Friday, October 22News That Matters

Tag: Rivian Automotive LLC

Rivian, an Electric Vehicle Start-Up, Reveals Large Losses in its I.P.O. Filing

Rivian, an Electric Vehicle Start-Up, Reveals Large Losses in its I.P.O. Filing

Technology
Investors keep a close eye on how much cash young, fast-growing companies are consuming, in case they run out. Rivian’s operations used up $850 million in the first half of this year, roughly the same amount as in all of last year. It said it had $3.7 billion of cash in hand at the end of June, which includes money it raised when it issued $2.7 billion worth of preferred stock in January. It also borrowed $2.5 billion through “convertible promissory notes” in July.Updated Oct. 1, 2021, 9:18 p.m. ETRivian has over $10 billion in investments from Amazon, Ford Motor and several Wall Street firms. The filing said Amazon had plowed $1.35 billion into Rivian through stock investments and $490 million by purchasing the notes sold in July. Ford’s investments total $1.24 billion. T. Rowe Price...
Can a Green-Economy Boom Town Be Built to Last?

Can a Green-Economy Boom Town Be Built to Last?

Technology, World
When the plant scaled back production in the 2000s and closed in 2015, around the time of white-collar job cuts, Normal felt the pinch. Suppliers decamped, and many workers left in search of new jobs. Uptown, an elegant, brick-accented district with a restored 1930s theater and a pair of suddenly too-big hotels, became a monument to the city’s fading prosperity.Local politicians and business leaders embraced Rivian, which is based in Michigan and has locations in other states, Canada and Britain, as a way to fill the vacuum. But in a place that has endured such changes of fortune, residents can be forgiven for wondering how long today’s good times will continue.The Transition to Electric CarsElectric vehicles require fewer workers to make than gasoline-powered ones. And while Rivian’s pros...
Rivian, an Electric Truck Maker, Files for an I.P.O.

Rivian, an Electric Truck Maker, Files for an I.P.O.

Business
“Rivian is one of the best-positioned electric vehicle start-ups,” Asad Hussain, senior mobility analyst for PitchBook, said by email. “The company’s focus on the relatively untapped premium electric truck market should allow it to gain rapid market adoption.”The leaders of Rivian and Tesla are also starkly different. Tesla’s chief executive, Elon Musk, has been a brash and combative force in the automotive industry, making big promises and engaging in public feuds with individuals and government agencies. Mr. Scaringe is understated and has been measured in his public statements and promises.Still, both executives are immersed in the details of their business. Mr. Musk has said he has slept at his company’s main factory in Fremont, Calif., at important moments when Tesla was ramping up pr...
E.V. Buying Guide: What to Know About Models, Batteries, Charging and More

E.V. Buying Guide: What to Know About Models, Batteries, Charging and More

Technology
Buying used could be a cheaper way to get an electric vehicle, though evaluate the car you are buying carefully, particularly the quality of the battery, because it will degrade over time. That said, a used electric vehicle could be a perfect choice for a second car for errands, commutes and other short trips.Consider the alternatives.As exciting as it may be to own an electric vehicle, it may not be for everyone. Many families and individuals can’t afford an E.V. that meets their needs — there are few electric vehicles with three rows and room for youth sports gear, for example, and they tend to be expensive. Others cannot easily charge at or near their homes. That’s why Mr. DeLorenzo and Mr. Fisher recommend plug-in hybrids.“If you’re interested but not really sure you want to commit, th...
Rose Marcario, the Former C.E.O. of Patagonia, Retreats to the Rainforest

Rose Marcario, the Former C.E.O. of Patagonia, Retreats to the Rainforest

Business
You left Patagonia abruptly last year. What happened?I had been having a conversation with the Chouinards in 2019 about transitioning out because, honestly, I felt like I had accomplished everything that I wanted to accomplish as a leader. I felt like I had learned everything that I wanted to from Yvon. A lot of C.E.O.s stay a little too long at the fair. I think it’s good for companies to have new leadership.When the company made the announcement, it was essentially effective immediately, and there was no immediate successor named. That’s pretty unconventional corporate governance.Yvon doesn’t do anything in a conventional manner. He’s not going to follow the optics of public companies. We had just gotten through the hump of everything that was going on with Covid. The business declined. ...