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☆ Rivian’s Quarterly Loss Narrows as EV Startups Face Cash Crunch
▼ + stars: | 2023-05-09 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

Rivian is under pressure to prove it can build its electric trucks at scale without having ramped up production before, as competition heats up from legacy automakers. WSJ toured Rivian’s and Ford’s EV factories to see how they are pushing to meet demand. Illustration: Adam FalkElectric-vehicle startup Rivian reported narrower losses in the first quarter as it slashed spending to conserve cash and stood by its vehicle production target for the year. At the same time, its cash burn accelerated, underlining a key challenge facing young auto companies like Rivian. Absent new funding, they face a limited timeline in which to turn a profit before running out of money.

☆ Want a Tax Break on an EV? You’ll Have to Buy an American Brand.
▼ + stars: | 2023-04-17 | by ( Sean Mclain | Andrew Duehren | ) www.wsj.com time to read: 1 min

Nearly all of General Motors’ new electric vehicle models are eligible for the full $7,500 tax credit. Car buyers looking to get a tax break on a new electric vehicle will now confront an even narrower set of options and have to buy from an American brand. The U.S. Treasury Department released its latest list Monday, detailing which plug-in models qualify for a federal tax credit that has been popular with consumers under new and much stricter requirements adopted by the Inflation Reduction Act.

☆ To Get the EV Tax Credit, You Will Now Have to Buy an American Brand
▼ + stars: | 2023-04-17 | by ( Sean Mclain | Andrew Duehren | ) www.wsj.com time to read: 1 min

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☆ EV Startup Lucid Cuts 18% of Workforce, Including Some Executives
▼ + stars: | 2023-03-28 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

Startup Lucid sells luxury electric sedans priced at $87,000 and above. Lucid Group Inc. plans to lay off approximately 1,300 employees, or 18% of its workforce, as the electric-vehicle startup looks to cut operating expenses and preserve cash ahead of releasing a second model next year. The California-based company, which sells luxury electric sedans priced at $87,000 and above, expects to complete the head-count reductions by the end of the second quarter.

☆ EV Startup Lucid Slashes 18% of Its Workforce
▼ + stars: | 2023-03-28 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

Electric-vehicle startup Lucid sells luxury electric sedans priced at $87,000 and above. Lucid Group Inc. plans to lay off approximately 1,300 employees, or 18% of its workforce, as the electric-vehicle startup looks to cut operating expenses and preserve cash ahead of releasing a second model next year. The California-based company, which sells luxury electric sedans priced at $87,000 and above, expects to complete the head count reductions by the end of the second quarter.

☆ 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.

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.

☆ 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 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.

☆ EV Startup Lucid Offers $7,500 Credit on Some Air Sedans
▼ + stars: | 2023-02-09 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

Luxury electric-vehicle maker Lucid Group is offering a $7,500 purchase credit on certain configurations of its Air sedan, the latest car manufacturer to slash the cost of buying a battery-powered vehicle. The promotion applies to select versions of its Air Touring and Air Grand Touring sedans, both of which have a starting price tag of over $100,000. Customers have to purchase the vehicle by the end of March and take delivery by the end of April to take advantage of the discount.

☆ Dealers and Buyers Are Both Worried Cars Are Too Expensive
▼ + stars: | 2023-02-04 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

A sharp rise in new-car prices since the pandemic has left many buyers fretting about vehicle affordability. Now, some dealers are fretting along with them. Some dealers say that elevated prices and a lack of affordable models already were keeping some prospective buyers away. Now, higher interest rates and falling used-car prices are making it even more difficult for customers to make the math work on a monthly payment.

☆ 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.

☆ EV Startup Lucid Beats Production Target, Struggles to Deliver Cars
▼ + stars: | 2023-01-12 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

Luxury electric-vehicle maker Lucid Group Inc. said it surpassed its production target for 2022, but only got about 60% of them into the hands of buyers as the company had logistics issues. Lucid last year produced 7,180 of its Air sedans at its factory in Casa Grande, Ariz., and delivered 4,369 of them to customers. The company had said it aimed to produce 6,000 to 7,000 vehicles in 2022. The EV startup had originally planned to produce double that amount but slashed its outlook in February after running into supply-chain and production issues.

☆ Several Top Rivian Executives Depart the Electric-Vehicle Startup
▼ + stars: | 2023-01-10 | by ( Sean Mclain | Nora Eckert | ) www.wsj.com time to read: 1 min

Several top executives at Rivian Automotive Inc., including the vice president overseeing body engineering and its head of supply chain, have departed the electric-vehicle maker in recent months. The exits, confirmed by a Rivian spokeswoman, are the latest in what has been a challenging period for Rivian, which has been rolling out its first all-electric models but last year missed a critical production target of completing 25,000 vehicles. The company said it fell short of the goal by about 700 vehicles in part because of troubles getting parts.

☆ U.S. Auto Sales in 2022 Worst in Over a Decade
▼ + stars: | 2023-01-05 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

The U.S. auto industry posted its worst sales year in more than a decade in 2022 as supply-chain snarls and poorly stocked dealerships dented results for many car companies. With few exceptions, auto makers on Wednesday reported sales declines for the year. General Motors Co. was one of the few to report an increase, after recovering from factory shutdowns that were caused by parts shortages.

☆ U.S. Auto Sales Stumble Toward Worst Annual Results in Over a Decade
▼ + stars: | 2023-01-05 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

The U.S. auto industry is poised to post its worst annual sales in more than a decade, as supply-chain snarls and poorly stocked dealerships dented sales for many car companies in 2022. With few exceptions, auto makers on Wednesday reported sales declines for the year. General Motors Co. was one of the few to report an increase, after recovering from factory shutdowns that were caused by parts shortages earlier in the year.

☆ GM Overtakes Toyota to Regain U.S. Auto-Sales Crown
▼ + stars: | 2023-01-04 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

The U.S. auto industry is poised for its worst year in more than a decade, as supply-chain snarls and poorly stocked dealerships dented sales for many car companies in 2022. Among the American auto makers, General Motors Co. said Wednesday U.S. sales rose 2.5% to 2.74 million for 2022 as it was able to recover from factory shutdowns earlier in the year that were due to parts shortages.

☆ Auto Industry Expected to Post Worst U.S. Sales Year in More Than Decade
▼ + stars: | 2023-01-04 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

The U.S. auto industry is expected to report a decline in overall sales for 2022, a year that was challenging for car companies and buyers alike as supply-chain snarls left dealerships with little inventory to sell. On Wednesday, General Motors Co., Toyota Motor Corp. and other auto makers are scheduled to release their year-end sales results, in the midst of growing concern over an economic slowdown that could further damp demand for cars and trucks and put pressure on profits this year. Ford Motor Co. plans to report its 2022 sales on Thursday.

☆ EV Startup Rivian Missed 2022 Production Target
▼ + stars: | 2023-01-04 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

Rivian Automotive Inc. fell short of its 25,000-vehicle production target for 2022, capping a challenging year for the electric-truck startup. Rivian said in a regulatory filing that it produced 10,020 completed vehicles in the final three months of 2022, bringing its total for the year to 24,337. The company delivered 20,332 of those vehicles to customers.

☆ With New EVs Arriving, Brand Loyalty Goes Out the Window
▼ + stars: | 2022-12-28 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

As more car makers roll out electric vehicles, they are discovering an important trait among early customers: They are far more apt to try new brands. Nearly 80% of people who bought Kia Corp.’s EV6 electric crossover since it went on sale early this year traded in something other than a Kia, according to research site Edmunds, compared with 61% for all its models. More than two-thirds of Ford Mustang Mach-E electric sport-utility buyers had non-Ford trade-ins, compared with Ford’s 42% brand-wide average, according to the Edmunds data.

☆ Redwood Materials to Build Second Battery-Parts Factory in South Carolina
▼ + stars: | 2022-12-14 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

Battery-recycling startup Redwood Materials Inc. is accelerating its U.S. investment, saying it plans to build a second factory in South Carolina. The $3.5 billion plant will recycle spent lithium-ion batteries and manufacture anode and cathode components, Redwood Materials said—two of the most costly parts of the batteries that power electric vehicles. The company decided to build another plant in the South to better position itself to supply a flurry of battery plants going up to take advantage of the Inflation Reduction Act.

☆ Rivian Pauses Talks With Mercedes on Joint Van Factory in Europe
▼ + stars: | 2022-12-12 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

Electric-vehicle startup Rivian Automotive Inc. said it has paused negotiations with Mercedes-Benz Group over a planned tie-up to produce electric vans in Europe, as part of a wider effort at the SUV and truck maker to conserve cash. In September, both companies said they were starting negotiations on a potential joint venture at a Mercedes plant in Poland, which would have produced commercial vans for both auto makers. At the same time, Rivian executives have been cautious about overextending operations in the wake of tightening capital markets and concerns over the economy.

☆ Toyota Unveils New Prius as EV With an Engine
▼ + stars: | 2022-11-16 | by ( Sean Mclain | River Davis | ) www.wsj.com time to read: 1 min

Toyota’s new Prius hybrid goes on sale starting this winter. The Prius hybrid helped cement Toyota Motor Corp. ’s environmental bona fides in the late 1990s by marrying an electric motor to a gasoline engine to boost fuel economy. Now, this pioneering model is getting a reboot, as the Japanese car company looks to arrest a multiyear sales slide for the car and prove hybrids have staying power in the electric-vehicle age.

☆ Toyota Pitches New Prius Hybrid as ‘EV With an Engine’
▼ + stars: | 2022-11-16 | by ( Sean Mclain | River Davis | ) www.wsj.com time to read: 1 min

Toyota’s sales of its Prius hybrid have declined in recent years as rival brands put out their own hybrids. The Prius hybrid helped cement Toyota Motor Corp. ’s environmental bona fides in the late 1990s by marrying an electric motor to a gasoline engine to boost fuel economy. Now, this pioneering model is getting a reboot, as the Japanese car company looks to arrest a multiyear sales slide for the car and prove hybrids have staying power in the electric-vehicle age.

☆ Rivian’s Losses Mount as It Continues to Burn Through Cash
▼ + stars: | 2022-11-09 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

LOS ANGELES—Electric-vehicle startup Rivian Automotive Inc. said Wednesday it lost $1.74 billion in the third quarter—about the same as it did for the April-to-June period—as it continued to struggle with higher material costs and underused assembly lines. The Irvine, Calif. based company said third-quarter revenue was about $536 million, reflecting a ramp-up of production at its factory in Normal, Ill. and higher deliveries to customers.

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