Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Technology
Anusuya Lahiri

This Tesla Competitor Targets 10% EV Market Share By 2030

Rivian RIVN Amazon.com Inc Illinois Normal Rivian Automotive Inc Tesla Inc. Wolfe Research
  • Amazon.com Inc (NASDAQ:AMZN) backed Rivian Automotive Inc (NASDAQ:RIVN) is "making progress" in raising EV production at its Normal, Illinois, assembly plant, CEO R.J. Scaringe said, Reuters reports from Wolfe Research conference.
  • The Tesla Inc (NASDAQ:TSLA) competitor aims to win a 10% share in the EV market by 2030.
  • Scaringe said Rivian had replaced some chipsets in certain parts with other chipsets that are easier to get.
  • He admitted that the global shortage would be a factor through the rest of the year.
  • Rivian was building a pilot line for in-house production of battery cell production and plans to co-invest with a supplier on production.
  • Price Action: RIVN shares traded lower by 1.93% at $62.48 in the premarket on the last check Friday.
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Ditzy, unfiltered: why Drew Barrymore is Hollywood’s great survivor
The troubled child actor turned chatshow host faces flak for her toe-curling interview with Kamala Harris. But oversharing is all part of her shtick
The Guardian - UK
The Guardian - UK
Britain’s most overrated food? No chance … fish and chips is a marvel
So a Michelin-starred chef said he loathed our one truly globally renowned dish. I beg to differ
The Guardian - UK
The Guardian - UK
"I miss playing those songs, I miss being that drummer": Dave Grohl on the time Nirvana reunited at Cal Jam 2018
Grohl was joined by Krist Novoselic, Pat Smear and two guest vocalists to run through six Nirvana classics at his own festival
Louder
Louder
Republican governor hits back at Mick Jagger after Rolling Stones front man's jibe in New Orleans
Rocker says Trump-backed politician wants to go back to ‘Stone Age’
Evening Standard
Evening Standard
How old is too old? I’m 77 and I don’t know yet. But I will when I get there
I get advice about my age on social media (not all of it friendly), but I’m sanguine about life without youthful anxieties, says Guardian columnist Polly Toynbee
The Guardian - UK
The Guardian - UK
Seth Meyers on campus unrest: ‘The story is what’s happening in Gaza’
Late-night hosts talk police crackdowns on pro-Palestinian protests, Trump’s court naps and Kristi Noem’s dogged defense
The Guardian - US
The Guardian - US
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.
Download on the AppStore Get it on Google Play