started by market leader Tesla Inc (TSLA.O). Ford (F.N) has also slashed prices of its electric crossover Mustang Mach-E by as much as $5,900 in response to Tesla's price cuts. Lucid's credit will be available to customers from Thursday and applies to the Touring and Grand Touring models of the Air series purchased before March 31 this year. Air Touring retails from $107,400, while the Grand Touring model starts at $138,000. Reuters Graphics Reuters Graphics"We think our customers still deserve a $7,500 credit for choosing an EV," said Zak Edson, Lucid's Vice President of Sales and Service.

☆ Factbox: Tech firms, Wall Street titans lead job cuts in corporate America
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +8 min

REUTERS/Lucy Nicholson/File PhotoFeb 8 (Reuters) - Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out a global economic downturn. Here are some of the job cuts by major American companies announced in recent weeks. TECHNOLOGY, MEDIA AND TELECOM SECTORIBM Corp (IBM.N):The software and consulting firm said it will lay off 3,900 employees. 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. MANUFACTURING SECTOR3M Co (MMM.N):The industrial conglomerate said it would cut 2,500 manufacturing jobs after reporting a lower profit.

☆ Ford Posts $1.3 Billion Fourth-Quarter Profit, Misses Full-Year Profit Guidance
▼ + stars: | 2023-02-02 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

Ford Motor Co. posted $1.3 billion in net profit in the fourth quarter as strong pricing and better stock levels on dealership lots helped offset ongoing supply-chain troubles that caused the U.S. auto maker to fall short of its profit guidance for 2022. The Dearborn, Mich.-based car company’s net income for the October-to-December period was down 89% from the $12.3 billion recorded in the fourth quarter of last year, when its earnings were lifted by one-time items, such as a multibillion paper gain on its investment in EV startup Rivian Automotive Inc. Rivian’s stock soared following its initial public offering in late 2021 but has since retreated.

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

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

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

☆ Tesla's slowing sales, shrinking margins in focus in EV price war
▼ + stars: | 2023-01-24 | by ( Akash Sriram | ) www.reuters.com time to read: +2 min

Net profit is set to increase at its slowest rate in three years, according to Refinitiv estimates. Reuters GraphicsThere are some early signs that the price cuts are working, with Chinese EV makers XPeng and Seres (601127.SS) slashing prices of their EVs in response and data showing a surge in Tesla's China sales. There was also an uptick in U.S. orders for Tesla vehicles in December after the company rolled out the cuts, according to YipitData. WALL STREET SENTIMENT* Of the 42 analysts covering the company, 25 rate the stock "buy" or higher, 12 rate it "hold" and five rate it "sell" or lower. Tesla's shares, which have more than halved in the past 12 months, closed at $143.75 on Monday.

☆ Rivian’s Chief Lobbyist Is Leaving the EV Startup
▼ + stars: | 2023-01-23 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

Rivian Automotive Inc.’s chief lobbyist, Jim Chen, is departing the company, the latest high-level exit as the electric-vehicle startup works to scale up operations. Mr. Chen, a former Tesla Inc. executive who joined Rivian in 2018, spearheaded the company’s state-by-state fight to allow direct-to-consumer sales, a core business strategy for EV-only makers such as Rivian and Tesla that don’t use traditional dealerships to sell cars. He is expected to leave Rivian at the end of February, the company said.

☆ Analysis: Tesla's price cuts promise more pain for money-losing U.S. EV startups
▼ + stars: | 2023-01-20 | by ( Akash Sriram | ) www.reuters.com time to read: +4 min

Tesla's move will "strengthen their ... competitive advantage over other automakers," CFRA Research analyst Garrett Nelson said. 'GAME OF THRONES' FOR EV STARTUPSBoth Rivian and Lucid have yet to turn a profit. Reuters GraphicsStill, Rivian had $13.8 billion in cash at the end of the third quarter - the most among the U.S. EV startups. "It's a 'Game of Thrones' battle for EV startups and they face some dire options over the next 12 to 18 months if they do not succeed in their financial targets," said Wedbush Securities analyst Daniel Ives. Rivian sells its R1T pickup truck at a starting price of $73,000 while its R1S SUV starts at $78,000.

Search resuls for: "Rivian Automotive Inc"

25 mentions found