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Tag: Rivian

  • Rivian made an electric ambulance for Grey’s Anatomy

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    America’s once-promising EV transition may have taken a U-turn, but at least some in Hollywood are trying to do their part. Rivian partnered with Grey’s Anatomy to make a custom electric ambulance for the long-running series.

    The ambulance is a modified version of Rivian’s Commercial Van. The custom “vanbulance” serves a dual purpose: preventing on-set exhaust fumes (which could harm the cast and crew) and integrating a green storyline. “As an added benefit, the elimination of engine noise brought a welcome quiet while cameras were rolling,” Rivan wrote in a blog post.

    Among other modifications, it has rear double doors instead of a roll-up one. (Rivian)

    The vehicle includes some production-specific touches. Its walls and roof panels are removable, allowing cameras to reach angles required for interior shots. In addition, Rivian replaced the standard van’s rear roll-up door with double doors while adding a side entry to the cargo area. The company also added custom lighting and an exterior wrap reading “Seattle Emergency Response Services.”

    The team consulted with the Huntington Beach Fire Department and the Los Angeles Fire Department to inform the interior layout. “Their feedback was invaluable to understand how first responders actually use their vehicles,” Rivian wrote.

    An electric ambulance used on a Hollywood set

    At least Hollywood’s fictional worlds are transitioning to electric. (Rivian)

    The Hollywood Reporter notes that the electric ambulance debuted in the November 13, 2025, episode of Grey’s Anatomy. However, it was featured more prominently in Thursday’s episode — hence Rivian choosing this week to highlight it.

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    Will Shanklin

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  • Rivian Is Coming for Uber and Waymo With Its ‘AI-Defined Vehicle’

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    Rivian is putting AI in the driver’s seat. At an event on Thursday, the Palo Alto-based electric vehicle company unveiled a new AI assistant feature and teased details about the expanded self-driving tech it’s developing. Rivian’s AI-powered Rivian Assistant, which responds to the phrase “Hey Rivian” or can be activated via a button on the steering wheel, will be integrated with Google Calendar so it can show drivers their schedule, change a meeting time, and relay information to others.

    “The assistant has memory, has context, it remembers the full story,” Wassym Bensaid, the company’s chief software officer, said during the event, after a live demonstration. “Who you are talking to, where you are going, and what you just searched for, and then it puts everything into a perfect message.” With these features, he added, Rivian will deliver an “AI-defined vehicle.” 

    The company also announced its forthcoming autonomous driving capabilities, which involve scenarios in which the driver can have their hands off the wheel but need to watch the road ahead, and eventually situations in which the driver can have their hands off the wheel and their eyes off the road. Coming down the pike next year is point-to-point travel, “in which the vehicle can drive address-to-address,” said Rivian founder and CEO, RJ Scaringe. “What that means is that you can get into the vehicle at your house, plug in the address to where you’re going, and the vehicle will completely drive you there.” When that happens, your hands can be off the wheel but you still need to be watching the road. 

    After that, he said, comes “eyes-off [driving], meaning you can navigate point-to-point with your hands off the wheel, but importantly, your eyes off the road. This gives you your time back. You can be on your phone, or reading a book—no longer needing to be actively involved in the operation of the vehicle.”

    Rivian’s forthcoming R2 vehicle (pictured below) is expected to cost around $45,000 when it goes on sale next year, making it more affordable than the company’s R1T truck and R1S SUV. Both of those vehicles start at north of $70,000.

    Scaringe also said that after the hands-off and eyes-off travel comes something more ambitious: an even greater level of autonomy approaching that of true self-driving vehicles, like in the ballpark of what Waymo already offers. “The next major step will be personal Level Four,” he said. “With this, the vehicle will operate entirely on its own. This means it can drop the kids off at school, it can pick you up at the airport.” Eventually, he said, “this also enables us to pursue opportunities in the ride-share space.” 

    Scaringe also said that the quantity of roads in North America that existing Rivian second-gen vehicles can drive in hands-off mode will expand after an over-the-air update. That will allow Rivians to handle over 3.5 million miles of roads in hands-off mode, he said.

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    Rob Verger

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  • Rivian CEO’s $4.6B Pay Plan Mirrors Elon Musk’s—But Tesla’s Playbook Is Hard to Repeat

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    RJ Scaringe’s award plan echoes Tesla’s model but arrives amid layoffs, missed earnings and a tougher EV climate. PATRICK T. FALLON/AFP via Getty Images

    Earlier this month, electric carmaker Rivian unveiled a $4.6 billion compensation plan for its founder and CEO, RJ Scaringe—a package that has drawn comparisons to Tesla’s $1 trillion deal for Elon Musk. Like Musk’s award, Rivian’s plan hinges on a series of highly ambitious performance targets over the next decade, including lifting Rivian’s stock price to $140 (it currently trades around $15). In a softening EV market, and without the financial momentum or investor fervor that once buoyed Tesla, those targets appear particularly steep.

    In an SEC filing, Rivian’s board said the package is designed to retain Scaringe as the company enters a “critical next phase” and prepares to launch production of its new electric SUV, the R2. The compensation plan doubles his annual base salary from $1 million to $2 million and gives him the right to buy up to 22 million shares across 11 tranches if Rivian’s stock hits specific price milestones. Scaringe can acquire an additional 14.5 million shares if Rivian meets profit and cash-flow targets before 2032. He can exercise his first tranche at $40 per share. Scaringe currently owns about 1 percent of Rivian. If the plan vests fully, he could add roughly 3 percent more.

    Unlike Musk’s plan, Scaringe’s award does not require a shareholder vote, because it was issued under an already approved 2021 incentive program. Rivian’s board ultimately deemed the original performance goals as unrealistic, including a target that envisioned the stock hitting $295.

    The Tesla story is hard to replicate

    Much of Scaringe’s windfall hinges on the success of the new $45,000 R2 SUV and the smaller R3, which is expected to be priced in the mid-$30,000 range and has already generated significant consumer interest.

    Rivian faces a very different landscape than Tesla did during its early ascent. Tesla benefited from low interest rates, abundant capital, and an early-adopter boom in EV enthusiasm. Musk also rode a wave of unique tailwinds—from meme-stock mania to rapid early profitability and a cult-like following—that helped him meet some of the lofty targets in his famously controversial 2018 pay package.

    And a successful EV business is far from enough. Since reaching profitability in 2019, Tesla’s high stock price has been increasingly buoyed by optimism on its non-vehicle products, such as software and robotics.

    Rivian’s non-EV prospect is less clear and appears to be reliant on external partnerships. Earlier this year, the company formed a joint venture with Volkswagen Group to develop a scalable “software-defined vehicle” architecture, with winter testing of a reference vehicle planned for early 2026. This technology underpins the upcoming R2 and R3 lines, which Rivian hopes will move the company into more affordable, higher-volume segments.

    But Rivian’s financial picture remains strained. The company recently missed Wall Street earnings expectations, laid off 4.5 percent of its workforce in October, settled a $250 million lawsuit over R1 price hikes, and restructured top leadership. Although Scaringe is well-liked by Rivian owners, he lacks the cult-of-personality advantage Musk enjoys. Meanwhile, Rivian faces the same nationwide cooling in EV demand—exacerbated by cuts in EV tax credits—that is weighing on every major automaker.

    Rivian CEO’s $4.6B Pay Plan Mirrors Elon Musk’s—But Tesla’s Playbook Is Hard to Repeat

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    Abigail Bassett

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  • VW and Rivian Have a Shared EV Vision, and They’re Hoping Other Companies Want In

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    Can new automotive technology from an automotive giant with a troubled electric vehicle system and a startup struggling to fund its second act appeal to other companies? Rivian and Volkswagen want to find out.

    Rivian and Volkswagen Group Technologies officially launched on November 13, the result of a $5.8 billion joint venture between the two companies that was first announced as a software deal in June. The goal is electrical architecture and software destined for a future generation of EV models from both companies. It paves the way for both small, less-expensive VWs and cheaper Rivian models. It also benefits VW’s off-road offshoot Scout Motors, which is expected to start selling a Rivian-like SUV and pickup truck with an EV-only version, and a gas-assisted range-extended EV by 2028.

    The deal also connects Rivian with VW Group’s large network of suppliers for various parts. Rivian is aiming to lower the production costs of the existing R1S SUV and R1T pickup truck, build a plant in Georgia to complement its existing Illinois facility, and introduce the midsize R2 SUV next year as part of its plan to move into more mainstream vehicle segments and expand into Europe.

    “The joint venture is rapidly developing the architecture for our future software-defined vehicles,” VW Group CEO Oliver Blume said Wednesday in a statement. “Every step toward achieving our ambitious goals is being executed with determination and clear focus. In close collaboration with our brands, a technological foundation has been created in just twelve months that will enable a new digital driving experience for our customers at accessible prices.”

    To make the investment stretch further, however, the joint venture’s technology could be made available to other automakers. Rivian’s Chief Software Officer Wassym Bensaid said the platform under development for both automakers could work for more companies, according to InsideEVs.

    While the electrical architecture will be powerful enough for the next-generation of EVs that are expected to make greater use of 800-volt systems that will charge more quickly, it will also be able to support more advanced driver assistant systems like Rivian’s Enhanced Driver Assist and future hands-free driving systems like General Motors’ SuperCruise. Licensing out the technology to other automakers planning more powerful gas-electric hybrids and faster-charging battery electric vehicles—both of which could make more extensive use of cameras, Lidar and other technologies—could be another revenue stream for Rivian and VW, according to the venture’s executives.

    Rivian and CEO RJ Scaringe haven’t exactly been secretive about the company’s tenuous finances even before the cancellation of the federal EV tax credit became official at the end of September. It laid off 600 employees in October, the third round in 2025, and while deliveries in the third quarter of the year were up by more than 30%, the annual forecast was lowered to as little as 41,000 vehicles in 2025.

    “With the changing operating backdrop, we had to rethink how we are scaling our go-to-market functions,” Scaringe wrote in a company email obtained by Reuters last month.

    And the VW Group is hardly flush with cash, either, especially after the investment with Rivian. Tariffs, slumping EV sales in China and elsewhere and investments in electric cars and AI that haven’t paid off yet contributed to operating profits falling by a third in the first half of 2025. A plan to build a US factory for Audi to escape new tariffs on its most popular models made in Germany, Mexico and other countries also remains on the wish list while a multi-billion-dollar investment package is re-evaluated, even after another Audi plant in Belgium was closed in February.

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    Zac Estrada

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  • Rivian gives RJ Scaringe a new pay package worth up to $5B | TechCrunch

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    Rivian has given its founder and CEO RJ Scaringe a new performance-based stock award that could ultimately be worth around $5 billion if all the underlying goals are met, according to a new filing.

    Scaringe’s salary is also being doubled to $2 million per year, and he was given a 10% stake in Rivian’s newest spinout Mind Robotics, the filing shows.

    The announcement comes just one day after Tesla shareholders voted to approve a compensation package for its CEO Elon Musk that could be worth $1 trillion — the largest in corporate history.

    Unlike Musk’s pay package, Scaringe’s isn’t subject to a shareholder vote. The compensation committee on Rivian’s board of directors has canceled a similar-sized performance award given to Scaringe in 2021 as part of a company-wide equity incentive plan adopted that year. The new award is being issued under the same, already-approved 2021 equity incentive plan.

    The committee decided to cancel the 2021 performance award in part because of the “unlikeliness” that Scaringe could reach the goals required. The 2021 award consisted of 20,355,946 stock options that vested in part based on stock price increases. Six years past the grant date, if Rivian’s share price passed $110, $150, $220, and $295, Scaringe would be able to purchase the stock options in corresponding tranches for just $21.72.

    Rivian’s stock shot up to around $129 following its IPO in November 2021. But it fell to around $30 over the next six months, and has spent the last few years typically trading between $10 and $20. This has made it harder for Scaringe to access even part of the 2021 award, let alone the total value of around $6 billion, according to the company. (Scaringe was awarded another 6.8 million stock options that simply vest over time in the 2021 award that were not tied to performance, and the company says those have not been canceled.)

    In the filing, Rivian wrote that this created a “lack of incentive.” So the compensation committee decided to replace the old award with this new one.

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    “Following a review, and input from an independent compensation consultant, the Compensation Committee cancelled our CEO’s 2021 Performance Grant and issued a new performance stock option and increased our CEO’s base salary,” Rivian said in a statement to TechCrunch. “This new award is designed to retain and incentivize RJ to execute on the Company’s critical next phase as it progresses its technology roadmap and launches R2.”

    Similar to how Tesla pitched its new award to Musk, Rivian also said the performance grant to Scaringe is “structured in such a way that ensures the options only vest should the company deliver significant value to our shareholders.” The company pointed out that Scaringe won’t see $1 from the award before he helps add $32 billion in value to Rivian, and that shareholders will see “$153 billion of value creation” if he hits all milestones.

    The maximum amount of shares available to Scaringe under new performance award is 36,500,000. He has 10 years to hit milestones that unlock the full amount, and if he does, he would own an additional 3% of the company. (Scaringe currently owns about 1% of Rivian, down from around 2% earlier this year after he transferred a portion of his holdings to his ex-wife as part of their divorce settlement, as TechCrunch first reported.)

    A majority of those stock options — 22 million — is tied to new stock price hurdles. Scaringe will earn 2 million shares once Rivian’s stock hits $40, and then another 2 million shares for every $10 increase up to a stock price of $140.

    The remaining 14,500,000 stock options are locked away until Rivian reaches certain adjusted operating income and cash flow targets. Scaringe will have to pay a strike price of $15.22 per share to exercise these options — a possible total of around $555 million.

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    Sean O’Kane

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  • Toyota’s Hybrid-First EV Strategy Pays Off Even as Tariffs Bite Into Profit

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    Koji Sato, CEO of Toyota Group, speaks at a press briefing during the Japan Mobility Show 2025 on Oct. 29, 2025 in Tokyo, Japan. Zhang Xiaoming/VCG via Getty Images

    Toyota has long been criticized for its cautious embrace of electric vehicles. But amid slowing demand, tariffs and the phase-out of tax incentives, the world’s largest automaker’s deliberate approach looks increasingly like a smart hedge.

    The Japanese automaker reported yesterday (Nov. 5) that it sold 4.78 million vehicles globally between April and September, up 12 percent from the same period last year. That included 2.27 million hybrid electric vehicles, a record high. Still, U.S. tariffs took a toll: operating income fell by $3.3 billion from a year ago to $12.5 billion for the fiscal half-year.

    Despite those geopolitical headwinds, demand for Toyota’s reliable passenger cars remains robust. CFO Kenta Kon told investors the company is struggling to keep up with demand, saying it can “barely cover the demand.” According to Kelley Blue Book, dealers typically aim to hold about 60 days of inventory on their lots. Toyota’s U.S. inventory, by contrast, is hovering around 30 days.

    Toyota has long been hesitant to fully commit to battery-electric vehicles, but the company is a leader in the hybrid vehicle space, touting its more conservative, balanced approach to electrification as the right path forward. Battery-electric vehicles are only a sliver of Toyota’s global mix (just 1.4 percent of total sales in 2024). The long-term risk, of course, is that markets like Europe and China, which are racing toward a fully electric future, could leave Toyota lagging behind. 

    The company’s best-selling model, the RAV4, will be offered only as a hybrid or plug-in hybrid beginning in 2026. Retooling factories for the new powertrains will require temporary shutdowns, potentially tightening supply even further. A slimmer dealer inventory could also push up vehicle prices for U.S. consumers in early 2026.

    Toyota’s small steps toward software-driven cars

    The next-generation RAV4 also marks another turning point: it will be Toyota’s first software-defined vehicle (SDV). While startups like Tesla and Rivian built their cars around software from the start, Toyota’s move represents a major step into that domain. The new RAV4 will feature Arene, a Woven by Toyota software platform enabling over-the-air (OTA) updates—an early signal of Toyota’s digital ambitions and a reminder of how far it still has to go.

    In typical Toyota fashion, the rollout is cautious. The 2026 RAV4 will debut features that rivals have offered for years, such as a smartphone-like cockpit interface, conversational voice commands and OTA updates. But those updates will be limited to ADAS systems and cockpit displays, not the deeper vehicle functions that Tesla, Lucid and others regularly tweak via software. The strategy underscores Toyota’s effort to catch up with competitors, especially those in China, which have already made software a core part of their vehicles.

    Toyota now finds itself straddling two eras of the auto industry: one built on mechanical excellence and another driven by software, connectivity and climate regulations. Its hybrid-first strategy has cushioned profits as global EV momentum slows and tariffs rise. But the clock is ticking. If Toyota can extend its hybrid playbook into the software-defined, electrified era it’s hinting at with the new RAV4, it may retain its crown. If not, the conservative approach that once protected it could soon become its greatest liability.

    Toyota’s Hybrid-First EV Strategy Pays Off Even as Tariffs Bite Into Profit

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    Abigail Bassett

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  • TechCrunch Mobility: The ‘robot army’ argument | TechCrunch

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    Welcome back to TechCrunch Mobility — your central hub for news and insights on the future of transportation. To get this in your inbox, sign up here for free — just click TechCrunch Mobility!

    I am sure you are waiting to learn the results of last week’s poll. (Reminder: Sign up for the Mobility newsletter to participate in our polls!) Here is what I asked: “What is the best business model for autonomous vehicle tech? (Keep profitability in mind.)”

    Far and away, readers think longer-haul delivery is the best bet, with 40% picking this option. Robotaxis came in next with 25.5% of the vote, followed by licensing tech to automakers at 19.1% and last-mile delivery with 14.9%. One reader emailed to point out that I didn’t include warehouse applications like autonomous forklifts. The longer-haul delivery category can be broken down further, though, and is worth another poll, which we included in this week’s newsletter.

    In the long list of arguments one might make to justify a $1 trillion compensation package, having control over a robot army was certainly not on my mind. And yet, this is the argument Elon Musk made during Tesla’s third-quarter earnings call. 

    Here’s the rundown: On November 6, shareholders will vote whether to approve a board-endorsed compensation package that would grant Musk up to 12% of Tesla’s stock. If the company hits its target market value of $8.6 trillion, that package would be worth about $1 trillion. 

    The board and Musk have spent weeks lobbying shareholders to approve the measure, even as proxy advisers Institutional Shareholder Services and Glass Lewis have recommended that investors reject it. Musk is now in attack mode, which was on display at the end of the earnings call when he called the firms corporate terrorists and made his final pitch. His robot army argument centers on power and control, not so much money. Although, hey, money can provide both.

    “My biggest concern line: If we build this robot army, do I have a strong influence over that robot army? I don’t feel comfortable building a robot army if I don’t have a strong influence,” Musk said during the earnings call. He was referring to Tesla’s Optimus robot program and used it as an example of products he wants full control over. 

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    That argument will hardly persuade Musk’s critics, particularly in the wake of his role as head of the Department of Government Efficiency. But Musk doesn’t need to convince his growing list of critics, unless, of course, they own Tesla shares.

    A little bird

    Image Credits:Bryce Durbin

    This week, General Motors dropped the ax on the BrightDrop electric van program after four short years. It was not the biggest surprise in the world; after all, hundreds of unsold vans have been sitting untouched in lots in Michigan and Canada for months now. (One little bird reached out to tell us that hundreds of them are in a lot in Flint, Michigan.) GM cited a slower-than-expected market for commercial electric vans, but it didn’t go into detail about why, exactly, BrightDrop failed so miserably.

    Another little bird has given us a clue, though. The vans are pricey but well-liked and should save fleet owners money over time. And electric drivetrains are a great fit for last-mile delivery. What GM appears to have missed was the infrastructure piece, according to one insider. The company leaned hard on outside partnerships to build out so-called depot charging, instead of offering it as part of the fleet purchases. That turned a number of potential customers away and just generally caused headaches.

    Got a tip for us? Email Kirsten Korosec at kirsten.korosec@techcrunch.com or my Signal at kkorosec.07, or email Sean O’Kane at sean.okane@techcrunch.com.

    Deals!

    money the station
    Image Credits:Bryce Durbin

    The big deal this week is about EVs and AI data centers. Yes, there is a connection. 

    Redwood Materials raised $350 million in a Series E round led by venture firm Eclipse, and included a new strategic investment by Nvidia’s venture capital arm, NVentures. The company’s valuation was not disclosed, but a source familiar with the round told TechCrunch it was about $6 billion, a billion dollars higher than its previous valuation.

    The chunk of this money is going toward Redwood’s new energy storage business, which is giving a new purpose to EV batteries it has collected and that have too much life left to put through the recycling process. The company ties these retired EV batteries to renewable energy sources like wind and solar, or the grid, to power AI data centers or industrial sites.

    Other deals that got my attention this week …

    Avride secured strategic investments and other commitments of up to $375 million, backed by Uber and Nebius. None of these companies gave me specifics when asked if this was all equity. One insider did say to pay attention to the “other commitments” bit, which suggests it was not a straight cash injection.

    Spiro, the African electric motorbike startup headquartered in Dubai, raised $100 million in a round led by the Fund for Export Development in Africa (FEDA), the development arm of Afreximbank. This is the largest raise ever for African e-mobility.

    Notable reads and other tidbits

    Image Credits:Bryce Durbin

    General Motors made several announcements at an event in NYC that were meant to show where it’s headed. And, yes, AI plays a central role. Before AI could take the stage, GM said it will overhaul the electrical and computational guts of its future vehicles. The company will roll out a new electric architecture and centralized computing platform in new vehicles, starting with the Cadillac Escalade IQ in 2028. That foundation will allow the company to deliver faster software; more capable automated driving features, including eyes-off driving; and a custom, conversational AI assistant.

    Earnings season is upon us, and this quarter I am watching for data and executive commentary that helps me understand how tariffs and the expired EV tax credit are affecting the automotive sector. I don’t have any clear takeaways yet — and probably won’t until the next quarter. 

    Tariffs are hitting, Q3 reports from GM and Ford indicate. For instance, GM forecast that tariffs will reduce its 2025 profits by $2.3 billion and Ford said it would take a $2 billion bite out of the bottom line. But both of those projections are billions of dollars better than the automakers predicted earlier this year, and the automakers hope to offset those costs. CEOs from both automakers thanked President Trump for extending a relief measure from tariffs on automotive parts sourced from Canada and Mexico. 

    Some other GM and Ford news: Ford will continue to pause production of its F-150 Lightning trucks as it prioritizes gas and hybrid F-Series versions in a bid to recover from a fire at its primary aluminum supplier Nevolis. Meanwhile, GM CEO Mary Barra told the Verge’s Decoder podcast that the company will drop support for Apple CarPlay and Android Auto from all of its vehicles. Oh, and late-breaking: GM has laid off 200 salaried workers from its Warren Tech Center.

    Tesla delivered a record number of vehicles in the third quarter of 2025, results buoyed by U.S. customers who took advantage of the expiring federal EV tax credit. That didn’t translate to greater earnings. Tesla’s third-quarter profit was $1.4 billion, 37% lower than it was in the same quarter last year. 

    The National Highway Traffic Safety Administration opened an investigation after seeing footage from early October of a Waymo autonomous vehicle maneuvering around a stopped school bus that was unloading kids in Atlanta. 

    Rivian is undergoing a bit of a shake-up that includes cutting 600 people from its workforce (its third round of layoffs this year), and its founder and CEO is taking on yet another position: chief marketing officer. Rivian also agreed this week to pay $250 million to settle a class-action shareholder lawsuit filed after the company suddenly hiked prices on its R1 pickup truck and SUV in 2022.

    Meanwhile, I spent some time in the Bay Area with executives from Rivian’s micromobility spinout company Also. The company revealed three new products, and if Also president Chris Yu and Rivian CEO RJ Scaringe (and Also board member) are to be believed, there will be even more coming. For now, it’s a slick modular pedal-assist e-bike and two pedal-assist quad vehicles — the delivery van version that Amazon has already agreed to buy. The big compelling tech story here is vertical integration and software.

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    Kirsten Korosec

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  • Rivian agrees to settle shareholder lawsuit for $250 million

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    Rivian has agreed to settle a 2022 shareholder lawsuit. The automaker will pay out $250 million to qualifying investors if the agreement is approved. The lawsuit stemmed from alleged deception surrounding a March 2022 price hike for the R1S SUV and R1T truck.

    The class-action lawsuit alleges that Rivian misled investors around the time of its 2021 IPO. The core accusation is that the automaker failed to disclose that the R1s and R1T were initially priced lower than their production costs. Shareholders claim this made the eventual price increases inevitable, something they (understandably) believe Rivian should have shared.

    Rivian raised the base price of the R1S and R1T by $12,000 in March 2022. That initially included most reservations. However, the company quickly reversed course on the last bit: Following a backlash, it allowed customers who pre-ordered before the announcement to pay the original price after all.

    Rivian framed the settlement as a chance to move forward. “The company denies the allegations in the suit and maintains that this agreement to settle is not an admission of fault or wrongdoing,” the automaker wrote in a statement. “However, settling will enable Rivian to focus its resources on the launch of its mass market R2 vehicle in the first half of 2026.”

    The US District Court for the Central District of California, Western Division, will still need to approve the settlement.

    News of the proposed agreement comes a day after Reuters reported that Rivian is laying off 4.5 percent of its workforce (over 600 workers). Last month’s expiration of $7,500 tax credits and President Trump’s tariffs, combined with weakened EV demand, are making profitability more of an uphill climb.

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    Will Shanklin

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  • Rivian makes its second small workforce cut of the year ahead of R2 SUV launch | TechCrunch

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    Rivian is laying off around 150 workers — its second small staff cut in a matter of months — as the company readies itself for the all-important launch of its more-affordable R2 SUV next year.

    The company confirmed to TechCrunch that the new cuts were mostly to its “commercial” team, which deals with sales and service operations, and that affected employees will be eligible for rehire and encouraged to apply for other open positions. The Wall Street Journal first reported the layoffs earlier Thursday.

    The layoffs follow a similar cut of around 1% of its total workforce that TechCrunch first reported in late June. Those cuts targeted Rivian’s manufacturing team.

    Rivian has made repeated workforce adjustments over the last two years. It laid off around 10% of its staff in early 2024 and made another small cut in April 2024. The company started this year with approximately 15,000 employees worldwide.

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    Sean O’Kane

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  • Hugging Face’s new robot is the Seinfeld of AI devices

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    Hugging Face’s new programmable Reachy Mini bots launched this week. The AI robots are open source, Raspberry Pi-powered, and come with cartoonish antennae and big googly eyes. They don’t do much out of the box. And that’s kind of the point.

    Today, on TechCrunch’s Equity podcast, hosts Kirsten Korosec, Max Zeff, and Anthony Ha dig into the launch of Reachy Mini, which pulled in a surprising $500,000 in sales in its first 24 hours. As open source companies like Hugging Face explore physical products, Kirsten and Max agree that Reachy Mini might be the Seinfeld of AI hardware: the bots might do nothing in particular, but they’re still captivating. 

    Listen to the full episode to hear more news from the week, including:

    Equity will be back next week, so stay tuned!

    Equity is TechCrunch’s flagship podcast, produced by Theresa Loconsolo, and posts every Wednesday and Friday. 

    Subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod. 

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    Kirsten Korosec, Maxwell Zeff, Anthony Ha, Theresa Loconsolo

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  • Rivian CEO explains why he made ‘a very intentional effort’ not to copy Tesla’s strategy

    Rivian CEO explains why he made ‘a very intentional effort’ not to copy Tesla’s strategy

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    Rivian CEO RJ Scaringe spoke about Elon Musk and Tesla on the “Grit” podcast.Phillip Faraone/Chesnot/Getty Images

    • Rivian CEO RJ Scaringe spoke about Elon Musk and Tesla on the “Grit” podcast.

    • Scaringe said Tesla is “inspiring,” but Rivian did not follow Musk’s playbook.

    • He said it’s important that Rivian wasn’t “covering the same ground as Tesla.”

    Rivian CEO RJ Scaringe didn’t want his EV company to become Tesla 2.0.

    Scaringe discussed his and Elon Musk’s automotive companies on Monday during Kleiner Perkins’ “Grit” podcast. Tesla is still a dominant player and has a leg up on Rivian, which Scaringe founded in 2009 at age 26.

    Musk’s tenure as CEO of Tesla began in 2008, the same year customers first received Tesla’s Roadster sports car.

    “Tesla has been absolutely inspiring,” Scaringe said during the podcast. “One of the things that was so important to me with Rivian was to make sure we weren’t covering the same ground as Tesla.”

    When the host pointed out that Rivian initially followed Tesla’s playbook and had plans to create an electric sports car, Scaringe said he made an “intentional” choice to forge their own path.

    “If you think about starting a car company, you want to build a brand that draws in enthusiasts,” he said.

    Scaringe said he’s a fan of sports cars, so the “logical place to start is to build a sports car, use it to build the brand, and follow it with more mass-market vehicles.”

    “That was, of course, how Tesla’s strategy played out, and it worked wonderfully well for them,” he said.

    Scaringe added that his decision to pivot to a different type of EV product, vehicle topology, and experience was “a very intentional effort to also create a new story.”

    “Not only for us as a company or a brand but, importantly, to help shift more mindsets around what sustainable transportation could look like,” he said.

    Representatives for Rivian and Tesla did not immediately respond to a request for comment from Business Insider.

    Rivian currently sells the R1S SUV and the R1T pickup truck. Scaringe announced two more vehicles on the way — the R2 SUV and the R3 SUV — in March.

    The EV industry experienced a slowdown in sales and growth this summer. In July, Scaringe told The Verge he thinks the issue is a “truly extreme lack of choice.”

    “If you want to spend less than $50,000 for an EV, I’d say there’s a very, very small number of great products,” he said.

    Read the original article on Business Insider

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  • Rivian stock soars as Volkswagen agrees to invest up to $5 Billion in new joint venture

    Rivian stock soars as Volkswagen agrees to invest up to $5 Billion in new joint venture

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    Rivian stock (RIVN) surged on Wednesday after the EV maker announced a joint venture deal with Volkswagen (VWAGY), crucially bringing fresh capital into Rivian’s coffers.

    Volkswagen announced it intends to work with Rivian to create “next generation software-defined vehicle (SDV) architectures” to be used in both companies’ future EVs. The joint venture will use Rivian’s “zonal hardware design” and platform as the foundation of future vehicles, as well as Rivian’s electrical architecture expertise for the vehicles. Rivian will license its existing IP rights to the joint venture.

    In exchange, Volkswagen will invest an initial $1 billion in Rivian through an “unsecured convertible note that will convert into Rivian’s common stock,” with up to $4 billion in additional investment staged through 2026 for a total infusion of $5 billion.

    Irving, Calif.-based Rivian’s shares closed up 23.2% on Wednesday.

    “The partnership fits seamlessly with our existing software strategy, our products, and partnerships. We are strengthening our technology profile and our competitiveness,” Volkswagen Group CEO Oliver Blume said in a statement.

    “Not only is this partnership expected to bring our software and associated zonal architecture to an even broader market through Volkswagen Group’s global reach, but this partnership also is expected to help secure our capital needs for substantial growth,” Rivian CEO RJ Scaringe said in the statement.

    For Rivian, the news of fresh capital allays concerns over the company’s runway as it bridges to the release of its next-generation vehicles, the R2 and R3 mass-market SUVs. In terms of its cash cushion, Rivian said it had $5.98 billion at the end of Q1 versus $7.86 billion at the end of Q4.

    “This news is meaningfully positive for RIVN as the agreement should provide the company with access to capital to not only fund the ramp-up of production of the R2 at its Normal, IL facility but also to build a new facility in Georgia for its mid-size vehicle platform,” Bank of America analyst John Murphy wrote in a note to clients on Wednesday. “We have assumed RIVN would need to raise more capital, and VW’s investments in RIVN will prove valuable in helping it achieve the scale necessary to get to positive free cash flow.”

    LAGUNA BEACH, CALIFORNIA - MARCH 07: The Rivian R3 SUV is displayed during the Rivian Reveals All-Electric R2 Midsize SUV event at Rivian South Coast Theater on March 07, 2024 in Laguna Beach, California. (Photo by Phillip Faraone/Getty Images for Rivian)

    Cash infusion: A Rivian R3 SUV is displayed during the Rivian Reveals All-Electric R2 Midsize SUV event at Rivian South Coast Theater in March. (Phillip Faraone/Getty Images for Rivian) (Phillip Faraone via Getty Images)

    Murphy also noted potential benefits from cost savings and operating efficiencies in the joint venture deal, which could ultimately lead to higher gross margins.

    Separately, Scaringe told Reuters yesterday that Rivian was improving its cost structure and simplifying production at its Normal, Ill., plant via upgrades to its factory equipment, among other things.

    Pras Subramanian is a reporter for Yahoo Finance covering the auto industry. You can follow him on Twitter and on Instagram.

    Click here for the latest stock market news and in-depth analysis, including events that move stocks

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  • Rivian targets gas-powered Ford and Toyota trucks and SUVs with $5,000 ‘electric upgrade’ discount | TechCrunch

    Rivian targets gas-powered Ford and Toyota trucks and SUVs with $5,000 ‘electric upgrade’ discount | TechCrunch

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    Rivian is offering discounts up to $5,000 on its EVs — and a year of free charging — to customers willing to trade in their gas-powered trucks and SUVs.

    The deal, which kicked off April 22, is aimed directly at some of the best-selling and most ubiquitous gas-powered trucks and SUVs on the market today, including the Ford F-150, Toyota Tacoma and Jeep Wrangler. Rivian is even going after German automakers Audi and BMW. The price cut varies between $1,000 and $5,000 depending on the model. Rivian is offering discounts on three R1T pickup truck trims and one R1S SUV model.

    The company promoted Monday the “electric upgrade offer” in an email to prospective customers as well as posts on social media. The discounts come as demand for premium and luxury EVs has softened across the industry, prompting automakers such as Ford, Lucid and Tesla to reduce prices. Faced with uncertain demand, many legacy automakers have also pared down plans to shift their portfolios to only battery-electric vehicles. Gas-powered vehicles and hybrids are back en vogue, thanks to the steady sales and profit margins they provide.

    Rivian, which is only expected to produce about 57,000 EVs in 2024, won’t unseat the best-selling trucks on the market. But the approach could help it win over a new batch of customers.

    Only owners of specific gas-powered vehicles will be eligible for the trade in. Those include 2018 or newer Ford F-150 trucks, Ford Explorer, Ford Expedition and Bronco, with the exception of the Bronco Sport. Other eligible trade-ins are 2018 or newer Toyota Tacoma, Toyota Tundra, Toyota Highlander, Toyota 4Runner Jeep Grand Cherokee, Jeep Wrangler and Jeep Gladiator. The Audi Q5, Q7 and Q8 as well as the BMW X3, X5 and X7 also qualify.

    The deals applies to customers who want to lease or buy a vehicle, although they must take delivery by June 30. Rivian is also throwing in a year of free charging at any Rivian-owned charger in the United States as an added sweetener. Rivian fast-chargers, which are branded the Rivian Adventure Network, are not nearly as plentiful as the Tesla Supercharging network. The company has installed 433 fast-chargers at 71 stations, including in Arizona, California, Oregon, Washington, Colorado and along the East Coast. Rivian has also installed 482 Level 2 chargers (called Waypoints) at 180 lives sites throughout the United States.

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    Kirsten Korosec

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  • TechCrunch Mobility: The wheels are starting to come off the Fisker EV bus | TechCrunch

    TechCrunch Mobility: The wheels are starting to come off the Fisker EV bus | TechCrunch

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    TechCrunch Mobility is a weekly newsletter dedicated to all things transportation. Sign up here — just click TechCrunch Mobility — to receive the newsletter every weekend in your inbox. Subscribe for free.

    Welcome back to TechCrunch Mobility — your central hub for news and insights on the future of transportation.

    Before we jump into the startup and tech fray, I wanted to touch on some activity over on the hill — Capitol Hill, that is. The Biden Administration has released two new (and separate) proposed standards — via the Department of Energy (DOE) and the Environmental Protection Agency — that will affect U.S. automakers and, ultimately, you. While both regulations have been softened to assuage the automotive industry, car dealers and unions, they also put in place far stricter standards than existed before.

    The DOE issued a gentler “petroleum equivalency factor,” which gives EVs a score, of sorts, under the government’s corporate average fuel economy (CAFE) standards. The original proposal would have made it difficult for automakers to meet the CAFE standards, which would have meant billions of dollars in fines. (E&E has a nice explainer.)

    Meanwhile, the EPA released its tailpipe standards for 2027 to 2032 model year cars and light-duty trucks that will put stiffer requirements on automakers but gives them more flexibility to meet the proposed rules via a variety of powertrains. In other words, the standards are technology agnostic and can be met without shifting an entire fleet to battery electric. It’s also far less stringent than the original proposal that would have required EV sales to make up 67% of the total U.S. passenger vehicle market by 2032.

    What does this mean for EV startups? Not much since battery electric vehicles, like those made by Rivian, Tesla and Lucid, meet the clean car standard of a CO2 limit of 85 grams per mile by model year 2032 (a 50% reduction from model year 2026 standards). There are real implications to the legacy automakers, which are plowing billions into developing, building and selling EVs, but making a profit from internal combustion engine vehicles. If there’s one clear winner here, it might be plug-in hybrids.

    This week’s news also includes articles about Rivian’s partnership with Tesla, electric boat startup Candela, continued financial fallout at Fisker, a startup trying to tackle the precarious world of extended warranties, and more!

    Let’s go!

    A little bird

    Last month, a little bird told us Clevon, a company that started developing autonomous delivery technology in 2018, was struggling to find new investment and was on the brink of shutting down. The company’s co-founder said at the time (in an email viewed by TechCrunch) that it was looking for buyers for its hardware and software IP and AV assets and was even taking on its workforce.

    Clevon is still plugging along, according to co-founder and CEO Sander Sebastian Agur. He wouldn’t provide a lot of detail but said the company was funded and has “entered into an exclusivity agreement for its merger by an American electric vehicle company.” The agreement is expected to be completed by the first half of June.

    The company is having to make some cost reductions in the meantime and about 17 employees are being laid off.

    Got a tip for us? Email Kirsten Korosec at kirsten.korosec@techcrunch.com or Sean O’Kane sean.okane@techcrunch.com. If you prefer to remain anonymous, click here to contact us, which includes SecureDrop (instructions here) and various encrypted messaging apps.

    Deal of the week

    money the station

    Uber seems to be everywhere, so it might surprise you that the company just made its first investment in an Africa-founded startup. And it’s a biggie.

    Moove, an African mobility fintech that offers vehicle financing to ride-hailing and delivery app drivers, raised $100 million in a Series B funding round led by Uber. Sovereign wealth fund Mubadala, Dubai-based The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa also participated in the funding round. Moove is now valued at $750 million.

    Why would Uber be interested in Moove? Uber is Moove’s largest car financing and vehicle supply partner. And Moove, which has made EVs a big part of its business strategy, aligns with Uber’s commitment to a fully zero-emission fleet by 2040.

    Other deals that got my attention this week …

    Amber, a Bay Area startup founded in early 2023 that just launched an aftermarket Tesla extended warranty product, raised $3.18 million in a seed round co-led by Era and Primer Sazze, with Alcove Fund, Virta Ventures, Global Millennial Capital and Root & Shoot Ventures joining.

    Candela, the electric boat maker, raised $25 million in a round led Groupe Beneteau, with participation from EQT Ventures, Ocean Zero LLC, and Kan Dela AB.

    Pelikan Mobility, a French startup developing fleet management software for commercial EVs, raised €4 million ($4.4 million) in a seed round from Pale Blue Dot, Frst, Seedcamp and others.

    Stellantis invested an undisclosed amount into SteerLight, a French startup developing low-cost lidar designed for advanced driver assistance systems. In a separate non–car related deal, the automaker purchased 8.3 million shares of Archer Aviation stock. Stellantis said this signals its confidence in Archer’s plans to bring electric vertical take-off and landing (eVTOL) aircraft to market beginning in 2025.

    Notable reads and other tidbits

    Apps

    Apple was sued this week by the U.S. Department of Justice for alleged monopolistic practices. Here’s an explainer and all of our coverage to date. Tucked inside the lawsuit is a section on automotive, namely the smartphone projection feature known as Apple CarPlay. The U.S. government claims in the lawsuit that “Apple has told automakers that the next generation of Apple CarPlay will take over all of the screens, sensors, and gauges in a car, forcing users to experience driving as an iPhone-centric experience if they want to use any of the features provided by CarPlay.” Some have even speculated that this explains why General Motors ditched Apple CarPlay altogether.

    We’re a bit skeptical over here. For one, automakers can choose what screen Apple CarPlay is projected to, just like it does with competitor Android Auto. And automakers still have their own underlying native software, which, by the way, is increasingly coming from Google.

    Electric vehicles, charging & batteries

    Cowboy has launched an all-road electric bike to attract riders beyond European city centers.

    Fisker’s financial health is fading — and fast. The company said it had just $121 million in cash and cash equivalents as of March 15, $32 million of which is restricted or not immediately accessible. The company has paused production of its electric Ocean SUV for six weeks as it scrambles for a cash infusion.

    India has an eye-popping stat. The number of startups in India’s electric two-wheeler market has surged to more than 150, up from 54 in 2021, driven by government incentives to promote clean vehicles and cut oil imports, TechCruncher Manish Singh reports.

    Rivian customers can now request an adapter to tap into Tesla’s vast North American network of Superchargers, making it the second automaker to do so behind Ford.

    Steve Burns, the ousted founder, chairman and CEO of bankrupt EV startup Lordstown Motors, has settled with the U.S. Securities and Exchange Commission over misleading investors about demand for the company’s flagship all-electric Endurance pickup truck.

    TechCrunch contributor Emme Hall took the 2025 Honda CR-V e:FCEV — a hydrogen fuel cell–powered version of the popular crossover — out for a first drive and explores why the heck this automaker would launch a car where there is hardly any infrastructure. Oh, and she discovered this vehicle has a bit of a plug-in hybrid twist.

    Flight

    DoorDash expanded its partnership with Alphabet’s Wing to bring its autonomous drone delivery pilot to the United States. It’s fairly limited for now; select users in Christiansburg, Virginia, will be able to order eligible menu items from their local Wendy’s.

    Joby Aviation, the startup developing electric air taxis, said it will deliver two aircraft to MacDill Air Force Base in 2025 as part of the eVTOL company’s AFWERX Agility Prime contract with the U.S. Air Force.

    The U.S. Department of Transportation plans to conduct its first industry-wide review of data security and privacy policies across the largest U.S. airlines. The agency says it will examine whether U.S. airline giants are properly protecting their customers’ personal information and whether airlines are “unfairly or deceptively monetizing or sharing that data with third parties.”

    In-car tech

    Nvidia held its annual GTC developer conference this past week. You can catch up on all of our GTC coverage here, including some surprises in co-founder and CEO Jensen Huang’s keynote. Automotive News homed in on how Nvidia’s computing architecture is being used by companies like Cerence, SoundHound and Wayve to design user interfaces that incorporate generative AI into the car.

    This week’s wheels

    Subaru Solterra EV 2024

    Image Credits: Kirsten Korosec

    I spent some time in the 2024 Subaru Solterra, a battery electric crossover built as part of a joint project with Toyota, to experience what has changed or improved since the vehicle launched the year before. And there have been changes!

    The most obvious is the steering wheel, which is no longer a circle and now more of a squarical shape, a change made after feedback from consumers. You’ll notice the instrument cluster actually sits above the steering wheel, which takes some getting used to. The new shape helps improve visibility.

    Two other items of note, once I got the Subaru Solterra app linked up with the vehicle: The infotainment experience was OK. There were some buggy moments and there isn’t an intuitive and easy one swipe or click way to move between Apple CarPlay and the native software system. It wasn’t my best in-car software experience, but certainly not the worst, either.

    On the advanced driver assistance front, Subaru has added a traffic jam assist feature that provides hands-free steering in low-speed traffic jams up to 25 miles per hour. That is a super specific use case that many drivers might never need due to the speed limitations. Thanks to Phoenix traffic, I was able to test it. The lane change assist — another new feature that will automatically change lanes if the driver hits the indicator — I found a bit wonky to understand exactly when I could use it. (This feature only works between 55 and 85 miles per hour.)

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  • Rivian’s big bet, Waymo goes driverless in Austin and the Chevy Blazer EV returns | TechCrunch

    Rivian’s big bet, Waymo goes driverless in Austin and the Chevy Blazer EV returns | TechCrunch

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    TechCrunch Mobility is a weekly newsletter dedicated to all things transportation. Sign up here — just click TechCrunch Mobility — to receive the newsletter every weekend in your inbox. Subscribe for free.

    Welcome back to TechCrunch Mobility — your central hub for news and insights on the future of transportation.

    This week, it was all about Rivian and its splashy reveal of not one, but three future EVs. I attended the event to see the vehicles up close. Perhaps, more importantly, I also went to talk to executives, investors and customers to get a better understanding of where Rivian is headed and how folks are feeling about this EV upstart that is still far from turning a profit. I even ran into former Waymo CEO and now Rivian board member John Krafcik who was in attendance and cast a positive tone about the company’s future.

    I also interviewed founder and CEO RJ Scaringe after the event. Much of our conversation centered around the R2 and a big and hopefully fruitful bet to shift production to its existing factory in Normal, Illinois instead of a yet-to-be-built plant in Georgia. Stay tuned in the next day or so for a complete rundown of the interview. I will give you one teaser: relevancy was a theme.

    Check out our coverage of the R2 reveal, the surprise R3 and R3x, how reservations are going and a fun cinematic feature found in one of the many R2 “adventure” accessories.

    This week’s news also includes articles about GM resuming sales of Chevrolet Blazer, a financial update from Turo, another EV reveal that showed a little muscle, and more!

    One more thing … I’ll be in Austin for SXSW this coming week.

    I am moderating two panels, and I hope to see your smiling faces in the audience. The first panel, at 4 p.m. March 12, is entitled How Sustainable Mobility is Transforming the Last-Mile of Delivery and will feature Shawn Xu of Lowercarbon Capital, Angali Naik of Cartken and Abby Wheeler of Uber.

    The following day, and also at 4 p.m., I will moderate a panel called Mobility at the Speed of Trust: AV Purpose, Policy, and Performance with Darran Anderson, who is director of strategy and innovation at Texas DOT, Jay Blazek Crossley of Farm&City and Katrin Lohmann, who is president of Volkswagen ADMT.

    Please say hi if you’re in town!

    A little bird

    No little birds this week — at least ones who provided verifiable information I could share. Y’all have shared lots of spicy rumors though! Please keep reaching out; no tip is too small.

    What I can share is an overview of the conversations I overheard at the Rivian R2 reveal, which was held March 7 at the South Coast Theater in Laguna Beach, California. (Rivian bought and restored the theater last year).

    Among staff, from the lowly to the higher ups, there was a mix of excitement and relief once the event was over. The mood was positive, but some employees were clearly still processing the layoffs that occurred recently. I heard from a few folks that upper execs had underestimated the buzz around the R3 and R3X — the two surprise reveals. Importantly, the R3 and R3x vehicles don’t have a production date. (At least not a public one).

    The guests I spoke to or overheard talking — a combination of media, loyal customers and investors — were overwhelming positive about what they saw. There were a few grumbles about the location of the charging port and I heard more than a few wonder if Rivian could hold on financially through 2026, when the company is expected to begin production of the R2.

    Got a tip for us? Email Kirsten Korosec at kirsten.korosec@techcrunch.com or Sean O’Kane sean.okane@techcrunch.com. If you prefer to remain anonymous, click here to contact us, which includes SecureDrop (instructions here) and various encrypted messaging apps.

    Deal of the week

    money the station

    Will Turo ever IPO? Fellow TechCrunch reporter Alex Wilhelm and I have a running joke about the company’s long-delayed IPO; the company first filed an S-1 to go public in early 2022, and continues to update the document quarterly in preparation for an eventual offering. Alas, the venture-backed, peer-to-peer car rental service updated the S-1 once again with its fourth-quarter and full-year financial performance.

    That suggests, as Wilhelm notes, that a public offering is still a key priority for Turo. Why else bother with the added paperwork?

    While this isn’t a deal, per se. I do think it’s worth highlighting how the company is faring, per its latest financial reporting.

    Turo saw an 18% uptick in year-over-year revenue to $879.8 million. That seems like good news until you look at Turo’s growth rate, which has dramatically declined in the last two years. Revenue growth did perk up a bit in Q4 2023 compared to the same quarter the previous year, a data point that could help it argue to public-market investors that its deceleration is not necessarily irreversible, Wilhelm wrote.

    Also, Turo is actually profitable, which is no small thing. Gross margins did devolve from 54.3% in 2022 to 51.4% in 2023 and the company posted its smallest operating profit since 2020 last year. However, Turo is still in the black and that has me betting that an IPO is coming in 2024.

    Other deals that got my attention …

    REE, an automotive technology company and makes full by-wire electric trucks and platforms, closed its public offering of 2.3 million Class A ordinary shares, raising about $14.95 million. Multiple investors participated in the round, led by M&G Investment Management, REE’s largest shareholder.

    Serve Robotics, an autonomous sidewalk delivery company, qualified to trade on the OTCQB Venture Market operated by the OTC Markets Group Inc. The company’s common shares are now trading on the OTCQB under the ticker symbol “SBOT.”

    Notable reads and other tidbits

    Apps

    Uber Eats has added a live location-sharing capability to help couriers find customers in difficult-to-find locations, including public places such as campus courtyards, parks and playgrounds.

    Waze launched a few new features to help users navigate tricky roundabouts, get alerts when a speed limit is about to change and get warnings about speed bumps and sharp curves. Question for readers: Am I the only one surprised that Google hasn’t killed off Waze?

    Autonomous vehicles

    Baidu’s autonomous ride hailing platform Apollo Go is now offering 24/7 autonomous driving rides in selected areas of Wuhan, China. This is the third major operational expansion of Baidu’s robotaxi service in 2024. The company was recently approved for robotaxi pilot operation on highways to Beijing Daxing Airport.

    Waymo said it will start letting its autonomous vehicles traverse Austin without a safety operator behind the wheel, a crucial step before the company opens the program up to the public.. The announcement comes less than a week after the Alphabet-owned company received a critical permit that allows it to charge for robotaxi rides in Los Angeles, San Francisco highways and the greater SF Peninsula.

    Electric vehicles, batteries & charging

    Faraday Future hit a new not-so-desirable milestone. The troubled EV company issued its first recall that covers all 11 vehicles — yes less than a dozen  — it built last year.  The recall centers around a problem with the warning light for the airbags in the company’s FF91 SUV.

    General Motors resumed sales of the Chevrolet Blazer EV — and at a cheaper price — more than two months after the automaker pulled the vehicle over software problems.

    Rad Power Bikes launched four new e-bikes and a newly engineered battery equipped with thermal resistant technology to prevent overheating or fires. The new batteries are potted with a heat-absorbing resin that protects against corrosion and overheating, according to the company. It encapsulates each battery cell, and if overheating occurs, the resin is supposed to stop the thermal event from spreading.

    Stellantis introduced two all-electric versions of the Dodge Charger packed with the kind of features muscle car fans have come to expect — right down to a system that tries to mimic the rumble of a Hemi V-8 engine. Will the performance benefits in the all-electric Dodge Charger be enough to woo customers who are emotionally attached to grumbling gas-powered version? I’m not so sure.

    Tesla’s factory outside Berlin, Germany was forced to shut down after a suspected arson attack on the local power grid. The shutdown, which was expected to last at least a week, could cost the company an estimated $100 million.

    This week’s wheels

    Rivian R1S EV charging

    Image Credits: Kirsten Korosec

    What better way to get to the Rivian R2 event than to drive a Rivian R1S SUV? The company offered up one of the vehicles from its press fleet and I jumped at the opportunity. Why? I haven’t driven a Rivian in more than a year, I wanted to test the Rivian EV charging network and see how recent software updates have changed the vehicle experience. Plus, I wanted to spend time in the third-row R1S ahead of the company’s reveal of the R2, which is a smaller, more affordable SUV.

    Quick thoughts:
    – I applaud a recent software update that added a new vehicle icon on the upper left hand corner of the infotainment screen, and gives users quick access to some controls like opening the charge port or front truck as well as other shortcuts for car wash and pet mode.
    – I still and will always loathe the lack of a physical toggle to move the HVAC vents. This is my hill to die on.
    – The advanced driver assistance system is better, but still needs improvement. The vehicle still slightly ping pongs within the lane when the lane keeping feature is on and the torque sensor on the steering wheel is far too sensitive to my liking. I accidentally disengaged the ADAS several times. I did appreciate that the lane keeping and adaptive cruise control stayed on and did not disengage when I put my indicator on and moved into another lane. Neat!
    – The Rivian EV charger, or “adventure network” as it is branded, was easy to use and went smoothly. It was not the fastest charge; I pulled up to 120 kw. However, I was able to park and plug without the hassle of using a credit card or app. I am curious to test what the experience is like for non-Rivian owners. Unsurprisingly, I had some issues at my next stop, where I powered up the vehicle using an Electrify America charger. Two of the charging ports were not working, the app wouldn’t communicate with the charger and I ended up just using my credit card instead.

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    Kirsten Korosec

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  • Get Ready to Ride: Rivian R2 & R3 – Electrifying Adventure!

    Get Ready to Ride: Rivian R2 & R3 – Electrifying Adventure!

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    Are you ready to revolutionize your driving experience? Rivian, the American automotive manufacturer, has unveiled its latest offerings – the R2 and R3 electric vehicles. With a perfect blend of performance, capability, and sustainability, these midsize SUVs and crossovers are set to redefine the way we explore the world. Let’s dive into what makes the Rivian R2 and R3 stand out from the crowd.

    Performance and Capability

    The heart of the Rivian R2 and R3 lies in their exceptional performance and off-road capability. Equipped with Rivian’s in-house drive unit platform, these vehicles offer three motor variants – Single-Motor (RWD), Dual-Motor (AWD), and Tri-Motor configurations. Whether you’re navigating city streets or tackling rugged terrain, the Rivian R2 and R3 deliver unparalleled power and agility.

    But it’s not just about raw power – it’s also about efficiency. Thanks to their structural battery design and advanced technology, both the R2 and R3 boast over 300 miles of range on a single charge. And with fast-charging capabilities, you can get back on the road in no time, whether you’re using NACS or CCS chargers.

    Design and Comfort

    Step inside the Rivian R2 and R3, and you’ll find a world of comfort and innovation. The interior is designed with both form and function in mind, featuring premium, sustainable materials that are as easy to clean as they are stylish. With spacious seating for up to five passengers and ample cargo space, these vehicles are perfect for both everyday use and epic adventures.

    But it’s not just about the interior – the exterior design of the Rivian R2 and R3 is equally impressive. With their distinctive silhouette and iconic face, these vehicles are sure to turn heads wherever you go. Plus, with features like a powered rear glass that fully drops into the liftgate and rear quarter windows that vent, you can enjoy a unique open-air driving experience like never before.

    Accessibility and Pricing

    One of the most exciting aspects of the Rivian R2 and R3 is their accessibility. With a starting price of around $45,000 for the R2 and even lower for the R3, Rivian is making electric vehicles more accessible to a wider range of people. And with reservations available for just $100, securing your spot in line has never been easier.

    But affordability doesn’t mean sacrificing quality – Rivian has been intensely focused on cost reduction through manufacturing innovation and supply chain development. By leveraging their existing manufacturing facilities in Normal, Illinois, Rivian is able to reduce capital expenditure and production costs, ultimately passing those savings on to the consumer.

    Conclusion: Driving the Future

    The Rivian R2 and R3 are more than just electric vehicles – they’re a glimpse into the future of transportation. With their unmatched performance, innovative design, and affordable pricing, these vehicles are poised to revolutionize the way we think about midsize SUVs and crossovers. So why wait? Reserve your Rivian R2 or R3 today and start your electric adventure tomorrow.

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    Al Hilal

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  • Rivian lays off 10% of workforce as EV pricing pressure mounts | TechCrunch

    Rivian lays off 10% of workforce as EV pricing pressure mounts | TechCrunch

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    Rivian is laying off 10% of its salaried workforce in a bid to cut costs in an increasingly tough market for electric vehicles, putting even more pressure on its future, more affordable EV called the R2. A limited number of non-manufacturing hourly employees will also be cut, founder and CEO RJ Scaringe said in a companywide email.

    This is the third round of layoffs for the EV company since July 2022 when Rivian cut 6% of its workforce. The company cut another 6% of jobs in February 2023.

    The company more than doubled the number of EVs it built and shipped in 2023 compared to 2022. But Rivian still lost more than $5.4 billion for the year, and announced Wednesday that it only expects to build the same amount — 57,000 — electric vehicles across all of 2024.

    As a result, Rivian says it expects to lose around $2.7 billion in 2024, and has decided to “continue its company-wide cost transformation program.” That includes changes to the design and engineering of its vehicles, making manufacturing more efficient, and laying off more employees.

    The company’s production and profit loss guidance combined with the layoffs pushed Rivian shares down more than 15% in after-hours trading.

    “Our business is facing a challenging macroeconomic environment — including historically high interest rates and geopolitical uncertainty — and we need to make purposeful changes now to ensure our promising future,” founder and CEO RJ Scaringe said in an email to the company. “We must strategically prioritize our growth areas of the business, including the launch of Peregrine and R2 as well as investing in our go-to-market capabilities.”

    This story is developing. Check back for updates.

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    Kirsten Korosec

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  • Rivian will reveal its smaller, cheaper R2 SUV on March 7 | TechCrunch

    Rivian will reveal its smaller, cheaper R2 SUV on March 7 | TechCrunch

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    Rivian will reveal its next-generation vehicle — a smaller, cheaper electric SUV known as R2 — on March 7, the company announced Monday morning.

    There’s little other detail about the event, though it’s expected to be held in Laguna Beach, California, as the company recently filed paperwork for an event there under the title “RIVIAN R2 LAUNCH.”

    The R2 is a big opportunity for Rivian. It’s supposed to retail in the $40,000-$60,000 range, making it far more affordable than the R1S SUV and R1T pickup truck the company’s been selling for the last two years. Rivian CEO and founder RJ Scaringe has said the R2 will be made at a larger scale than its current vehicles.  The R2 won’t be available until at least 2026, though, as the company still needs to build the factory in Georgia where it plans to make the SUV.

    Rivian built more than 57,000 vehicles in 2023 and delivered just over 50,000, including the commercial vans it makes for Amazon. But it’s still losing thousands of dollars on every one of the trucks and SUVs it makes on the R1 platform. The platform that powers the R2 SUV should be more efficient and, when produced at scale, could help the company push itself into profitability — especially as Rivian builds other vehicles on the new platform.

     



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    Sean O’Kane

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  • MIT scientists are working on a vibrating obesity pill | TechCrunch

    MIT scientists are working on a vibrating obesity pill | TechCrunch

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    MIT likens a new vibrating capsule to drinking a glass full of water prior to eating. Dieticians recommend the latter as a method for sending to your brain to simulate the sensation of being full. The researchers behind the new project further suggest it as a future alternative to surgery and GLP-1s. The latter, which includes semaglutides like Ozempic and Wegovy, are both extremely popular and prohibitively expensive, owing in large part to pharma IP laws.

    MIT’s capsule has seen some laboratory success. Giving test animals the pill 20 minutes before eating reduced their consumption by around 40%, per the team. Like the glass of water trick, the capsule stimulates mechanoreceptors, which send a signal to the brain through the vagus cranial nerve. Once activated, the brain kicks off the production of insulin, GLP-1, C-peptide and Pyy hormones, decreasing hunger while ramping up the digestion process.

    “The behavioral change is profound, and that’s using the endogenous system rather than any exogenous therapeutic,” associate professor Giovanni Traverso notes. “We have the potential to overcome some of the challenges and costs associated with delivery of biologic drugs by modulating the enteric nervous system.”

    The capsule, which is roughly the size of a standard multi-vitamin, contains a vibrating motor, powered by a silver oxide battery. After reaching the stomach, gastric acid dissolves the outside layer and completes the circuit, kickstarting the vibration.

    Beyond efficacy, the team is working to determine the system’s safety. That requires a method for ramping up production and eventual human testing. “At scale, our device could be manufactured at a pretty cost-effective price point,” says post-doc researcher, Shriya Srinivasan.

    Capsule-based technology treatments have been a hot category in recent years, as researchers explore ingestible sensors and even micro-robotic systems.

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    Brian Heater

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  • Rivian Q3 earnings preview: EV demand, profitability path key items to watch

    Rivian Q3 earnings preview: EV demand, profitability path key items to watch

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    Electric adventure-vehicle maker Rivian (RIVN) is scheduled to report third quarter earnings after the bell on Tuesday, after rivals in the sector have reported demand issues and pull back on spending.

    For the quarter, Wall Street is expecting Rivian to report revenue of $1.31 billion, with an adjusted EPS loss of $1.32, per Bloomberg estimates. That revenue figure would represent a 17% jump from Q2’s $1.12 billion and nearly 150% more than the $536 million reported a year ago. On an adjusted EBITDA basis, Rivian is expected to report a loss of $1.04 billion, narrower than last year’s $1.307 billion loss.

    Last month, Rivian reported deliveries of 15,564 EV trucks, more than the 14,973 estimated per Bloomberg. Production Q3 also topped estimates at 16,304 vehicles. Rivian also said it is on track to hit its 52,000 unit production forecast for 2023.

    In its Q2 report, Rivian narrowed its full-year adjusted EBITDA loss to $4.2 billion, compared with the $4.3 billion it saw previously. The $4.2 billion EBITDA loss projection Rivian sees for 2023 is $1 billion less than the EBITDA loss it reported in 2022.

    Investors were hit with a piece of bad news in Q3, when Rivian revealed a $1.5 billion convertible debt offering in early October. Wedbush analyst Dan Ives called it a “gut punch” to investors at the time.

    Rivian shares are down nearly 10% since then and 46% year-to-date, while the S&P 500 is up over 14% for the year. Shares of EV makers and legacy automakers like GM and Ford have also been hit hard, with the companies reporting waning or “evolving” EV demand.

    Last month Ford (F) paused $12 billion worth of investments in its EV projects until “capacity” is needed. Ford said in its earnings report that US EV buyers were “unwilling to pay premiums for [EVs] over gas or hybrid vehicles, sharply compressing EV prices and profitability.” Fellow Big Three automaker GM (GM) pushed back its EV truck expansion in late October, noteing “evolving EV demand” as the main reason why it is slowing its EV truck volumes.

    CEO RJ Scaringe stands outside the startup Rivian Automotive's electric vehicle factory in Normal, Illinois, U.S. April 11, 2022. Picture taken April 11, 2022. REUTERS/Kamil Krzaczynski

    CEO RJ Scaringe stands outside the startup Rivian Automotive’s electric vehicle factory in Normal, Illinois, U.S. April 11, 2022. Picture taken April 11, 2022. REUTERS/Kamil Krzaczynski (Kamil Krzaczynski / reuters)

    Even Tesla (TSLA) isn’t immune to the EV demand story, with the automaker delaying construction of its upcoming Gigafactory in Mexico due to concerns about global economic conditions stemming from rising interest rates.

    That being said, Rivian and its lifestyle-oriented trucks might be an outlier in the EV landscape.

    Rivian’s aforementioned Q3 deliveries were up 23% sequentially compared to Q2, even as company raised prices after selling out its initial cheaper orders. Unlike Ford and GM, Rivian is targeting coastal and higher-income buyers who are more immune to rising prices and higher interest rates compared to the broader population.

    Though Rivian is far from profitable, it has been cutting costs and predicts gross profits by 2024. Investors will be looking to hear more from the company and CEO RJ Scaringe about its profitability path going forward.

    Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

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