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Delivery Of Its R1S SUVs To Be Delayed By Amazon-Backed EV Maker Rivian


11/25/2021


Delivery Of Its R1S SUVs To Be Delayed By Amazon-Backed EV Maker Rivian
According to reports published in the media, notifications of delay in delivery of its electric vehicle – that R1S SUV, is being sent to those who had booked the vehicle by the electric vehicle (EV) maker Rivian Automotive Inc, a start6up that has the backing of Amazon.
 
Following this revelation, stocks of the company dropped by as much as 4.5 per cent and traded at $114.31 on Wednesday.
 
In an earlier statement the company had said that the Normal, Illinois plant of the firm would be used to manufacture its R1S from December, and the comp[any would be able to deliver the first vehicles in January.
 
However, the company has now begun to inform its customers via email about a change in the time period of delivery from January to between May and June next year at the earliest, said reports published in the media - InsideEVs and Electrek.
 
There was however no confirmation on the delay available from Rivian.
 
Following a very successful $100 billion-valued initial public offering (IPO), this electric vehicle startup is currently flush with cash and has recently announced its target of building a second car manufacturing facility in the United States. Eventually, the company wants to open manufacturing facilities in Europe as well as in China. It has however not divulged any likely timeline for the construction of its second factory in the US. 
 
Since its debut on Nasdaq on November 10, the stocks of the company had surged by as much as 53 per cent which helped the company to attain the coveted accolade of being the second most valued car company of the US behind Tesla.
 
In the broader market the race for development of capacity and technology for electric vehicles – demand for which is fast increasing across the world.  
 
Earlier in the week, a 25 per cent stake in electric boat startup Pure Watercraft was taken up by the American auto giant automaker General Motors Co. This pushed the market value of the startup to $600 million, the companies said.
 
In exchange for the investment, GM is paying $150 million in cash and payment-in-kind, which includes access to the automaker's components and manufacturing support, according to Pure Watercraft.
 
Pure Watercraft, located in Seattle, manufactures electric motors for boats driven by lithium-ion batteries, with a plug-and-play architecture that allows the motors to be used on any boat hull.
 
"Building upon GM's existing efforts to deploy our technology across rail, truck and aerospace industries, the combined expertise of these two enterprises should result in future zero-emissions marine product offerings," Dan Nicholson, vice president of GM's Global Electrification unit, said in a statement.
 
In October, the automaker announced goals to treble its revenue by 2030 and become the market leader in electric vehicle sales in the United States.
 
GM said it will reveal any items produced as a result of the Pure Watercraft cooperation at a later date.
 
(Source:www.usnews.com)


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