Tag Archives: Rivian

Rivian stock drops after pausing Mercedes electric van deal

Rivian stock drops after pausing Mercedes electric van deal

EV-maker Rivian (RIVN) announced today it was pausing plans to co-develop an electric van with Mercedes-Benz (MBG.DE) and would no longer pursue a memorandum of understanding the two companies signed in September of this year. “Our decision to pause this partnership with Mercedes-Benz is based upon our focus on prioritizing investments with the highest returns. We have a range of opportunities to invest our capital and are constantly evaluating and refining our analysis of these projects,”… Source link

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Rivian stock higher after EV-maker reaffirms production forecast, reports narrower loss

Rivian stock higher after EV-maker reaffirms production forecast, reports narrower loss

Rivian (RIVN) stock jumped after hours as the electric adventure vehicle maker reported a narrower loss than expected loss for the third quarter, and also reaffirmed its full-year production forecast and financial outlook. For the quarter Rivian reported revenue of $536 million, missing estimates of $561.1 million, and reported an adjusted EPS loss of $1.57 a share, smaller than the expected loss of $1.86. More importantly for investors, the company said it would still hit its 25,000 vehicle… Source link

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Rivian announces big recall; Tesla Hits sales record in China: EV roundup

Rivian announces big recall; Tesla Hits sales record in China: EV roundup

EV (electric vehicle) stocks are on the move today as third quarter earnings season approaches. Here are two big stories that have investors’ attention. Rivian announces a big recall Rivian (RIVN) shares are sliding today after the electric adventure truckmaker announced it would recall all of the vehicles it has produced thus far due to a safety issue. The recall affects around 13,000 vehicles Rivian has delivered to customers. The safety concern at issue is a nut that attaches the front… Source link

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Rivian lays off hundreds of workers as its struggles create a $19 billion headache for Amazon and Ford

Rivian lays off hundreds of workers as its struggles create a $19 billion headache for Amazon and Ford

The 2022 Rivian R1T.Tim Levin/Insider Layoffs at EV startup Rivian began this week. The company is cutting costs amid its production ramp-up and concerns about the economy. Former employees are posting on LinkedIn about the cuts, which impacted non-manufacturing roles. Layoffs at Rivian started in late July as the electric vehicle startup races to cut costs amid a challenging economic climate and pressure to increase production. Dozens of workers who say they are now-former employees have… Source link

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Rivian jumps on outlook, says R2 mid-size SUV coming in 2025

Rivian jumps on outlook, says R2 mid-size SUV coming in 2025

Rivian (RIVN) shares are popping today, a small respite for the electric adventure vehicle maker’s investors, following the release of its first quarter financial results. Although the company reported a revenue miss for the quarter ($95 million vs $131.2 million expected), it did post a narrower EPS loss than the Street was expecting on an adjusted basis ($1.43 loss vs 1.45 loss expected). While Rivian reaffirmed its production forecast of 25,000 vehicles for the year, reported over 90,000… Source link

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Rivian Tumbles as IPO Lockup Expiration Means Ford, Amazon Can Finally Sell

Rivian Tumbles as IPO Lockup Expiration Means Ford, Amazon Can Finally Sell

(Bloomberg) — Shares of Rivian Automotive Inc. sank 21% as some early stakeholders got their first chance to unload shares on Monday. Most Read from Bloomberg Selling restrictions on certain Rivian insiders and investors ended on Sunday, freeing up a sizable chunk of the electric-vehicle maker’s float for public trading. The stock has now collapsed 87% from its November high. Now, the focus turns to the company’s two most prominent corporate backers — Amazon.com Inc. and Ford Motor Co…. Source link

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Amazon, Ford hit by massive losses on Rivian investments

Amazon, Ford hit by massive losses on Rivian investments

Rivian’s (RIVN) recent stock performance may have burned a hole in many a retail investor’s portfolio. It’s also burned a big hole in Ford (F), and now Amazon’s, quarterly performance. Last night in its first quarter earnings report, Amazon (AMZN) revealed it booked a $7.6 billion mark-to-market loss on its investment in Rivian, which led to an overall $3.8 billion net loss for the quarter. Amazon owns an 18% stake in the electric vehicle maker. Earlier this week, Ford reported an overall $3.1… Source link

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