Rivian has started laying off about 6% of its workforce as part of a restructuring plan, according to an internal email from founder and CEO RJ Scaringe. The companywide email, which was sent out Wednesday and viewed by TechCrunch, alerted all employees that those affected would receive an email invite from their manager with more… Continue reading Rivian begins laying off 6% of workforce
Author: Tech Crunch Online News
3 indicators to watch for on Stellantis Q2 earnings day
Compared to this year’s drumbeat of announcements from car companies touting future battery-electric models, Stellantis has remained quiet, focusing on plug-in hybrids instead. The Amsterdam-based joint venture between Fiat-Chrysler and PSA Group is pursuing electrification aggressively, targeting a goal to sell five million EVs globally by 2030 – and preparing to introduce a suite of… Continue reading 3 indicators to watch for on Stellantis Q2 earnings day
Cruise hopes ramping its robotaxi service will U-turn its cash burn
Cruise, the General Motors subsidiary dedicated to commercializing autonomous vehicles, saw a jump in expenses during the second quarter as the company launched its first commercial robotaxi service in San Francisco. Cruise’s expenses hit around $550 million compared to $332 million during the same quarter of last year. Operating losses in the second quarter topped… Continue reading Cruise hopes ramping its robotaxi service will U-turn its cash burn
3 indicators to watch for on Ford Q2 earnings day
While much of the automotive industry has suffered a downturn due to a lack of supply to meet pent-up demand, Ford has bucked the trend. At least, in terms of sales goals so far this year. Industry wide, new vehicle sales in the U.S. dropped 20.3% for the second quarter, to 3.53 million, compared with… Continue reading 3 indicators to watch for on Ford Q2 earnings day
Zoox robotaxi with supercar DNA rolls toward SF, Vegas, Seattle streets
The Zoox robotaxi has more in common with a supercar than you think. Look past the Zoox’s breadbox-shaped exterior and inside is the same carbon fiber cabin that can be found in a McLaren. “Yes, we know that supplier very well,” Andy Piper, Zoox’s VP of vehicle development, told TechCrunch, when it’s pointed out that… Continue reading Zoox robotaxi with supercar DNA rolls toward SF, Vegas, Seattle streets
Sono Motors reveals final design of its solar-charging Sion EV
Sono Motors unveiled this week the final production design of the Sion EV, a solar electric vehicle that’s been in the making since the Munich-based startup launched in 2016. It’s been a long and bumpy road for Sono Motors, a journey that involved a couple of crowdfunding campaigns, a near insolvency and a debut on… Continue reading Sono Motors reveals final design of its solar-charging Sion EV
Why GM profits dropped 40% in the second quarter
General Motors said Tuesday it’s moving to take more control over its supply chain in response to a dismal second quarter that saw profits fall 40% year-over-year as it shifts more towards EVs. The automaker reported second-quarter net income of $1.69 billion, a 40% reduction from the $2.84 billion it earned in the same year-ago… Continue reading Why GM profits dropped 40% in the second quarter
3 indicators to watch for on GM Q2 earnings day
The auto industry’s woes are far from over, but the second half of the year represents a return to planning for the future rather than responding to short-term supply chain crises. General Motors, which reports its second-quarter financial results Wednesday, is ready to roll into the third-quarter with an eye toward long-term strategy. The automotive… Continue reading 3 indicators to watch for on GM Q2 earnings day
GM joint venture to receive $2.5B government loan for US battery plants
The U.S. Department of Energy is reviving an old loan program and its first recipient is the joint battery venture between General Motors and LG Energy Solution. The $2.5 billion loan issued to GM and LG Energy will be used to help finance the construction of new lithium-ion battery cell manufacturing facilities. Reuters was first… Continue reading GM joint venture to receive $2.5B government loan for US battery plants
Faraday’s future on shaky ground as EV production delayed again
Faraday Future has delayed production of its FF91 flagship electric vehicle due to lack of money and supply chain issues, the company said in a regulatory filing. The troubled EV startup-turned-publicly-traded-company said start of production and first deliveries of its FF 91 EV in the United States is now expected in the third or fourth quarter… Continue reading Faraday’s future on shaky ground as EV production delayed again