Rivian Automotive Inc

Although consumer demand for EVs hasn't shown up in the way executives had expected, sales of the vehicles are still predicted to increase in the years to come.Andrew Merry | Moment | Getty ImagesDETROIT — The buzz around electric vehicles is wearing off.For years, the automotive industry has been in a state of EV euphoria. Automakers trotted out optimistic sales forecasts for electric models and announced ambitious targets for EV growth. Wall Street boosted valuations for legacy automakers and startup entrants alike,…

Rivian CEO RJ Scaringe reacts at an event to unveil a smaller R2 SUV in Laguna Beach, California, U.S., March 7, 2024.Mike Blake | ReutersRivian Automotive surprised consumers and investors Thursday by unveiling two additional all-electric vehicles during the debut of its upcoming R2 SUV, which is expected to start at about $45,000 when it goes on sale during the first half of 2026.In addition to the R2, the EV startup revealed two crossovers called the R3 and R3X, a performance variant of the vehicle. Rivian CEO RJ…

Toyota hybrid vehicles for sale at a dealership in Chicago, Feb. 6, 2024.Scott Olson | Getty ImagesHybrid vehicles led the 2024 top vehicle rankings released Tuesday by influential product testing organization Consumer Reports.Such "electrified" vehicles, including plug-in hybrid models, represented six of the top 10 picks by the nonprofit consumer organization. The non-hybrid models rounding out the list were the all-electric Tesla Model Y crossover and three gas-powered vehicles with no hybrid variants.It marks the…

A Rivian electric truck sits parked in front of a Rivian service center on August 08, 2023 in South San Francisco, California.Justin Sullivan | Getty ImagesShares of electric vehicle makers Rivian and Lucid plummeted Thursday after the companies reported disappointing results and stagnant production in their fourth quarter earnings after the bell Wednesday.Rivian shares plunged about 25% and Lucid's stock sank more than 15% as of Thursday afternoon.Rivian forecast it will make 57,000 vehicles in 2024, slightly below the…

Arc Boat Company's fully electric Arc Sport model gets four to six hours of typical use on a single charge.Arc Boat CompanyArc Boat Company began sales of its second electric boat model in just three years this week. The new $258,000 Arc Sport was designed for wake sports enthusiasts and follows the company's earlier Arc One, a limited-edition luxury cruiser.While the startup produced fewer than two dozen of those earlier boats, it is gearing up for continuous production of the new model, which it unveiled on Tuesday.The…

Akio Toyoda, Chairman of Toyota Motor Corp.Yoshikazu Tsuno | Gamma-rapho | Getty ImagesToyota Motor is investing $1.3 billion in a Kentucky plant to produce a new all-electric, three-row SUV for the U.S. market, the company said Tuesday.The vehicle is expected to go into production between late 2025 and early 2026, according to a company spokeswoman. It is part of previously announced plans by the Japanese automaker to invest $35 billion in battery-electric vehicles, or BEVs, through 2030.A company spokesperson declined…

The total addressable market for new and used car sales in the U.S. is estimated to be somewhere between $2.5 trillion and $3 trillion, according to the National Automobile Dealers Association.And e-commerce behemoth Amazon is attempting to do what insiders say no one has been able to do yet: bring a seamless online shopping experience to a complex and highly regulated industry.Last month, the company officially began its pilot program to allow a small number of Hyundai dealers to sell vehicles through the Amazon platform…

Production of electric Rivian R1T pickup trucks on April 11, 2022 at the company's plant in Normal, Ill.Michael Wayland | CNBCShares of Rivian Automotive declined by about 6% during premarket trading Tuesday after the company reported increased vehicle production during the fourth quarter, but lower deliveries than the previous period.The company said it delivered 13,972 vehicles from October through December, down 10.2% from the third quarter of 2023 but in line with Wall Street's expectations. Analysts surveyed by…

DETROIT — General Motors' plans to diversify its business through trendy industries such as ridesharing and other "mobility" ventures or startups have largely fallen flat since the automaker started investing in such growth areas in 2016.Cruise, its majority-owned autonomous vehicle subsidiary, is increasingly looking like it might be next.The unit has quickly gone from one of GM's greatest business opportunities to a growing liability. Cruise, of which GM owns more than 80%, has confronted a wave of problems and…

The Tesla Cybertruck during a tour of the Elkhorn Battery energy storage system in Moss Landing, California, June 6, 2022.Nik Coury | Bloomberg | Getty ImagesElectric vehicle maker Tesla is set to reveal details about its new and unconventional Cybertruck pickup on Thursday, one day after CEO Elon Musk appeared in a bizarre interview DealBook summit in New York. At that event, Musk boasted, "It will be the biggest product launch of anything by far on Earth this year." The event, to be held in Austin at 2 pm local time…