#rivian

As part of a deal with the White House, Tesla agreed to open part of its expansive, exclusive charging network to owners of other EV brands. The automaker made good on that promise a few weeks ago, opening a new world of possibilities for owners tired of searching for a charger in vain. Rivian has gone a step further for its owners with a new over-the-air update that adds Supercharger locations to its vehicles’ navigation systems. 

Like many automakers, startup Rivian is having trouble getting vehicles into buyers’ hands. Extreme demand for some products combined with ongoing supply chain difficulties have caused wait times to balloon, but Rivian has a plan. The automaker reached out to Teslarati to explain its new R1 Shop, which it says will drastically shorten delivery times on its R1T and R1S EVs.

On Monday, Rivian announced a plan to sell $1.3 billion in bonds as a way to cope with rising production costs.

The news comes just days after the company addressed rumors that it might build as many as 62,000 vehicles through 2023. Despite credible reporting, Rivian said its official production forecast remains set at the original 50,000 electric vehicles by year’s end.

Despite earning accolades with its two new electric vehicles, Rivian has struggled to meet demand and has raised prices in recent months to account for rising materials and production costs. The automaker is taking action to improve its lot in 2023, however, as a recent letter obtained by Teslarati shows, its efforts to simplify product offerings early in the year.

Over-the-air (OTA) updates have made it relatively easy for automakers to add new vehicle features and improve or fix existing functions. The technology is especially impressive with EVs, where companies can make tweaks that impact major vehicle characteristics like range and performance. With its most recent OTA, Rivian made significant improvements to the R1S and R1T, making them more efficient and friendlier for people living where the air hurts their faces in winter.   

Reuters is out with a report today showing that while the industry continues to make a strong effort to transition to electric vehicles, the ride won't be smooth, especially for investors.

Rivian and Mercedes-Benz Vans signed a memorandum of understanding to create a new joint venture for building electric vans in September. But the deal seems to have fallen apart, with reports confirming that the EV startup has pulled the plug just a few months into the planned partnership.

Startup electric automakers are facing a series of crises that could cripple them financially and make it hard to grow in any meaningful way in the future. Inflation and incredible jumps in raw materials costs have led companies like Rivian and Lucid to lose staggering sums of money over the last year. 

If the industry is trying to shake the growing assumption that modern vehicles aren’t as reliable as their predecessors, it certainly did a poor job of it this week. 

I mentioned that Rivian was facing job cuts during today's QOTD, and here's the skinny.

Here's a brain buster for you: Let's say you woke up tomorrow flush with cash. More than you could possibly ever spend. So you decided to invest of some of it. Knowing EVs are poised to become a larger part of the automotive market, you bet on a startup.

Which one do you choose?

Ford Motor Co. has decided to continue offloading Rivian stock, with the burgeoning electric vehicle manufacturer at roughly $24 per share. After divesting itself of 8 million shares earlier this month, Blue Oval sold another 7 million ahead of the weekend — leaving itself holding about 9.7 percent of the company.

With 86.9 million shares leftover from the sale, Ford remains a relevant stakeholder. However, investors are growing worried that the legacy manufacturer will continue dumping Rivian as a way of salvaging future losses. Ford, which previously owned some 102 million shares in Rivian, endured a massive $3.1-billion loss in its first quarter as the value of its investment in the company slumped. Worse still, investors are souring on tech and EV stocks in general.

The fortunes of many are won and lost on America’s stock markets – or even on reports of share sales. Markets reacted this morning to a news report alleging Ford Motor Company is divesting itself of 8 million shares in Rivian, the latter being an EV startup with designs on producing the R1T pickup truck and R1S SUV.

In premarket trading, Rivian’s stock fell over 10 percent to just $25 per share, well off its 52-week high of nearly 180 bucks. Yeesh.

Rivian Automotive Inc, purveyor of the all-electric R1T and R1S, will receive $1.5 billion in incentives from state and local governments to build a new manufacturing facility in Georgia. Eager to become home to the company’s planned $5 billion assembly plant, the state is offering a comprehensive incentive package that includes tax breaks. The government has a few stipulations, however.

Under the new agreement, Rivian’s factory would be required to produce 7,500 jobs and its existing investment target by 2028 to receive the full $1.5 billion. That includes a sizable battery production site and may explain why the state is offering up the largest corporate incentivization package in its history.

With window stickers of Ford’s all-electric Lightning pickup having leaked late last week, there were a lot of people interested in having their “Fuel Economy and Environment” estimates verified. Ford CEO Jim Farley has obliged by confirming the figures, adding that the vehicle’s maximum range should ballpark around 300 miles (or better) unless you snub the extended-range models.

The executive confirmed the F-150 Lightning XLT, Lariat, and Pro trims at 320 miles with the bigger battery. Though those running with the standard battery pack only yield 230 miles between charging. Meanwhile, the Lightning Platinum tops out at 300 miles even due to it having gnarly tires and being less aerodynamic than its siblings.