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☆ Electric vehicle stocks roar back to life in 2023 — Wall Street's favorite plays from here
▼ + stars: | 2023-02-08 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

The average analyst price target calls for at least a 10% gain in the next 12 months, per FactSet. It also has 82% upside to the average analyst price target. Rivian Automotive has a whopping 90% upside to the average analyst price target. Lastly, General Motors has nearly 15% upside to the average analyst price target, with 54% of analysts covering the Cadillac maker rating it a buy. While a majority of the analysts covering the stock rate it a buy, the average price target implies 1% downside.

☆ 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

☆ Rivian to lay off 6% of its workforce as EV price war concerns grow
▼ + stars: | 2023-02-01 | by ( John Rosevear | ) www.cnbc.com time to read: +1 min

Workers inspect a Rivian R1T electric vehicle (EV) pickup truck on the assembly line at the company's manufacturing facility in Normal, Illinois, US., on Monday, April 11, 2022. Electric truck maker Rivian Automotive said it is laying off 6% of its workforce in a bid to conserve cash as it braces for a possible industry-wide price war. In an email to employees that was seen by CNBC, CEO RJ Scaringe said improving the company's operating efficiency must be a "core objective." Rivian went public via a successful initial offering in late 2021, raising nearly $12 billion. Rivian had about $13.8 billion in cash remaining as of the end of September, after posting losses of $5 billion through the first three quarters of 2022.

☆ Rivian orders placed after 20% price hike appear to jump the line, angering early order-holders
▼ + stars: | 2023-02-01 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +3 min

Some R1S SUV orders placed after March 2022 — when Rivian hiked prices about 20% — are now slated to be filled before less-expensive orders placed earlier, according to customer posts on Twitter and in company forums, and orders reviewed directly by Insider. This is at least the second time Rivian has faced backlash from its early customers over changes to their orders. When Rivian announced the price hike, the move originally included customers with pre-existing configured orders and deposits in place. Now it appears that the orders placed after the price hike are getting priority. That means that quad-motor R1S orders, placed before the price hike, cost less than dual-motor R1S orders placed after it.

☆ Rivian pauses plans to make electric vans in Europe with Mercedes-Benz
▼ + stars: | 2022-12-12 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +1 min

A Rivian logo on an Amazon.com delivery electric van photographed in Chicago, Illinois, on July 21, 2022. Rivian said Monday it was pausing plans to manufacture electric commercial vans in Europe and would "no longer pursue" the agreement it made with Mercedes-Benz just three months ago. "We've decided to pause discussions with Mercedes-Benz Vans regarding the Memorandum of Understanding we signed earlier this year for joint production of electric vans in Europe," Rivian CEO RJ Scaringe said, noting the company was pursuing "the best risk-adjusted returns" on its capital investments. The U.S.-based electric vehicle manufacturer said it remains open to exploring future work with Mercedes-Benz "at a more appropriate time for Rivian." Mercedes-Benz said Rivian's decision would not impact the timeline of its electrification strategy or the planned ramp-up of its new electric vehicle manufacturing site in Jawor, Poland.

☆ Rivian halts plans to build electric vans with Mercedes
▼ + stars: | 2022-12-12 | by ( Julia Horowitz | ) edition.cnn.com time to read: +2 min

London CNN —Rivian said Monday it would no longer pursue a deal with Mercedes to build electric vans for businesses in Europe. “At this point in time, we believe focusing on our consumer business, as well as our existing commercial business, represent the most attractive near-term opportunities to maximize value for Rivian,” Scaringe said. A memorandum between Rivian and Mercedes was agreed just three months ago. They had planned to produce two large vans — one based on Mercedes’ engineering and another with “second-generation” Rivian engineering. Rivian, which is known for its electric trucks, generated huge hype when it made its public market debut in 2021.

☆ Stocks making the biggest moves midday: Horizon Therapeutics, Coupa Software, Weber and more
▼ + stars: | 2022-12-12 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +2 min

Amgen shares fell more than 1%. Weber – Shares of the grill manufacturer jumped 23% after the company announced a deal to be taken private by BDT Capital Partners. Coupa Software – The maker of business spending management software jumped 26% after the private-equity firm Thoma Bravo agreed to buy the company in an all-cash deal worth $8 billion, or $81 per share. Under Armour – The athletics apparel stock jumped 10% following an upgrade to buy from hold by Stifel. Monday – Shares of software publisher Monday jumped 6% after JPMorgan upgraded the stock to overweight from neutral and boosted its price target.

☆ The chip shortage could be just about done pummeling the auto industry, experts say — so cars may get a whole lot cheaper in 2023
▼ + stars: | 2022-12-05 | by ( Alexa St. John | ) www.businessinsider.com time to read: +2 min

The chip shortage has been hurting the auto industry for more than two years. The chip shortage has pummeled the global auto industry for years, depressing dealership inventory levels and driving up new and used vehicle prices. Since 2020, auto companies have sacrificed production levels and valuable features like heated seats, while prioritizing money-making vehicles. In 2021, automakers built 3.23 million fewer vehicles than expected in North America because of the chip shortage. Next year's potential chip shortage respite could bring relief to car shoppers if inventory levels recover, pushing down prices.

☆ 4 auto experts share their takeaways from 3rd-quarter woes at Rivian, Lucid, and Canoo — and what they expect for the end of 2022
▼ + stars: | 2022-11-10 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +7 min

The electric-vehicle startups Rivian, Lucid, and Canoo released third-quarter results this week. Rivian and Lucid each made progress toward their production goals for the year and steadily increased customer deliveries. Canoo has yet to make any production vehicles. After it closed the gap in the second quarter, Rivian's pace of deliveries again fell behind production by 779 vehicles. Lucid underwent some changes in the third quarter following a rough second quarter.

☆ The electric Hummer will have a $4,000 e-bike counterpart that's just as outrageous
▼ + stars: | 2022-11-07 | by ( Tim Levin | ) www.businessinsider.com time to read: +2 min

Come December, you'll be able to buy an e-bike inspired by the GMC Hummer EV pickup truck. The GMC Hummer EV bike promises on-demand two-wheel drive and lots of power. The GMC Hummer EV All-Wheel-Drive Ebike goes on sale in December, according to Recon Power Bikes, which GMC has tapped to build the bike. Much like the Hummer EV, the e-bike will come with all-wheel-drive by way of two electric motors – one driving the front wheel and one driving the rear. The GMC Hummer EV Edition 1, the first electric Hummer on the market, costs $108,700.

☆ Rivian owners can’t help but gush about their trucks, flaws and all
▼ + stars: | 2022-10-27 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +9 min

“The Rivian is probably my favorite vehicle.”A Rivian R1T leaves the assembly line at its manufacturing plant in Normal, Illinois. Rivian owners have generally praised the R1T's features, including the gear tunnel for extra storage. Barnhart was one of several Rivian owners who said they were pleased with how accurately Rivian estimates its vehicles range. Feehley and other Rivian owners say it’s common to get questions from curious onlookers in parking lots, or to have people in cars driving alongside them taking pictures. Rivian owners describe being unwilling to ever sell their trucks.

☆ Rivian lost $2 billion in market value in a single day after recalling nearly all of its EVs
▼ + stars: | 2022-10-11 | by ( Stephen Jones | ) www.businessinsider.com time to read: +3 min

Rivian lost more than $2 billion dollars from its market value in a single session on Monday. It followed the company's decision to voluntarily recall nearly all of its vehicles on Friday. On Friday, Rivian had a total market value of $29.99 billion, by the close of the day Monday it had fallen to $27.81 billion, per CompaniesMarketCap. In March, the company cut its 2022 production forecast in half due to supply chain shortages, per Reuters. Rivian did not immediately respond to Insider's latest request for further comment, and an update on the recall, which was made outside of standard business hours.

☆ Rivian recalling nearly all its vehicles to over loose fastener concerns
▼ + stars: | 2022-10-08 | by ( The Associated Press | ) www.nbcnews.com time to read: +1 min

IRVINE, Calif. — Electric truck and SUV maker Rivian Automotive said Friday it is recalling almost all the vehicles it has delivered to customers in order to tighten a loose fastener that could potentially affect drivers’ ability to steer. The company, which was founded in 2009, said it is recalling about 13,000 vehicles because a fastener connecting the vehicles’ front upper-control arm and steering knuckle may not be torqued enough. There have been seven reports potentially related to the issue, but no injuries have been reported, Rivian said. Rivian is aiming to take advantage of a growing appetite among consumers and investors for electric vehicles. Last month, Rivian said it was partnering with Mercedes-Benz to build a factory in Europe that will produce electric vans for both companies.

☆ Tesla competitor Rivian recalls nearly almost all of its vehicles: 'we are acting with urgency and caution'
▼ + stars: | 2022-10-08 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +2 min

Tesla competitor Rivian recalled 13,000 vehicles on Friday after a manufacturing error was found. The front steering knuckle "may not have been sufficiently torqued," CEO RJ Scaringe wrote to staff. A spokesperson for Rivian said the recall was voluntary and that the cost would not be material. "In rare circumstances, the fastener has loosened fully," Scaringe wrote. "I want to reiterate that this is extremely rare, but it does reinforce why we are acting with urgency and caution."

☆ I binge-listened to tech podcasts for a week, and what I learned about Silicon Valley is kind of scary
▼ + stars: | 2022-10-04 | by ( Adam Rogers | ) www.businessinsider.com time to read: +19 min

2: The hosts don't know what they don't knowThe problem is, VC podcasts don't stick to the core issues of venture capital. 3: The hosts want us to believe what they don't knowThere's a shocking amount of this kind of drivel on the tech podcasts. This is what a good tech podcast should do: Use access to the best and most successful investors and innovators to illuminate the way Silicon Valley works. But that's not what matters in the world of tech podcasts. But after 40 hours of listening to tech podcasts, I feel kind of bad about it.

☆ Insiders say morale 'sucks' at electric-vehicle startups like Rivian and Lucid — and it could be a death blow for struggling Tesla wannabes
▼ + stars: | 2022-10-01 | by ( Alexa St. John | ) www.businessinsider.com time to read: +8 min

As EV startups face a storm of troubles, many employees say they're losing faith in the mission. "They kept saying, 'Tesla, Tesla, the next Tesla,'" a now former supervisor at the electric-vehicle startup said. Canoo has lost several key leaders, as have Xos, Lucid, and others. Some current and former startup workers said they had a continued appetite for industry opportunities. Are you a current or former EV startup employee?

☆ Buy Rivian now as the stock is poised to surge 85%, Truist says
▼ + stars: | 2022-09-29 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +2 min

Shares of electric vehicle maker Rivian are set to surge, making now a good time for investors to buy, according to Truist. The firm on Wednesday initiated coverage of the company with a buy rating and a $65 price target. Shares of Rivian have declined roughly 66% year to date through Wednesday's close. What sets Rivian apart There are a few key things that Levy sees as positives for Rivian. "Rivian CEO RJ Scaringe has built the company from the ground-up while bringing together a team with expertise spanning the broad range of the company's business segments," Levy wrote.

☆ Giants like Amazon, Walmart, and FedEx are desperate for electric delivery vans. Here are 7 hot names racing to win them over and lead in the projected $370 billion market.
▼ + stars: | 2022-02-14 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +10 min

Major players like Amazon, UPS, and FedEx are driving demand for electric delivery vehicles. Here's a look at seven new names tapping into the red-hot commercial electric-vehicle sector, according to industry experts. The Walmart order was especially noteworthy, as budding commercial electric-vehicle players race to win contracts with the world's largest e-commerce giants. RivianThe EV startup Rivian began turning heads in 2019 when Amazon announced it was ordering 100,000 of its electric delivery vans. Lightning eMotors recently struck a deal to electrify certain General Motors medium-duty truck platforms that can be used for buses, delivery trucks, and work trucks.

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