<div>
  <p>
  </p>
  <ul>
    <li>
      <p>
        Rivian, an American EV manufacturer, has reported plans to stop constructing a planned USD 5 billion EV production plant. The company decided to indefinitely pause the project as it looks to cut costs following layoffs that took place in 
        <a href="https://sp-edge.com/updates/26915">
          February 2024.
        </a>
      </p>
    </li>
    <li>
      <p>
        The company initially intended to produce its&nbsp;R2 and R3 EVs in Georgia from 2026 onwards. However, production will now be shifted to its existing plant in Illinois.
      </p>
    </li>
    <li>
      <p>
        <b>Analyst QuickTake: </b>
        Rivian&rsquo;s Georgia plant was slated to have a production capacity of ~400,000 units per year once operational and was planned to be opened later in 2024. Earlier in the 
        <a href="https://sp-edge.com/updates/27394">
          month
        </a>
        , the company launched three new EVs: R2, a midsize electric SUV, and R3, a midsize crossover, and R3X, a performance model.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.forbes.com/sites/brianbushard/2024/03/07/rivian-halts-planned-5-billion-georgia-ev-plant-and-its-shares-surge/?sh=62e8bb5715ca">
      Forbes
    </a>
  </p>
</div>


EV Economy

ANALYST_QUICK_TAKE

<div>

<p>Rivian, an American electric vehicle (EV) manufacturer, has announced the indefinite pause of a planned $5 billion EV production plant to save costs following layoffs that occurred in <a href="https://sp-edge.com/updates/26915"> February 2024. </a></p>
<p>The company was set to produce its R2 and R3 electric vehicles in Georgia starting from 2026, but has now decided that production will be moved to Rivian's already existing factory based in Illinois.</p>

</div> <p><b>Analyst QuickTake:<br>
 </b> Rivian’s Georgia plant was slated to have a production capacity of ~400,000 units per year once operational and was planned to be opened later in 2024. Earlier in the <a href="https:<br>
//sp-edge.com/updates/27394"> month </a> , the company launched three new EVs:<br>
 R2, a midsize electric SUV, and R3, a midsize crossover, and R3X, a performance model.</p>

Rivian hits pause on USD 5 billion EV manufacturing plant in Georgia

PROMINENT_CATEGORY

<div>
 
 <p>Rivian Automotive, an American EV manufacturer, has introduced R2, a midsize electric SUV, and R3, a midsize crossover. The R3 also has a performance variant called R3X.</p>
 <p>Both the R2 and R3 will come with two different battery sizes. The larger battery option will allow the vehicle to travel over 300 miles on a single charge and will be able to accelerate from zero to 60 mph in less than three seconds.</p>
 <p>The anticipated starting price for the R2 is USD 45,000, whereas the R3 will be a more affordable option, priced lower than the R2. The R2 is now open for reservations, with product deliveries projected to start in the first half of 2026. The delivery of R3 and R3X will commence following the R2.</p>
 
</div> <p><b>Analyst QuickTake:<br>
</b> In <a href="https:<br>
//sp-edge.com/updates/26992"> February 2024 </a> , Rivian reported plans to expand access to its EV charger network. The company’s “Adventure Network” is set to be available for non-Rivian EVs in 2H 2024. However, the company also laid off 10% of its salaried workforce during the same <a href="https:<br>
//sp-edge.com/updates/26915"> month </a> due to economic challenges, including high-interest rates and geopolitical uncertainties, quarterly losses, and increased competition in the EV market.</p>

Rivian launches three new EV models

<div>

 <p>Rivian Automotive, a US-based electric vehicle (EV) producer, has announced its intention to extend the reach of its EV charging infrastructure, known as the "Adventure Network", to cater to non-Rivian EVs by the second half of 2024.</p>
 <p>The existing charging network includes 400 quick chargers dispersed across 67 regions. Moreover, Rivian is planning to incorporate over a hundred additional locations to this network.</p>

</div> <p><b>Analyst QuickTake:<br>
 </b> Rivian’s network expansion comes from Tesla’s extensive <a href="https:<br>
//www.caranddriver.com/news/a44388939/tesla-nacs-charging-network-compatibility/"> collaborations </a> over 2023 to provide access to its charging network. Several notable automotive companies have reported plans to adopt Tesla's proprietary North American Charging Standard (NACS), including Ford, BMW, GM, Mercedes-Benz, Volvo, and Fisker. Additionally, in <a href="https:<br>
//sp-edge.com/updates/19581"> June 2023 </a> , Rivian agreed to provide its R1T pickup truck and R1S SUV with NACS ports in 2025.</p>

Rivian to expand access to EV charger network

<div>
 
 <p>Rivian, an EV developer, has revealed that it will reduce its salaried workforce by 10% due to economic issues such as high-interest rates, geopolitical uncertainties, and more competition in the EV market. The company is also grappling with quarterly losses. </p>
 <p>Despite these challenges, Rivian's CEO reassured that the firm remains dedicated to EV innovation. Measures to improve cost efficiency and profitability are being undertaken to facilitate Rivian's future growth.</p>
 <p>The job cuts were announced following the company's disclosure of their 2024 vehicle production goal of 57,000. This figure matches the previous year's production, but falls short of the 80,000 vehicles analysts had anticipated. </p>
 
</div>

Rivian lays off 10% of staff amid economic challenges

Using online platforms, autonomy, electric and fuel-cell tech solutions to shape the future of trucking.

Truck Industry Tech

<div>
 <p>Rivian Automotive has partnered with SiriusXM to bring SiriusXM's audio entertainment platform to the Rivian R1T and R1S models in the US. The collaboration will allow users to access SiriusXM's live channels, on-demand content, and podcasts directly through Rivian's in-vehicle software. This integration will be available for both new and existing R1T and R1S models, starting from 2024.</p>
</div>

Rivian partners with SiriusXM to integrate radio platform in electric vehicles

<div>
 
 <p>Rivian Automotive, an American EV manufacturer, has raised USD 1.5 billion through green convertible senior notes due 2030 aimed at institutional buyers. The proceeds will be used for projects related to clean transportation, renewable energy, and pollution prevention, with the finalized proceeds expected by October 2023. The notes are expected to mature by 2030, accruing interest at 3.625% annually. Previously, Rivian raised USD 1.3 billion in similar notes due 2029.</p>
 
</div>

Rivian Automotive raises USD 1.5 billion in green convertible senior notes funding

<div>
 <p>Electric vehicle manufacturer Rivian aims to raise $1.5 billion via a private offering of green convertible senior notes due 2030. The notes will attract a 3.625% annual interest rate, payable bi-annually. The issuance and sale are set for October 10, 2023, awaiting standard closing conditions. The company also gave buyers the option to purchase up to $225 million more in notes. Proceeds will fund current and future green projects.</p>
</div>

All Updates

Rivian hits pause on USD 5 billion EV manufacturing plant in Georgia

Rivian launches three new EV models

Rivian to expand access to EV charger network

Rivian lays off 10% of staff amid economic challenges

Rivian partners with SiriusXM to integrate radio platform in electric vehicles

Rivian Automotive raises USD 1.5 billion in green convertible senior notes funding

Rivian to raise USD 1.5 billion in green convertible senior notes

Rivian’s revenue triples YoY to USD 1.1 billion amid rising vehicle deliveries

Ford receives USD 9.2 billion in funding; Panasonic partners with Mazda; Rivian partners with Tesla; and Siemens partners with Helixx

Rivian acquires EV route-planning app developer Iterino