Tag Archives: Rivian

Here’s Why Baron Funds Remain Optimistic in Rivian Automotive (RIVN) – Yahoo Finance

  1. Here’s Why Baron Funds Remain Optimistic in Rivian Automotive (RIVN) Yahoo Finance
  2. Rivian On Path To Profit Despite Musk’s Doubts? Analyst Tells Why EV Startup Can Achieve Goal By End Of Next Year – Lucid Gr (NASDAQ:LCID), Tesla (NASDAQ:TSLA), Rivian Automotive (NASDAQ:RIVN) Benzinga
  3. Rivian earnings: What to expect from the EV maker struggling to become profitable MarketWatch
  4. Rivian Q3 earnings preview: EV demand, profitability path key items to watch Yahoo Finance
  5. Why Rivian Plunged 33.2% in October The Motley Fool
  6. View Full Coverage on Google News

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Step Aside Ford, GM: New Ram EV Pickup Boasts 500-Mile Range – Stellantis (NYSE:STLA), Tesla (NASDAQ:TSLA), Ford Motor (NYSE:F), General Motors (NYSE:GM), Rivian Automotive (NASDAQ:RIVN) – Benzinga

  1. Step Aside Ford, GM: New Ram EV Pickup Boasts 500-Mile Range – Stellantis (NYSE:STLA), Tesla (NASDAQ:TSLA), Ford Motor (NYSE:F), General Motors (NYSE:GM), Rivian Automotive (NASDAQ:RIVN) Benzinga
  2. The 2025 Ram 1500 REV’s 14,000-Pound Max Tow Target Is More Impressive Than You Realize The Drive
  3. How Ram went from the wild-looking REV Concept to the production pickup Autoblog
  4. Electrification cannot ‘be a limitation,’ Ram Brand CEO explains Yahoo Finance
  5. Ram Brands CEO on EV charging networks: ‘We’re going to get there faster than you think’ Yahoo Canada Finance
  6. View Full Coverage on Google News

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Why EV Stocks Lucid Group, Rivian Automotive, Tesla Are Rallying Friday

Lucid Group Inc LCID shares were ripping Friday and halted on a circuit breaker to the upside in early afternoon trading following rumors circulated by traders the Saudi Public Investment Fund is planning to buy out the remainder of the electric vehicle company. 

Benzinga has contacted the Public Investment Fund and Lucid Group for comment on the rumors.

Rivian Automotive’s RIVN stock traded higher Friday afternoon, trading up more than 7% from Thursday’s close.

Tesla Inc TSLA was also trading higher by about 10% Friday afternoon after reporting strong earnings earlier in the week.

In addition to the strong earnings in the electric vehicle space, the Personal Consumption Expenditure index, one of the Fed’s key measures of inflation, came in cooler than expected Friday morning, and is at its lowest level since October 2021.

This is another sign that inflation is cooling and the Fed may be able to ease its rate hikes at some point this year.

The cooling inflation should be good news for most equities, but especially growth stocks which have been hit the hardest by the Fed’s interest rate hikes. 

LCID, RIVN, TSLA Price Action: At the time of publication, Lucid shares were trading 51.4% higher. Shares of Rivian were up 11.6% and Tesla shares were up 9.8%. 

Photo courtesy of Lucid Group. 

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Rivian VP of Public Policy & Chief Regulatory Counsel leaves company

Rivian VP of Public Policy Jim Chen is departing the company. He is expected to leave the electric truck maker at the end of February. 

Chen has a lot of experience lobbying for electric vehicle makers. Prior to his employment at Rivian in 2018, he worked for American electric car maker Tesla, where he led the company’s efforts to secure direct-to-consumer sales in various states. Such deals are extremely important for companies like Tesla and Rivian, as they do not utilize a traditional dealership model. 

During his time at Rivian, Chen was responsible for advocating for changes to laws that require car companies to sell vehicles using franchised dealerships. He was also in charge of overseeing Rivian’s federal lobbying and regulatory affairs, as noted by The Wall Street Journal.

A statement from a Rivian representative noted that Chen’s departure from the company was a mutual agreement, and it was driven partly by the lobbyist’s desire to prioritize time with his family. “I am proud of the work we have done, the influence we have had, and the team that we have built,” Chen noted. 

A look at Chen’s work over the years makes his decision to take a step back from the frontline of the EV movement, at least for now, understandable. During his time with Tesla, he successfully secured compromise deals that ultimately allowed the EV maker to operate Tesla-owned stores in areas where the dealership lobby is dominant. Among these areas is Georgia, which approved legislation in 2015 that allowed Tesla to sell cars without going through local dealers. 

In previous comments, Chen mentioned that he departed from Tesla after over five years because he burned out due to the pace of work at the company. But even after coming over to Rivian, he met numerous challenges. In Georgia alone, Chen’s efforts to secure direct-to-consumer sales for Rivian were met with resistance from the state. This was despite the company’s plans to invest $5 billion in a Georgia factory. 

Rivian has seen some changes in its top management, including the replacement of its head of manufacturing and chief operating officer in the past year. The company also announced last year that it was cutting off 6% of its workforce as a cost-saving measure.

The Teslarati team would appreciate hearing from you. If you have any tips, contact me at maria@teslarati.com or via Twitter @Writer_01001101.

Rivian VP of Public Policy & Chief Regulatory Counsel leaves company








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What it’s like to deliver for Amazon in new Rivian electric vans

For the 275,000 Amazon drivers dropping off 10 million packages a day around the world, the job can be a grind. But a lot has changed since drivers in 2021 told CNBC about unrealistic workloads, peeing in bottles, dog bites and error-prone routing software.

Among the biggest developments is the arrival of a brand-new electric van from Rivian.

Amazon was a big and early investor in the electric vehicle company, which went public in late 2021 with a plan to build trucks and SUVs for consumers and delivery vans for businesses. Since July, Amazon has rolled out more than 1,000 new Rivian vans, which are now making deliveries in more than 100 U.S. cities, including Baltimore, Chicago, Las Vegas, Nashville, New York City and Austin, Texas.

The partnership began in 2019, when Amazon founder and ex-CEO Jeff Bezos announced Amazon had purchased 100,000 electric vans from Rivian as one step toward his company’s ambitious promise of reaching net-zero carbon emissions by 2040.

″[We] will have prototypes on the road next year, but 100,000 deployed by 2024,” Bezos said at the National Press Club in Washington, D.C., in September 2019. Amazon has since revised the timeline, saying it expects all 100,000 Rivian vans on the road by 2030.

Rivian has faced several challenges in recent months. It cut back 2022 production amid supply chain and assembly line issues. Its stock price dropped so sharply last year that Amazon recorded a combined $11.5 billion markdown on its holdings in the first two quarters.

CNBC talked to drivers to see what’s changed with the driving experience. We also went to Amazon’s Delivering the Future event in Boston in November for a look at the technology designed to maximize safety and efficiency for delivery personnel.

For now, most Amazon drivers are still in about 110,000 gas-powered vans — primarily Ford Transits, Mercedes-Benz Sprinters and Ram ProMasters. Amazon wouldn’t share how it determines which of its 3,500 third-party delivery firms, or delivery service partners (DSPs), are receiving Rivian vans first. 

The e-commerce giant has been using DSPs to deliver its packages since 2018, allowing the company to reduce its reliance on UPS and the U.S. Postal Service for the so-called last mile, the most expensive portion of the delivery journey. The DSP, which works exclusively with Amazon, employs the drivers and is responsible for the liabilities of the road, vehicle maintenance, and the costs of hiring, benefits and overtime pay.

Amazon leases the vans to DSP owners at a discount. The company covers the fuel for gas-powered vans and installs charging stations for electric vehicles.

The company says DSP owners have generated $26 billion in revenue and now operate in 15 countries, including Saudi Arabia, India, Brazil, Canada, and all over Europe. 

What drivers think

In the early days of testing the Rivian vans, some drivers voiced concerns about range. An Amazon spokesperson told CNBC the vans can travel up to 150 miles on a single charge, which is typically plenty of power for a full shift and allows drivers to recharge the vehicle overnight.

As for maintenance, Amazon says that takes place at Rivian service centers near delivery stations or by a Rivian mobile service team, depending on location.

Julietta Dennis launched a DSP, Kangaroo Direct, in Baltimore three years ago. She employs about 75 drivers and leases more than 50 vans from Amazon. She now has 15 Rivian vehicles.

“It’s very easy to get in and out with all of the different handles to hold on to,” Dennis said. She said that some drivers were hesitant at first because the vehicles were so new and different, “but the moment they get in there and have their first experience, that’s the van that they want to drive.”

Baltimore DSP owner Julieta Dennis shows off a Rivian electric van at Amazon’s Delivering the Future event in Boston, Maryland, on November 10, 2022.

Erin Black

Brandi Monroe has been delivering for Kangaroo Direct for two years. She pointed to features on a Rivian van that are upgrades over what she’s driven in the past. There’s a large non-slip step at the back, a hand cart for helping with heavy packages and extra space for standing and walking in the cargo area.

“We have two shelves on both sides to allow for more space,” Monroe said, adding that she’d prefer to drive a Rivian for every shift. “And then the lights at the top: very innovative to help us see the packages and address a lot easier, especially at nighttime.”

There’s even a heated steering wheel.

Former driver B.J. Natividad, who goes by Avionyx on YouTube, says his non-electric van could get very cramped.

“I remember one time I had 23 or 24 bags and over 40 oversize packages and I had to be able to figure out how to stuff that all in there within the 15 minutes that they give us to load up in the morning,” said Natividad, who now works for USPS.

The Rivian vans have at least 100 more cubic feet than the Sprinter and up to double the cargo space of the Ford Transit vans Natividad drove in Las Vegas. Rivian vans are still small enough that they don’t require a special license to drive, though Amazon provides its own training for drivers.

One driver in Seattle, who asked to remain unnamed, was especially excited about the new Rivian vans. He offered an extensive tour of the new driving experience on his YouTube channel called Friday Adventure Club.

He said one of his favorite features is a light bar “that goes all the way around the back.” He also likes that the windshield is “absolutely massive,” the wide doors allow for easy entry and exit, and the cargo door automatically opens when the van is parked. There are two rows of shelves that fold up and down in the cargo area.

There’s also new technology, such as an embedded tablet with the driving route and a 360-degree view that shows all sides of the van.

Mai Le, Amazon’s vice president of Last Mile, oversaw the testing of the center console and Rivian’s integrated software.

“We did a lot of deliveries as a test,” Le said. “As a woman, I want to make sure that the seats are comfortable for me and that my legs can reach the pedals, I can see over the steering wheel.”

She demonstrated some of the benefits of the new technology.

“When we start to notice that you’re slowing down, that means that we can tell you’re getting near to your destination,” she said. “The map begins to zoom in, so you begin to find where’s your delivery location, which building and where parking could be.”

The new vans have keyless entry. They automatically lock when the driver is 15 feet away and unlock as the driver approaches. 

Workers load packages into Amazon Rivian Electric trucks at an Amazon facility in Poway, California, November 16, 2022.

Sandy Huffaker | Reuters

Cameras and safety

Above all else, Amazon says the changes were designed to make the delivery job safer.

A ProPublica report found Amazon’s contract drivers were involved in more than 60 serious crashes from 2015 to 2019, at least 10 of which were fatal. Amazon put cameras and sensors all over the Rivian vans, which enable warnings and lane assist technology that autocorrects if the vehicle veers out of the lane.

Dennis mentioned the importance of automatic braking and the steering wheel that starts “just kind of shaking when you get too close to something.”

“There’s just so many features that would really, really help cut back on some of those incidental accidents,” she said.

Amazon vans have driver-facing cameras inside, which can catch unsafe driving practices as they happen.

“The in-vehicle safety technology we have watches for poor safety behaviors like distracted driving, seat belts not being fastened, running stop signs, traffic lights,” said Beryl Tomay, who helps run the technology side of delivery as vice president of Last Mile for Amazon.

“We’ve seen over the past year a reduction of 80% to 95% in these events when we’ve warned drivers real time,” she said. “But the really game-changing results that we’ve seen have been almost a 50% reduction in accidents.”

As a DSP owner, Dennis gets alerts if her drivers exhibit patterns of unsafe behavior. 

“If something with a seat belt or just something flags, then our team will contact the driver and make sure that that’s coached on and taken care of and figured out, like what actually happened,” Dennis said.

That level of constant surveillance may be unsettling for some drivers. Dennis said that issues haven’t come up among her staffers. And Amazon stresses it’s focused on driver privacy.

“We’ve taken great care from a privacy perspective,” Tomay said. “There’s no sound ever being recorded. There’s no camera recording if the driver’s not driving and there’s a privacy mode.”

Amazon says the cabin-facing camera automatically switches off when the ignition is off, and privacy mode means it also turns off if the vehicle is stationary for more than 30 seconds.

Safety concerns extend beyond the vehicle itself. For example, an Amazon driver in Missouri was found dead in a front yard in October, allegedly after a dog attack.

Amazon says new technology can help. Drivers can choose to manually notify customers ahead of a delivery, giving them time to restrain pets. Another feature that’s coming, according to Le, will allow drivers to mark delivery locations that have pets.

Natividad said he had multiple close calls with dogs charging at him during deliveries.

“You customers out there, please restrain your dogs when you know a package is coming,” he said. “Please keep them inside. Don’t leave them just outside.”

Optimizing routes

Providing drivers with more efficient and better detailed routes could improve safety, too. Drivers in 2021 told us about losing time because Amazon’s routing software made a mistake, like not recognizing a closed road or gated community. In response, they sometimes tried to save time in other ways.

“People are running through stop signs, running through yellow lights,” said Adrienne Williams, a former DSP driver. “Everybody I knew was buckling their seat belt behind their backs because the time it took just to buckle your seat belt, unbuckle your seat belt every time was enough time to get you behind schedule.”

Amazon listened. The company has been adding a huge amount of detail to driver maps, using information from 16 third-party map vendors as well as machine learning models informed by satellite driver feedback and other sources.

One example is a new in-vehicle data collection system called Fleet Edge, which is currently in a few thousand vans. Fleet Edge collects real-time data from a street view camera and GPS device during a driver’s route.

“Due to Fleet Edge, we’ve added over 120,000 new street signs to Amazon’s mapping system,” Tomay said. “The accuracy of GPS locations has increased by over two and a half times in our test areas, improving navigation safety by announcing upcoming turns sooner.”

Tomay said the maps also added points of interest like coffee shops and restrooms, so in about 95% of metro areas, “drivers can find a spot to take a break within five minutes of a stop.”

In 2021, Amazon apologized for dismissing claims that drivers were urinating in bottles as a result of demanding delivery schedules. Natividad said he occasionally found urine-filled bottles in his vans before his shift in the mornings.

“As soon as I open the van, I’m looking around, I see a bottle of urine. I’m like, ‘Oh, I’m not touching this,'” he said.

Pay for Amazon drivers is up to the discretion of each individual DSP, although Amazon says it regularly audits DSP rates to make sure they’re competitive. Indeed.com puts average Amazon driver pay at nearly $19 an hour, 16% higher than the national average.

Natividad started delivering for Amazon in 2021 when his gigs as a fulltime disc jockey dried up because of the pandemic. He liked the job at the time, generally delivering at least 200 packages along the same route. However, during the holiday season that year, he once had more than 400 packages and 200 stops in a single shift.

“Towards the end of my day, they sent out two rescues to me to help out to make sure everything’s done before 10 hours,” he said.

Amazon is working to optimize its routes. But it’s an unwieldy operation. The company says it’s generated 225,000 unique routes per day during peak season.

Tomay said the company looks at the density of packages, the complexity of delivery locations “and any other considerations like weather and traffic from past history to put a route together that we think is ideal.”

There’s no one-size-fits-all solution.

“Given that we’re in over 20 countries and every geography looks different, it’s not just about delivery vehicles or vans anymore,” Tomay said. “We have rickshaws in India. We have walkers in Manhattan.”

In Las Vegas, Amazon held a roundtable last year for DSP owners and drivers. Natividad says he spoke for 20 minutes at the event about the need for Amazon to improve its routing algorithms.

“I think they should do that probably once a month, with all the DSP supervision and a few of the drivers, and not the same drivers every time. That way different feedback is given. And like seriously listen to them,” Natividad said. “Because they’re not the ones out there seeing and experiencing what we go through.” 

Natividad didn’t get to try out the routing technology in the Rivian vans before he left to deliver for USPS in July. He’s excited that the postal service is following in Amazon’s footsteps with 66,000 electric vans coming by 2028.

Amazon, meanwhile, is diversifying its electric fleet beyond Rivian. The company has ordered thousands of electric Ram vans from Stellantis and also has some on the way from Mercedes-Benz.



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Several Top Rivian Executives Depart the Electric-Vehicle Startup

Several top executives at

Rivian Automotive Inc.,

RIVN -1.02%

including the vice president overseeing body engineering and its head of supply chain, have left the EV startup in recent months, as the company exits a year in which it fell short of its production targets.

The departures, confirmed by a Rivian spokeswoman, are the latest developments in what has been a challenging period for Rivian, which has been rolling out its first all-electric models but last year missed a critical milestone of manufacturing 25,000 vehicles. The company said it was off its goal by about 700 vehicles in part because of difficulty getting parts. 

Rivian’s stock has also tumbled since its blockbuster initial public offering in November 2021, down roughly 79% through Tuesday’s close. 

The executives who have left were some of Rivian’s longer-tenured employees. Among them is Randy Frank, vice president of body and interior engineering, and Steve Gawronski, the vice president in charge of parts purchasing. Both had departed around the beginning of this year. 

Mr. Frank joined Rivian in 2019 from

Ford Motor Co.

Mr. Gawronski joined in 2018 from the autonomous vehicle startup Zoox.

Another early employee, Patrick Hunt, a senior director in the strategy team, left the company late last year. Mr. Hunt joined Rivian in 2015.

Rivian’s general counsel, Neil Sitron, departed in September after 4½ years with the company, which was founded in 2009.

The Rivian spokeswoman said the company wants to ensure the startup has the talent and staff it needs to ramp up production. The company declined to comment on the individual circumstances of the departures. Efforts to reach the former employees weren’t immediately successful.

“We continue to attract world class talent to our company as our business needs change,” she said.

The departures mark the latest shake-up at the top of Rivian, which has brought in new executives to oversee the company’s manufacturing operations. The company’s first full year of factory production was marred by supply-chain troubles and difficulties getting the assembly line to run at full speed.

Tim Fallon, former head of

Nissan Motor Co.

’s factory in Canton, Miss., was hired in early 2022 to run Rivian’s sole factory in Normal, Ill.

In June, Rivian hired Frank Klein as chief operating officer, from contract manufacturer

Magna Steyr.

In a November email to employees reviewed by the Journal, Mr. Klein wrote that with Mr. Gawronski’s exit, the company was taking the opportunity to make some organizational changes to ensure it can support the increased complexity that the group will handle in coming years.

Mr. Klein added Rivian was reorganizing its supply-chain management, putting one vice president in charge of the supply chain and logistics, and another in charge of parts procurement.

He also announced that Rivian had hired Andreas Reutter from tool maker

Stanley Black & Decker Inc.

to oversee Rivian’s supply-chain logistics.

The changes at the top of Rivian come as it attempts to transform from an upstart looking to raise capital to a mass manufacturer with ambitions to become one of the world’s largest auto makers.

Rivian is under pressure to prove it can build its electric trucks at scale without having ramped up production before, as competition heats up from legacy auto makers. WSJ toured Rivian’s and Ford’s EV factories to see how they are pushing to meet demand. Illustration: Adam Falk/The Wall Street Journal

Its first all-electric models, the R1T pickup truck and R1S sport-utility vehicle, are relatively new. The company has only been building cars at its Illinois factory since late 2021. Before then, it had never built or sold a single vehicle for retail. 

As part of its expansion, Rivian went on a hiring spree, growing rapidly from about 1,200 workers in 2019 to around 14,000 employees by the summer of last year and has only recently begun creating positions that exist at many companies.

In April, Anisa Kamadoli Costa was hired as chief sustainability officer from jewelry maker Tiffany Inc. In October, Rivian hired a former Capital One Financial Corp. executive, Diane Lye, as its first chief information officer.

As Rivian has struggled to increase factory output, it has come under pressure to trim spending. Last summer, the company laid off around 6% of its workforce and cut spending on many of its programs. 

The company became focused on bringing production of its current set of vehicles up to speed. It also makes an electric delivery van that it sells to Amazon.com Inc. 

In an example of the young car maker’s shifting priorities, Rivian suspended negotiations with Mercedes-Benz AG over a proposed van partnership in Europe, which had been an expansion target for Chief Executive RJ Scaringe. Rivian said the decision came after re-evaluating its opportunities for growth.

The company reported a net loss of $5 billion for the first nine months of 2022, and its cash pile fell to $13.8 billion at the end of September, down from $15.46 billion in June. Rivian is scheduled to report its full-year results on Feb. 28.

Write to Sean McLain at sean.mclain@wsj.com and Nora Eckert at nora.eckert@wsj.com

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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Rivian, GlobalFoundries Joining Nasdaq 100 Index; Apple Chipmaker, China Stocks Falling Off

Tesla (TSLA) rival Rivian Automotive (RIVN) and chip foundry GlobalFoundries (GFS) are among six stocks that will join the Nasdaq 100 index before the open on Dec. 19, while Apple (AAPL) chipmaker Skyworks Solutions (SWKS) and China search engine giant Baidu (BIDU) are among the looming deletions.




X



Nasdaq (NDAQ) announced late Friday that Rivian stock, Global Foundries, CoStar Group (CSGP), Warner Bros. Discovery (WBD), GlobalFoundries, Baker Hughes (BKR) and Diamondback Energy (FANG) will be added as part of an annual reshuffling.

Both Rivian and GFS stock came public in November 2021. Warner Bros. Discovery was forged in April 2022 from AT&TT spinning off its Warner Bros. unit and merging it with Discovery.

Meanwhile, VeriSign (VRSN), Splunk (SPLK), Baidu, Match Group (MTCH), DocuSign (DOCU), NetEase (NTES) and SWKS stock will drop off.

RIVN stock fell 1% in Monday’s premarket as the EV startup walked away from talks with Mercedes-Benz to jointly build an EV van factory in Europe. Most other entering or departing Nasdaq 100 stocks moved only slightly or were not yet trading.

The Nasdaq 100 index includes the 100 largest non-financial companies listed on the Nasdaq. Apple stock, Microsoft (MSFT), Google parent Alphabet (GOOGL), Amazon.com (AMZN), Nvidia and Tesla stock are currently the largest weights on the Nasdaq 100.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

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Horizon Therapeutics, Coupa Software, Rivian and more

Take a look at some of the biggest movers in the premarket:

Horizon Therapeutics (HZNP) – The drugmaker’s shares surged 14.7% in the premarket after it agreed to be bought by Amgen (AMGN) for $116.50 per share in cash, with the deal valued at $27.8 billion. Amgen shares fell 2.6%.

related investing news

Coupa Software (COUP) – Private-equity firm Thoma Bravo agreed to buy Coupa, a specialist in business spending management software. The deal is worth $8 billion, or $81 per share in cash. Coupa shares soared 21.6% in premarket trading.

Rivian (RIVN) – The electric vehicle maker has paused talks with Mercedes-Benz on a planned joint venture to build electric vans in Europe. The move is part of Rivian’s effort to be more conservative with its cash outlays in the face of higher interest rates and economic concerns. Rivian fell 2.5% in premarket action.

Weber (WEBR) – The maker of grills and other outdoor cooking products agreed to be taken private by BDT Capital Partners for $2.32 billion in cash, or $8.05 per share. Weber shares closed Friday at $6.50.

Accenture (ACN) – Accenture fell 1.7% in the premarket after Piper Sandler downgraded the consulting firm’s stock to “underweight” from “neutral.” The firm expects Accenture to be negatively impacted by more cautious 2023 spending in the tech sector.

Under Armour (UAA) – Under Armour jumped 2.8% in premarket trading following a Stifel upgrade to “buy” from “hold.” Stifel praised the athletic apparel maker’s inventory management, which it said gives the company better profit margin certainty.

Best Buy (BBY) – The electronics retailer’s stock added 1.6% in the premarket after Goldman Sachs upgraded it to “neutral” from “sell.” It’s among retail stocks that Goldman feels has the ability to maintain prices as inflation moderates and to gain market share.

Gap (GPS), Tapestry (TPR), Levi Strauss (LEVI) – Goldman Sachs upgraded Gap and Tapestry to “buy” from “neutral” while downgraded Levi Strauss to “neutral” from “buy.” Goldman said its moves were based on which companies can thrive in an atmosphere that will see consumers become more discerning with their apparel spending. Gap added 2.7% in the premarket, with Tapestry up 2% and Levi Strauss losing 1.2%.

Brinker International (EAT) – The restaurant operator’s stock slid 3.7% after Goldman downgraded it to “sell” from “neutral.” Goldman said it was cautiously optimistic about the long-term results of the company’s effort to turn around its Chili’s chain, but thinks 2023 will be choppy in terms of sales and profit margins.

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Tapestry, WeWork, Rivian and others

Check out the companies making headlines before the bell:

Tapestry (TPR) – The company behind the Coach and Kate Spade brands beat top and bottom line estimates for its latest quarter, but cut its full-year forecast for the impact of the strong U.S. dollar and China’s Covid-19 restrictions. Tapestry slid 2% in premarket trading.

Nio (NIO) – The China-based electric car maker posted a wider-than-expected quarterly loss, but said it expected deliveries to nearly double in the current quarter from a year ago. Nio shares jumped 5.5% in premarket trading.

WeWork (WE) – The office-sharing company’s stock fell 1.7% in the premarket after it reported a wider-than-expected quarterly loss. WeWork also plans to exit about 40 underperforming locations this month.

Six Flags (SIX) – The theme park operator’s stock initially dipped in premarket trading after it missed top and bottom line estimates for its latest quarter. However, it rebounded to a 2.9% gain after announcing an agreement with investment firm H Partners that raised the cap on H Partners’ stake in the company to 19.9% from 14.9%.

Rivian (RIVN) – Rivian rallied 8.2% in off-hours trading after the electric vehicle maker reported a narrower-than-expected quarterly loss and kept its production schedule intact, even in the face of supply chain issues.

Dutch Bros (BROS) – Dutch Bros stock jumped 3.8% in the premarket after the operator of hand-crafted beverage shops reported better-than-expected profit and revenue for its latest quarter. The company also raised its full-year revenue outlook.

AstraZeneca (AZN) – AstraZeneca gained 4.8% in premarket trading after the drug maker reported upbeat quarterly results and raised its full-year profit forecast. AstraZeneca’s results got a boost from strong sales of its cancer drugs.

Bumble (BMBL) – Bumble slumped 14% in premarket action after issuing a weak current-quarter revenue forecast. The dating service operator said its users are renewing subscriptions at a slower rate as consumers cut back on discretionary spending in the face of inflation.

Fair Isaac (FICO) – Fair Isaac staged a 10.4% rally in the premarket after its quarterly earnings beat analyst estimates and revenue grew in both its credit score and software units. The company, known for FICO credit scores, also gave an upbeat full-year forecast.

ZipRecruiter (ZIP) – ZipRecruiter surged 12.6% in premarket trading after the online jobs site operator posted better-than-expected quarterly results and raised its full-year forecast. ZipRecruiter also announced a $200 million increase in its share repurchase program.

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Rivian has both good and bad news at end of tough day for EV stocks


New York
CNN Business
 — 

Electric truckmaker Rivian delivered a mixed bag for investors in its third-quarter earnings report, after a brutal day for its shares and those of other electric vehicle makers.

On the one hand, Rivian reported a smaller than expected adjusted loss of $1.4 billion, less than the $1.7 billion loss forecast by analysts surveyed by Refinitiv. And it said that net reservations increased to 114,000 from 98,000 in its second-quarter report.

But its revenue of $536 million, while up 47% from second quarter revenue, fell short of analysts’ revenue forecast of $552 million.

The gain in reservations was notable after electric car maker Lucid reported late Tuesday that the number of reservations for its EVs had fallen to 34,000 from 37,000 in the previous quarter’s report.

That news sent Lucid

(LCDX) shares tumbling 17% for the day and helped drag down shares of both Rivian and Chinese EV maker Nio

(NIO) by 12% each in regular hours US trading.

Leading EV maker Tesla

(TSLA) also had shares fall 7%, though that could well have been more influenced by news that CEO Elon Musk had sold nearly $4 billion worth of Tesla

(TSLA) shares since he closed the deal to buy Twitter two weeks ago.

Rivian also reaffirmed its goal of ramping up production to build 25,000 vehicles this year, a bullish target as other automakers, including Tesla, who have had to trim sales targets for the year due to supply chain issues.

In the first three quarters of this year Rivian has built just more than 14,000 vehicles, so hitting the 25,000 production target for the year would mean a 45% increase in production in the final three months of the year over the 7,400 it built in the just completed quarter.

But while it says it remains on target to hit that 25,000 goal for 2022, it pushed back its target date for the availability of its smaller R2 model to 2026. It had previously forecast a 2025 rollout for that model.

Shares of Rivian swung wildly on the report in after-hours trading, first gaining 3%, then falling to trade slightly lower, then rising 5%.

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