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Tag: Rivian

  • Amazon Reports First Unprofitable Year in Almost a Decade

    Amazon Reports First Unprofitable Year in Almost a Decade

    Amazon delivered its quarterly report and it was bad news as the company turned in its first unprofitable year in almost a decade.

    Amazon reported net sales for 2022 of $514.0 billion, an increase of 9% year-over-year. The company’s AWS cloud business came in at $80.1 billion for the year, an increase of 29%.

    Despite the increased sales, the company posted a net loss of $2.7 billion for the year, or $0.27 per share, its first since 2014. While a $2.7 billion loss is bad enough on its own, it’s even worse when compared to the $33.4 billion net income the company posted in 2021.

    Much of the company’s loss can be attributed to its investment in electric vehicle maker Rivian.

    2022 net loss includes a pre-tax valuation loss of $12.7 billion included in non-operating income (expense) from the common stock investment in Rivian Automotive, Inc., compared to a pre-tax valuation gain of $11.8 billion from the investment in 2021.

    “Our relentless focus on providing the broadest selection, exceptional value, and fast delivery drove customer demand in our Stores business during the fourth quarter that exceeded our expectations—and we’re appreciative of all our customers who turned to Amazon this past holiday season,” said Andy Jassy, Amazon CEO.

    Jassy also was optimistic about the future, especially given the cost-cutting measures the company has already taken.

    “We’re also encouraged by the continued progress we’re making in reducing our cost to serve in the operations part of our Stores business,” Jassy continued. “In the short term, we face an uncertain economy, but we remain quite optimistic about the long-term opportunities for Amazon. The vast majority of total market segment share in both Global Retail and IT still reside in physical stores and on-premises datacenters; and as this equation steadily flips, we believe our leading customer experiences in these areas along with the results of our continued hard work and invention to improve every day, will lead to significant growth in the coming years. When you also factor in our investments and innovation in several other broad customer experiences (e.g. streaming entertainment, customer-first healthcare, broadband satellite connectivity for more communities globally), there’s additional reason to feel optimistic about what the future holds.”

  • Rivian Turns to E-Bikes to Attain Profitability

    Rivian Turns to E-Bikes to Attain Profitability

    Rivian is making an unusual sidestep from its electric automobile business, reportedly working on an e-bike.

    According to Bloomberg, by way of Engadget, Rivian has tasked a “small group” of engineers to begin work on an e-bike, although it it’s unclear whether it was an electric bicycle or motorcycle. The company does, however, hold patents for bicycle components.

    As Engadget points out, the move could make a lot of sense for the automaker. E-bikes outsell electric vehicles and are much cheaper to make. The move could put the company on the fast-track to profitability.

  • Rivian Prepares for an IPO

    Rivian Prepares for an IPO

    Electric vehicle startup Rivian is preparing for an initial public offering (IPO) as the electric vehicle market heats up.

    Rivian is one of the main up-and-coming competitors to Tesla, and has the investment backers to match. Amazon and Ford are both heavy investors in the company, as is Cox Automotive. When comparing upcoming vehicles, Tesla, Ford and Rivian’s vehicles are often compared head-to-head.

    Rivian has now announced its intentions to go public, as it prepares for its IPO.

    Rivian today announced that it has confidentially submitted a draft registration statement on Form S-1 to the Securities and Exchange Commission (the “SEC”) relating to the proposed public offering of its common stock. The size and price range for the proposed offering have yet to be determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.

  • Rivian Announces Plans For Charging Network

    Rivian Announces Plans For Charging Network

    Rivian plans to roll out a network of 10,000 charging stations across the US and Canada by the end of 2023.

    Rivian is one of the biggest names in electric vehicles. The company is backed by Amazon and its technology will be used in Ford vehicles, giving it the backing, funding, technology and scope to potentially challenge Tesla.

    The company has now announced its plans to establish a network of 10,000 charging stations, a major step in widespread acceptance of the platform. According to TechCrunch, the company plans to roll out 3,500 DC fast chargers, as well as thousands of “waypoint” Level 2 chargers.

    While the fast chargers will only be accessible to Rivian’s customers, the waypoint chargers will be available to everyone. Even more significant, unlike Tesla’s proprietary chargers, Rivian’s will use the J1772 plug, which is the North American standard for electric vehicles.

    The company also plans on its stations being powered by 100% renewable energy, thanks to deals it will make with utility companies.

    Rivian’s announcement is good news for its customers, as well as the electric vehicle industry at large.

  • Video: Amazon’s New Electric Vans Quietly Delivering

    Video: Amazon’s New Electric Vans Quietly Delivering

    Amazon has just launched their first electric Rivian delivery vans on the road in Los Angeles. Customers will begin seeing the custom electric delivery vehicles in up to 15 additional cities in 2021. The company plans to have a 10,000 electric delivery fleet operating on the road in the United States and Europe by 2022.

    “We’re loving the enthusiasm from customers so far—from the photos we see online to the car fans who stop our drivers for a first-hand look at the vehicle,” said Ross Rachey, Director of Amazon’s Global Fleet and Products. “From what we’ve seen, this is one of the fastest modern commercial electrification programs, and we’re incredibly proud of that.”

    Ross Rachey, Director of Amazon’s Global Fleet, outlines the company’s electric delivery plans:

    “We are reimagining sustainable delivery,” says Ross Rachey, Director of Amazon’s Global Fleet. “Climate change doesn’t allow us to sit back and be passive. We can’t wait. This vehicle went from sketch, to design, to on-road testing with customer deliveries in just over a year. And we’ll build on that momentum heading into full-scale production.”

    “Amazon made a commitment to be net-zero carbon by 2040,” notes Rachey. “Electrifying our fleet is going to help us get there. We’ve relied on Rivian’s automotive expertise. We’ve listened to our drivers. We’ve created something that’s at the leading edge of safety technology, that’s better for our drivers, better for the planet, and unlike anything that’s out on the road today. We’ve reset expectations for electric delivery vehicles. And we’re just getting started.”

    Amazon partnered with Rivian, leveraging its customizable skateboard platform to create a first-of-its-kind all-electric delivery vehicle. “Rivian’s purpose is to deliver products that the world didn’t already have, to redefine expectations through the application of technology and innovation,” said RJ Scaringe, Rivian Founder and CEO. “This milestone is one example of how Rivian and Amazon are working toward the world of 2040, and we hope it inspires other companies to fundamentally change the way that they operate.”

    The current fleet of vehicles was built at Rivian’s studio in Plymouth, Michigan, and can drive up to 150 miles on a single charge according to the company. Amazon has installed thousands of electric vehicle charging stations at its delivery stations across North America and Europe.

    Amazon explains it’s ambitious goals:

    Along with custom electric delivery vehicles, Amazon is exploring new technologies, alternative fuels, and delivery methods that deliver packages to customers in a more sustainable way. Amazon currently operates thousands of electric vehicles worldwide and is redesigning its delivery stations to service electric vehicles—ranging from the electrical design to the physical layout. Last year, Amazon delivered more than 20 million packages to customers in electric delivery vehicles across North America and Europe and will continue building on that momentum in 2021.

  • Tesla Has Significant Battery Tech Advantage

    Tesla Has Significant Battery Tech Advantage

    Citing Cairn Energy Research Advisors, CNBC is reporting that Tesla has a significant advantage in electric battery technology.

    The electric vehicle pioneer is facing more and more competition from startups and established rivals. Rivian has made headlines as a more traditional-looking electric vehicle manufacturer, while Ford has also had its fair share of news for an all-electric Mustang Mach-E and upcoming F-150. GM, Toyota, Subaru and others are all planning to roll out all-electric lineups, with Subaru committed to producing only electric vehicles by the mid-2030s.

    According to Sam Jaffe, managing director of Cairn Energy Research Advisors, despite the competition, Tesla still has a major advantage in the battery tech it uses. While most automakers use battery packs that have pouch or prismatic cells, “Tesla is the only automaker to use cylindrical battery cells in its battery packs.” In the last four years, the cost of cylindrical cell battery packs has dropped over $100 per kilowatt hour (kWh), hitting $158.27 per kWh last year. In contrast, the cost of the competition’s battery packs is still running over $200 per kWh.

    While a difference of less than $50 per kWh may not seem like a lot, as manufacturers ramp up production and begin mass-producing electric vehicles, that expense will add up quickly. In addition, Jaffa says Tesla also has an advantage not only in its more advanced cylindrical battery cells, but also in its battery management system.

    “Tesla has really revolutionized that part of the battery pack and made it much more sophisticated, and it gives them the competitive advantage,” said Jaffe, according to CNBC.

  • Rivian’s Electric Vehicles Will Cost Less Than Predicted

    Rivian’s Electric Vehicles Will Cost Less Than Predicted

    In what is good news for electric vehicle fans, Rivian has announced that it’s upcoming vehicles will be priced less than originally expected, according to Reuters.

    Rivan announced in December that it had secured an addition $1.3 billion in funding. Although the automaker has not yet produced any vehicles, its technology will be used by Ford in its electric vehicles and the company will also create 100,000 electric vans for Amazon.

    One of the appealing elements of Rivian’s designs is a more traditional aesthetic, unlike Tesla’s Cybertruck that looks like it’s straight our of a dystopian science fiction movie. For customers excited about Rivan’s upcoming truck and SUV, there’s more good news than just the vehicles’ looks.

    According to Reuters, “Rivian on Saturday displayed its pickup truck and SUV at an event in San Francisco’s Bay Area and said that when their prices are unveiled soon they will be lower than has been previously announced.”

    It’s possible the move may be due to the number of pre-orders the company has received. While founder and chief executive R.J. Scaringe didn’t say how many individuals had paid the $1,000 pre-order deposit, he did say the reaction had been “really positive.”

  • Fisker Ocean Electric SUV Debuts At CES, Beats Tesla’s Price

    Fisker Ocean Electric SUV Debuts At CES, Beats Tesla’s Price

    According to Roadshow, by CNET, Fisker has debuted its Ocean electric SUV at CES 2020, undercutting Tesla’s price.

    Anticipation for the electric SUV has been building for months, with one of the biggest features being its sub-$400 lease price. The official debut didn’t disappoint, with an MSRP of $37,499 and a lease price of $379 per month. With federal tax credits, the price drops to $29,999.

    As an added bonus, Fisker has very favorable lease terms. According to a statement Fisker gave Roadshow, lessees “can return the vehicle in one month, eight months, 22 months or several years.” There are “no long-term contracts, with 30,000 miles per year included.” In addition, “Fisker will pick up and return vehicles when maintenance is required, or service is requested,” the company said.

    While specific, comprehensive details have yet to be announced, the Ocean “will be powered by an approximately 80-kilowatt-hour lithium-ion battery pack. The company is targeting an electric driving range of somewhere between 250 and 300 miles.”

    For observers and consumers who have wanted more competition in the electric vehicle market, the Fisker Ocean debut is welcome news. In combination with the news that Rivian recently raised $1.3 billion, as well as inked deals with Amazon and Ford, the electric vehicle market is beginning to heat up.

  • Electric Vehicle Startup Rivian Raises $1.3 Billion

    Electric Vehicle Startup Rivian Raises $1.3 Billion

    Tesla may have made headlines recently when it unveiled the Cybertruck, but it’s not the only game in town. Electric vehicle startup Rivian just announced it has raised an additional $1.3 billion in funding, for a total of nearly $3 billion in 2019.

    Although Rivian has yet to produce a single truck, the company has been making waves in the industry, inking deals with Amazon and Ford. Rivian will produce 100,000 vans for Amazon and its technology will be used by Ford in its upcoming electric vehicles.

    One of the things that makes Rivian an appealing alternative to Tesla is its more mainstream designs. The Cybertruck’s design have been one of its most polarizing features, looking like it came straight out of a science fiction movie. In contrast, at last year’s Los Angeles Auto Show, Rivian debuted a pickup and SUV that had a much more traditional aesthetic.

    According to Rivian, Amazon, Ford and funds managed by BlackRock were part of this round of investment.

    “Starting with a clean sheet, Rivian has developed its vehicles with adventurers at the core of every design and engineering decision,” according to the press release. “The company’s launch products, the R1T and R1S, deliver up to 400+ miles of range and provide an unmatched combination of performance, off-road capability and utility. These vehicles use the company’s flexible skateboard platform and will be produced at Rivian’s manufacturing plant in Normal, Ill., with customer deliveries expected to begin at the end of 2020.”