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It’s Thursday and we’re talking about Carvana’s strategic pivot from growth to efficiency. We’re also talking about Rivian’s leaked release details of today’s R2 drop Show Notes with links: https://lnkd.in/etvCgmnv As the market continues to tighten, Carvana CEO Ernie Garcia is leading the company in a strategic pivot from growth-focus to focusing on unit economics, emphasizing execution in scaling operations -"When that investor support evaporated and we clearly had to be capital independent, it forced us to basically reverse those priorities," said Garcia, who spoke Monday at a technology, media and telecom conference held by investment banking firm Morgan Stanley.” -The company aims to sell more vehicles in Q1 2024, focusing on stability and cost reduction, especially in logistics -Garcia identifies Carvana's logistics network as a key area for reducing costs, pointing out potential savings in vehicle transport by leveraging newly acquired ADESA reconditioning centers. Additionally, Carvana aims to enhance gross profit through smarter credit pricing and strategic vehicle acquisitions. -Garcia sees electric vehicles as a significant opportunity, with Carvana having a larger market share in EVs than in ICE vehicles. "We couldn't ask to be in a better spot," Garcia optimistically notes, despite acknowledging the challenges ahead. https://lnkd.in/eQ3eNPwR Internet sleuths have given us an early glimpse at the Rivian R2's specs, revealing exciting details ahead of its official unveiling today. -The R2 is poised to offer up to a 330-mile range and a starting price of $47,000, aiming for a 2026 market debut. -Expect a zippy three-second 0 to 60 mph acceleration from this compact SUV, although likely reserved for the top-tier models. -It's designed as a five-seater with a 115.6-inch wheelbase, and comes with features like a powered rear glass and a tool-less bike mount. -Rivian's CEO, RJ Scaringe, hints at a vehicle that's both smaller and more affordable than the R1, aligning with financial forecasts. -Amidst the anticipation, Rivian faces workforce reductions, with about 100 employees laid off at its Normal, IL factory, underscoring ongoing challenges.

Rivian, the innovative EV manufacturer, announced a groundbreaking partnership with AT&T, marking its first venture outside the Amazon ecosystem. AT&T is set to integrate Rivian's electric vans and R1 models into its fleet starting early next year as part of a pilot program. AT&T aims to leverage Rivian's electric vans to enhance cost efficiency, safety, and significantly reduce its carbon footprint, aligning with its goal to achieve carbon neutrality by 2035. With a strategic focus on transitioning to electric vehicles, optimizing routes, and overall fleet reduction, AT&T is at the forefront of sustainable initiatives, cutting emissions by driving 20% fewer miles annually. This move follows Rivian's recent shift from its exclusive partnership with Amazon, allowing broader sales to diverse clients. Rivian's Commercial Van, designed for safety and sustainability, boasts features like emergency braking, driver assistance, and a 360-degree camera system, setting a new standard in ownership cost. AT&T joins the ranks alongside Amazon, which invested $700M in Rivian in 2019, solidifying Rivian's position in the EV market. As a result of this groundbreaking collaboration, Rivian's stock has surged by 12%, showcasing the industry's confidence in this strategic move. #Rivian #ATandT #ElectricVehicles #Sustainable #Fleet

What a fantastic evening at the business mixer organized by the Burnaby Board of Trade and hosted by Rivian! For those who might not be familiar, Rivian is a California-based electric vehicle company that's redefining adventure with their rugged yet city-friendly Electric Adventure Vehicles. Think SUVs and pickup trucks that are as comfortable navigating city streets as they are tackling challenging terrains. The timing couldn’t have been better, especially with the recent buzz around Rivian. Governor Gavin Newsom recently highlighted a surge in Rivian's sales in California, a stark contrast to Tesla’s recent dip. And let’s not forget last month’s big news: Volkswagen’s announcement of a whopping $5 billion investment in Rivian, focusing on software development; a partnership that promises great things for both companies. A huge thank you to Rivian for being such gracious hosts in their stunning offices and first Canadian showroom. And of course, a shoutout to the Burnaby Board of Trade for bringing together such an inspiring group of entrepreneurs. Looking forward to the next one! #ElectricVehicles #Innovation #Rivian #SoftwareDevelopment #GilaSoftware

Meet RJ Scaringe: The Visionary Behind Rivian's Electric Revolution!🚗⚡ Did you know the man powering the electric vehicle (EV) wave with Rivian has been passionate about cars since he was just a kid? RJ Scaringe, Rivian's founder and CEO, is not just an entrepreneur; he's a visionary dedicated to transforming how we think about transportation. Here's a glimpse into his electrifying journey! 🌟 👨🎓 Academic Roots: Born in 1983, RJ's fascination with cars led him to pursue a degree in mechanical engineering at Rensselaer Polytechnic Institute, followed by a master's and Ph.D. at MIT. But it wasn't just about the cars; it was about making them sustainable for the environment. 🚀 The Dream Begins: In 2009, with a clear vision and a Ph.D. in hand, RJ founded Mainstream Motors, aimed at creating efficient, yet sporty vehicles. The company soon pivoted to focusing on electric vehicles and rebranded as Rivian, named after the Indian River in Florida where RJ spent his childhood days exploring. 🌱 A Greener Future: Rivian isn't just another car company. It's a mission-driven organization looking to change the world. With vehicles like the R1T, an all-electric pickup truck, and the R1S, an all-electric SUV, Rivian is breaking barriers and setting new standards for what electric vehicles can do. 🤝 Partnerships and Progress: RJ's leadership has attracted significant investments from major players like Amazon and Ford, propelling Rivian to the forefront of the EV industry. With a focus on innovation, sustainability, and community, Rivian is not just selling cars; it's creating a movement towards a greener, cleaner planet. 🔋 Charging Ahead: Under RJ's guidance, Rivian is set to redefine the automotive landscape. With a commitment to preserving the environment and delivering exceptional products, RJ Scaringe is steering us towards an electrifying future. The above information was collected from multiple online public sources and is in no way a direct report from RJ or Rivian. Photo Credit: Bloomberg #Rivian #ElectricVehicles #Sustainability #Innovation #RJScaringe #EVMovement #CleanEnergy #futureiselectric

Rivian is expanding its electric vehicle assembly plant in Normal, Il to produce a new small crossover, resulting in the expected addition of over 500 jobs. The state has agreed to provide Rivian with $75 million from its deal-closing fund and $634 million in tax incentives over 30 years. In return, Rivian will invest $1.5 billion in its #manufacturing operations and create at least 550 jobs over the next five years. Additionally, the state is funding a second #manufacturing-job training academy in Normal, Il. The incentive package, worth $827 million, requires Rivian to maintain at least 6,000 jobs in Illinois. Want to learn more about #TaxCredits&Incentives - connect with me or reach out. #TaxCredits #EV #manufacturing #industrial #growthstrategies #yourguideforward Martin Karamon Timothy Doran David Mohimani Melinda Young Ron Wainwright, CPA MST Jason Hodell Maria Campbell Matt Brady David J. Nissen

🚗💡 Exciting News from Rivian 🌍 Rivian has unveiled the R2 and R3, their latest additions to the EV market, promising to make sustainable driving more accessible and thrilling than ever. 🔋 The R2, starting at $45,000, and the R3, with prices ranging from $37,000 to $47,000, are set to hit the North American market in the first half of 2026. Both models boast over 300 miles of range on a single charge and will offer multiple motor configurations, including impressive 0-60 mph acceleration in under 3 seconds for the fastest models. 🌐 Rivian’s strategy includes leveraging their existing manufacturing facilities in Normal, Illinois to improve capital efficiency and speed up production. This move not only underscores Rivian's commitment to innovation but also to economic responsibility and market expansion. 🌟 Designed for adventure and everyday convenience, the R2 and R3 are set to redefine expectations in the EV space with their blend of performance, capability, and affordability. Rivian continues to push the boundaries, making it an exciting time for both the industry and consumers. 🔗 Stay tuned for more updates and get ready to experience the future of electric mobility with Rivian's latest offerings! #Rivian #ElectricVehicles #Sustainability #Innovation #AutoIndustry

I interviewed the driver of this Rivian Amazon van Here’s what he said: I asked him, “What do you think of the van?” “Aw man, if I’m being honest, it’s not good.” He went on to describe the way it drove, how he really didn’t use the brake because the van stopped when he took his foot off the accelerator. (Which is how EVs work, but it seems like this was the first EV he’s driven). However, once we got talking about the rest of the experience, he was RAVING -There’s a lot of space -The AC is really good -There’s a fan in the back In fact, he spent more time talking about the good things than the bad things. He had one little complaint at the end. “The volume only goes to 20. If I could turn it up more, I would!” We in the auto industry talk a lot about EV adoption, and fleets are a way to encourage that. But if you don’t EDUCATE the people driving the vehicles, it’s not going to make a difference. It’s not enough to make a change, there has to be care for the people affected by the change as well. In this case, it seems like we can do better. #automotive #automotiveindustry #electricvehicles #amazon #rivian #ev #evadoption #eveducation

"U.S. wireless carrier AT&T (T.N) will purchase some electric vehicles from startup Rivian (RIVN.O) in a pilot program to evaluate ways to reduce cost, cut carbon emissions and improve safety, the companies said on Thursday. The deal is the first for Rivian after the company last month ended its exclusivity pact with largest shareholder Amazon (AMZN.O) for its delivery vans, opening the door for more customers. AT&T expects to start adding Rivian electric commercial vans, R1T pickup trucks, and R1S sport utility vehicles in its fleet in early 2024, they said in a statement. The companies did not disclose the number of vehicles AT&T will buy or the financial terms of the deal." #rivian #evs #automotive #manufacturing #finance #equipmentfinance #equipmentleasing #financialservices #corporatefinance #amazon https://lnkd.in/g3eif5mW

I spoke with Reuters earlier, on the Q2 results Rivian released today. Many are trying to read the tea leaves but I believe we need to focus on progress being made towards R2 start of production. This is the volume play that will take the brand mainstream and drive the lion's share of profits in the long term. My full quote below and article link in the comments. "Rivian's second-quarter 2024 results reflect a promising trajectory, underscored by significant operational and financial milestones, including a major jump in gross margins on the second generation of R1 vehicles. With substantial capital committed from the Volkswagen joint venture, Rivian now has an increasingly clearer path to profitability, conditional on delivering the upcoming lower-priced, higher-volume R2 vehicles as soon as possible to capitalize on the buzz and capture a broader market segment. Despite recent negative pressure in the EV market, Rivian continues to execute on its volume forecast and is maintaining its guidance for the full year. There are also rumors about expansions into Europe and Asia, with the R2 platform expected to mark Rivian’s entry into the European market by 2026. These strategic moves and Rivian receiving the highest score in the J.D. Power U.S. auto brand satisfaction ranking highlight the company’s strong position in the competitive EV market and its potential for continued success."