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Updated Information This story has been updated with a statement from the Georgia Department of Economic Development and Joint Development Authority of Jasper, Morgan, Newton, and Walton Counties. (The Center Square) — While Rivian Automotive paused its $5 billion plant in Georgia, state officials declined to say how — or if — they might attempt to claw back massive taxpayer-backed incentives they offered the company. In December 2021, state officials announced that Rivian planned to build a manufacturing facility in Georgia — its second U.S. plant. Georgia gave $1.5 billion in incentives and the deal was so significant that state...

MORGAN COUNTY, Ga. — Plans for electric vehicle company Rivian to build a $5 billion plant in Georgia have hit a bump in the road. Founder and CEO R.J. Scaringe announced on Thursday two new vehicles, the R2 and R3. The R2 was initially planned to be built at the Georgia plant, but production will now be focused at its existing facility in Normal, Illinois, according to a news release. [snip] They say the timing for resuming construction on the Georgia facility is “expected to be later.” The company says launching production in Illinois will save them an estimated $2.25...

Rivian’s stock price has lost 90 percent of its value since November 2021. (The Epoch Times)—Amazon-backed electric vehicle manufacturer Rivian will be laying off a part of its workforce amid “challenging” economic conditions, the company said on Wednesday, sending its share price into a nosedive. Rivian announced its Q4, 2023, and full-year results on Feb. 21, revealing that the company will be reducing its salaried workforce by roughly 10 percent. In an email to staff, CEO RJ Scaringe said that layoffs would be implemented on Thursday. “Our business is facing a challenging macroeconomic environment—including historically high interest rates and geopolitical...

Yet another electric vehicle (EV) company has fallen on hard times. California-based Rivian Automotive Inc. has had a tough week after announcing plans to cut 10 percent of its workforce and lower production targets amid a significant decline in demand for such vehicles. The news also sent its stock plummeting by 25 percent on Thursday, marking the worst day of trading in the company's history.“Our business is not immune to existing economic and geopolitical uncertainties, most notably the impact of historically high interest rates, which has negatively impacted demand,” Rivian CEO RJ Scaringe said on an earnings call on Wednesday....

Electric vehicle makers Rivian and Lucid both suffered plummeting share prices after disappointing fourth-quarter earnings reports revealed stagnant production numbers. CNBC reports that shares of electric vehicle makers Rivian and Lucid plunged on Thursday following disappointing fourth-quarter earnings reports released after markets closed on Wednesday. Rivian stock sank around 25 percent, while Lucid shares dropped nearly 17 percent. Both companies cited stagnant production numbers and “existing economic and geopolitical uncertainties” as factors impacting results. Rivian forecasts production of 57,000 vehicles in 2024 — about the same as the 57,232 vehicles manufactured in 2023. Meanwhile, Lucid predicts production of 9,000 vehicles...

EV startup stocks Rivian (RIVN) and Lucid (LCID) sank Thursday after both companies reported fourth-quarter earnings and revenue late Wednesday, and announced they are not ramping up production in 2024. Rivian reported Wednesday a loss of $1.36 per share in Q4 with sales doubling to $1.31 billion. Wall Street expected a loss of $1.35 and revenue totaling $1.28 billion. Looking to 2024, Rivian said it expects production of 57,000 vehicles, remaining flat compared with 2023. The EV startup also predicts consumer and commercial vehicle deliveries to grow by low single-digits in 2024. The company also announced that it predicts vehicle...

Rivian (RIVN) stock tanked after the bell on Wednesday after the electric adventure vehicle maker reported mixed fourth quarter results and a production and profit forecast that missed Wall Street expectations. Rivian said it sees vehicle production for 2024 hitting 57,000 units, well below the 80,000 units expected. In terms of full-year profitability, Rivian said it sees an adjusted EBITDA loss of $2.70 billion vs. $2.59 billion (est.), with capital expenditure outlays hitting $1.75 billion vs. $2.37 billion (est.). Rivian said it would cut 10% of salaried staff, citing economic uncertainty. Rivian stock fell over 15% in after-hours trading. For...

Highway guardrails may be no match for heavy electric vehicles (EVs), preliminary test results released Thursday suggest, raising concerns about the nation’s roadside safety system. The University of Nebraska-Lincoln’s Midwest Roadside Safety Facility ran a crash test examination using a nearly four-ton 2022 Rivian R1T. When the pickup truck crashed through a metal guardrail and barely slowed down before hitting a concrete barrier, it reportedly came as little surprise to the researchers.

Once an EV darling thought to revolutionize EV production with its concept of micro-factories that crank out delivery vans for the likes of Uber and UPS, UK startup Arrival is in a desperate search for funding after being delisted from Nasdaq this week. Nasdaq suspended trading of Arrival shares this week, followed by a formal delisting, Reuters reports. The action is the result of Arrival being late in posting financial results and failing to file a remediation plan and hold an annual shareholder meeting. After announcing it was slashing its workforce by 50% last year, Arrival said it had received...

The Biden administration has designated billions of taxpayer dollars to build electric vehicle (EV) chargers, but lagging market demand and government red tape are getting in the way, according to experts who spoke with the Daily Caller News Foundation. The Federal Highway Administration (FHWA) announced Thursday that it was awarding $150 million to upgrade existing public EV chargers, just one week after announcing another $623 million in subsidies to states to bolster EV charger construction

Following several new documents containing details of the Tesla Cybertruck posted to the EPA’s website, we have been able to better understand the efficiencies the truck will achieve. While Cybertruck should perform better than nearly all its current competitors in the electric pickup segment, the slightly smaller Rivian R1T appears to have it beaten – even with larger wheels and battery packs.

VIDEO AT LINK...................... Ironic...............

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. The Wall Street Journal reports that Rivian Automotive has positioned itself as a trailblazer in the electric vehicle sector, aiming to deliver an unparalleled driving experience by combining sports-car handling, advanced features, and robust design in its pick up trucks and other models. But...

More than any other concern they may have about EVs, most folks want to know what'll happen when one runs out of battery. The simple answer is that it will stop moving. What people really want to know though is, what happens after that? We decided to find out. If you read nothing else, read this: Don't do it. If you have the range to reach a charger, no matter how slow, go there. If you do not have the range to reach a charger, pull over while you still have some battery left. Running an EV until it's completely...

The Rivian R1T and R1S are both super cool electric vehicles, offering huge power, impressive range and distinctive styling. They aren’t cheap, but if you can afford one, we suspect you’ll find it’s an absolute hoot to drive. Sadly, no vehicle is perfect, and apparently, one downside of owning a Rivian is that they tend to eat through tires much faster than you’d expect given that the Pirellis they come with from the factory are warrantied for up to 50,000 miles. According to The Drive, owners have been complaining on Rivian forums that their tires, specifically their front tires, haven’t...

NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Rivian Automotive, Inc. (NasdaqGS: RIVN). On November 15, 2021, the Company concluded its Initial Public Offering (“IPO”) raising gross proceeds of over $13.7 billion (before underwriting discounts, commissions, and estimated expenses). Then, on March 1, 2022, the Company announced steep price increases for its electric vehicles of 17%-20% that it blamed on “inflationary pressure on the cost of supplier components and raw materials across the world,” which...

When Chase Merrill took his first ride in his new Rivian R1S, it was his favorite car that he had ever driven. Merrill, 24, put down a deposit on an R1S three years ago at the urging of family members who also own Rivians. He was unsure about making the switch from his 2015 Ford Edge to a fully electric SUV, especially since he lives in a relatively remote area in the Adirondack Mountains, New York. But once he got behind the wheel of the $85,626 car on March 10, those worries melted away. "I was in a honeymoon phase,"...

July 6 (Reuters) - A federal judge said Rivian Automotive (RIVN.O) must face a lawsuit claiming it defrauded shareholders during and after its blockbuster 2021 initial public offering by concealing that had underpriced its electric vehicles, leading to unpopular price hikes. U.S. District Judge Josephine Staton in Los Angeles said shareholders could try to prove that Rivian, which is not profitable, knew it would have to raise prices on its R1S SUV and R1T pickup truck because of higher materials costs, to avoid even bigger losses. Rivian's share price slid 39% over 10 days after the Irvine, California-based company on...

R1S is a premium SUV in the line of electric cars from Rivian. It is a 7-seater EV with 3 rows and tons of cutting-edge features. Though it is a great car, it isn’t immune to certain problems. It has been recalled by NHTSA National Highway Traffic Safety Administration twice in a short span. The issues weren’t that serious, but they were causing problems nonetheless. This blog will focus on the 6 most common problems with Rivian R1S. Why are car owners facing these problems, and what can you do to solve them? SNIP 1. Loose Steering Knuckle 2. Defective...

Rivian (NASDAQ: RIVN) and two contractors are facing a lawsuit in federal court brought by a Georgia resident who claims muddy runoff from the construction site of Rivian’s future factory has choked streams and ponds downstream in violation of federal environmental law. The filing presents another potential legal hurdle for the EV startup, which has faced stiff resistance from some local residents since announcing plans to build a factory a year and a half ago. The complaint was filed last week in the Middle District of Georgia by Julie Jenkins of Morgan County, who oversees a family trust that sold...