Rivian shares rise, despite larger than expected loss
CNN
Electric truck maker Rivian delivered some much needed assurance to Wall Street Wednesday, even as it reported a larger than expected first quarter loss.
The company said that it had 7,000 new orders for its R1 electric pickup in the last two months, bringing total net orders up to 90,000 vehicles. And it said that despite supply chain problems that have cut its production by 25% since the end of March, it is still on track to build 25,000 vehicles by the end of this year.
And perhaps most assuring to investors, it said it has enough cash on hand — $17 billion — to be able to launch production of its next vehicle, the R2, at a second planned plant in Georgia in 2025 and operate through at least that year.
President Joe Biden warned against a streak of “semi-isolationism” in the US as he stressed the importance of alliances during a symbolic visit to the Aisne-Marne American Cemetery on Sunday, honoring the thousands of Americans who died in World War I at a site former President Donald Trump skipped during a 2018 visit to Paris.
Looking to shore up Latino votes in Nevada and Arizona for his reelection campaign, President Joe Biden is on the verge of soon following up last week’s executive action aimed at curbing border crossings with another move focused on providing legal status for long-term undocumented immigrants married to American citizens and without criminal records.