Electric truck maker Rivian is conducting another round of layoffs, cutting over 600 jobs, which amounts to four percent of its headcount, as the company tries to reduce costs amidst a pullback in the EV industry. This is the EV company’s second round of layoffs in a month.
EV maker Rivian has announced a lay off as the company prepares for the end of federal EV tax credits and a challenging economic landscape. The company beat Elon Musk’s Tesla in bringing an EV pickup truck to the market, but has yet to prove it can succeed without massive taxpayer help.
The Biden administration has agreed to lend $6 billion to troubled electric vehicle manufacturer Rivian to build a new factory near Atlanta, Georgia, a massive giveaway from an administration in love with EVs.
Multiple electric trucks were damaged on Saturday night when flames erupted at electric vehicle manufacturer Rivian’s plant in Normal, Illinois, authorities said. The cause of the fire is under investigation.
Volkswagen and Rivian have announced a joint venture that will bring Rivian’s EV software expertise to VW’s product lineup. The $5 billion deal has provided a lifeline to Rivian, which has faced major financial problems this year.
Electric vehicle makers Rivian and Lucid both suffered plummeting share prices after disappointing fourth-quarter earnings reports revealed stagnant production numbers.
Rivian Automotive, a market leader in producing electric pickup trucks, has struggled with producing electric vehicles (EVs) that can accomplish tasks their gasoline engine counterparts handle with ease. A new report from the Wall Street Journal shows the company also struggles with profitability. The company reportedly loses an average of $33,000 for every truck it sells.
RJ Scaringe, the CEO of Rivian, an electric truck company notable for recalls and its vehicles’ trouble handling snow, recently shared his insights on the future of the automotive industry, comparing the purchase of internal combustion engine (ICE) vehicles to “building a horse barn in 1910.”
A man from California learned a hard lesson about electric vehicles (EVs) after his Rivian truck ran out of battery charge had to be towed out of the Wyoming mountains.
The owner of a Rivian R1S electric SUV was overjoyed to have his dream electric vehicle after waiting for years. But after owning the car for just days, it got stuck in the snow and immobilized by a safety feature, leading to a $2,100 bill to transport it to a repair facility.
Rivian, the electric vehicle startup aiming to compete with Tesla, posted lower-than-expected Q4 revenue, leading to a share price drop of almost 17 percent in morning trading.
Trevor Milton, the founder of electric truck maker Nikola, was convicted of fraud after being accused of bragging about nonexistent technology in an attempt to inflate his company’s stock price. “Trevor Milton is a con man,” Assistant U.S. Attorney Jordan Estes said. “He lied to investors to get their money, plain and simple.”
Electric truck and SUV maker Rivian Automotive said on Friday that it is recalling nearly all of its vehicles because the company had improperly installed fasteners, which could potentially cause the loss of steering control.
Several electric vehicle makers have announced recalls of their newest cars. Ford and Rivian are both undergoing fresh recalls, but they have quite a ways to go before they catch up to Tesla, which has issued 13 recalls impacting 2.3 million vehicles.
Amazon announced a $2 billion loss for the second quarter this week. Although the company performed well against expectations for sales, the e-commerce giant also took a massive hit over its large investment in electric truck company Rivian.
A multibillion-dollar electric vehicle plant coming to a rural site outside of Atlanta has become a source of contention in Georgia’s Republican gubernatorial primary race.
Amazon-backed electric vehicle maker Rivian went public this week with the largest IPO in the U.S. since 2014. The company now has a higher market value than Ford or GM despite the fact that the company has only delivered 156 vehicles so far.
Amazon CEO Jeff Bezos has unveiled a sweeping climate-change plan that commits the online retailer to meet the goals of the Paris Climate Agreement ten years early.
An electric Ford F-150 pickup truck recently towed more than one million pounds of rail cars for 1,000 feet at a recent demonstration of the company’s ambitions to enter the electric vehicle market.
E-commerce giant Amazon has led a $700 million investment round in Rivian, a direct competitor to Elon Musk’s Tesla which hopes to produce a consumer-level electric pickup truck.
Amazon and General Motors are reportedly in talks to invest in electric car manufacturer Rivian, which could spell trouble for Tesla.
