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Rivian beats on Q2 revenue, raises EV production guidance for 2023 on August 8, 2023 at 8:22 pm
Rivian gained positive momentum in the second-quarter and beat Wall Street expectations as the company ramped up EV sales, narrowed losses, reduced costs and shored up its supply chain.
Rivian struck a confident tone in its second-quarter earnings, which was released after markets closed Tuesday, even raising its production guidance for the year from 50,000 to 52,000 vehicles. The company said it expects its adjusted earnings guidance for the year to improve to a loss of $4.2 billion, which while still a massive number is better than it expected.
Rivian reported revenue of $1.12 billion in the second quarter, a more than threefold increase from the same period last year. That revenue jump was largely driven by the delivery (or sale) of 12,640 vehicles. About $34 million of that revenue came from the sale of zero-emission regulatory credits, according to the company’s regulatory filing.
Rivian is still very much operating at a loss, although even that showed improvement. Rivian reported a net loss of $1.19 billion compared to a $1.7 billion loss in Q2 2022. On an adjusted basis, Rivian reported a loss of $881 million, or $1.08 per share.
Analysts polled by Yahoo finance expected revenue of $1 billion and an adjusted earning per share loss of $1.36.
“Our second quarter results reflect our continued focus on cost efficiency as we accelerate the drive towards profitability,” Founder and CEO RJ Scaringe said in a statement. “On a quarter-over-quarter basis, delivered vehicles grew around 60% while gross profit per vehicle improved by about $35,000. We have achieved meaningful reductions in both R1 and EDV vehicle unit cost across the key components, including material costs, overhead and logistics. It was a strong quarter, and we remain focused on ramping production, driving cost efficiencies, developing future technologies, and enhancing the customer experience.”
The takeaway here is a company that seems to have resolved some of its biggest money-sucking problems, including less-than-ideal contracts with some suppliers. Rivian said in its letter to shareholders that it negotiated supplier price reductions, including the elimination of short-term premiums.
Rivian also lowered costs through layoffs in 2022 and 2023 that reduced payroll and other expenses.
For instance, Rivian spent $444 million on research and development in the second quarter, about 18% less than the same period last year. The company said the decrease was primarily due to a $94 million reduction in payroll and related expenses, including stock-based compensation.
Capital expenditures also dropped to $255 million compared to $359 million in the same year-ago period. Rivian said cap expenditures were higher last year because it spent more on equipment and construction in the early stages of its production.
Rivian said it ended the second quarter with $10.2 billion in cash, cash equivalents, and short- term investments.
Rivian gained positive momentum in the second-quarter and beat Wall Street expectations as the company ramped up EV sales, narrowed losses, reduced costs and shored up its supply chain. Rivian struck a confident tone in its second-quarter earnings, which was released after markets closed Tuesday, even raising its production guidance for the year from 50,000
President Donald Trump says the United States might one day get rid of federal income tax because of money the government collects from tariffs on imported goods. Tariffs are extra taxes the U.S. puts on products that come from other countries.
What Trump Is Saying
Trump has said that tariff money could become so large that it might allow the government to cut income taxes “almost completely.” He has also talked about possibly phasing out income tax over the next few years if tariff money keeps going up.
How Taxes Work Now
Right now, the federal government gets much more money from income taxes than from tariffs. Income taxes bring in trillions of dollars each year, while tariffs bring in only a small part of that total. Because of this gap, experts say tariffs would need to grow by many times to replace income tax money.
Questions From Experts
Many economists and tax experts doubt that tariffs alone could pay for the whole federal budget. They warn that very high tariffs could make many imported goods more expensive for shoppers in the United States. This could hit lower- and middle‑income families hardest, because they spend a big share of their money on everyday items.
What Congress Must Do
The president can change some tariffs, but only Congress can change or end the federal income tax. That means any real plan to remove income tax would need new laws passed by both the House of Representatives and the Senate. So far, there is no detailed law or full budget plan on this idea.
What It Means Right Now
For now, Trump’s comments are a proposal, not a change in the law. People and businesses still have to pay federal income tax under the current rules. The debate over using tariffs instead of income taxes is likely to continue among lawmakers, experts, and voters.
Former President Donald Trump has signed an executive order directing federal agencies to declassify all government files related to Jeffrey Epstein, the disgraced financier whose death in 2019 continues to fuel controversy and speculation.
The order, signed Wednesday at Trump’s Mar-a-Lago estate, instructs the FBI, Department of Justice, and intelligence agencies to release documents detailing Epstein’s network, finances, and alleged connections to high-profile figures. Trump described the move as “a step toward transparency and public trust,” promising that no names would be shielded from scrutiny.
“This information belongs to the American people,” Trump said in a televised statement. “For too long, powerful interests have tried to bury the truth. That ends now.”
U.S. intelligence officials confirmed that preparations for the release are already underway. According to sources familiar with the process, the first batch of documents is expected to be made public within the next 30 days, with additional releases scheduled over several months.
Reactions poured in across the political spectrum. Supporters praised the decision as a bold act of accountability, while critics alleged it was politically motivated, timed to draw attention during a volatile election season. Civil rights advocates, meanwhile, emphasized caution, warning that some records could expose private victims or ongoing legal matters.
The Epstein case, which implicated figures in politics, business, and entertainment, remains one of the most talked-about scandals of the past decade. Epstein’s connections to influential individuals—including politicians, royals, and executives—have long sparked speculation about the extent of his operations and who may have been involved.
Former federal prosecutor Lauren Fields said the release could mark a turning point in public discourse surrounding government transparency. “Regardless of political stance, this declassification has the potential to reshape how Americans view power and accountability,” Fields noted.
Officials say redactions may still occur to protect sensitive intelligence or personal information, but the intent is a near-complete disclosure. For years, critics of the government’s handling of Epstein’s case have accused agencies of concealing evidence or shielding elites from exposure. Trump’s order promises to change that narrative.
As anticipation builds, journalists, legal analysts, and online commentators are preparing for what could be one of the most consequential information releases in recent history.
What Happened at the United Nations
On Friday, Israeli Prime Minister Benjamin Netanyahu addressed the United Nations General Assembly in New York City, defending Israel’s ongoing military operations in Gaza. As he spoke, more than 100 delegates from over 50 countries stood up and left the chamber—a rare and significant diplomatic walkout. Outside the UN, thousands of protesters gathered to voice opposition to Netanyahu’s policies and call for accountability, including some who labeled him a war criminal. The protest included activists from Palestinian and Jewish groups, along with international allies.
Why Did Delegates and Protesters Walk Out?
The walkouts and protests were a response to Israel’s continued offensive in Gaza, which has resulted in widespread destruction and a significant humanitarian crisis. Many countries and individuals have accused Israel of excessive use of force, and some international prosecutors have suggested Netanyahu should face investigation by the International Criminal Court for war crimes, including claims that starvation was used as a weapon against civilians. At the same time, a record number of nations—over 150—recently recognized the State of Palestine, leaving the United States as the only permanent UN Security Council member not to join them.
International Reaction and Significance
The diplomatic walkouts and street protests demonstrate increasing global concern over the situation in Gaza and growing support for Palestinian statehood. Several world leaders, including Colombia’s President Gustavo Petro, showed visible solidarity with protesters. Petro called for international intervention and, controversially, for US troops not to follow orders he viewed as supporting ongoing conflict. The US later revoked Petro’s visa over his role in the protests, which he argued was evidence of a declining respect for international law.
Why Is This News Important?
The Gaza conflict is one of the world’s most contentious and closely-watched issues. It has drawn strong feelings and differing opinions from governments, activists, and ordinary people worldwide. The United Nations, as an international organization focused on peace and human rights, is a key arena for these debates. The events surrounding Netanyahu’s speech show that many nations and voices are urging new action—from recognition of Palestinian rights to calls for sanctions against Israel—while discussion and disagreement over the best path forward continue.
This episode at the UN highlights how international diplomacy, public protests, and official policy are all intersecting in real time as the search for solutions to the Israeli-Palestinian conflict remains urgent and unresolved.
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