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Rivian beats on Q2 revenue, raises EV production guidance for 2023 on August 8, 2023 at 8:22 pm

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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.

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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.

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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 

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News

Terror Attacks in New Orleans and Las Vegas Linked

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The start of 2025 has been marred by two horrific terror attacks in the United States, one in New Orleans and another in Las Vegas, both occurring on New Year’s Day. These incidents have left communities reeling and have raised concerns about potential connections between the suspects involved.

In New Orleans, a truck driven by 42-year-old Shamsud-Din Jabbar plowed into a crowd celebrating on Bourbon Street, resulting in at least 15 deaths and over 30 injuries. Eyewitnesses reported that Jabbar, a U.S. Army veteran from Texas, deliberately targeted pedestrians while flying an ISIS flag from his vehicle. Following the attack, he exited the truck armed with an assault rifle and opened fire on police officers before being killed in the ensuing confrontation. Authorities discovered improvised explosive devices (IEDs) within his vehicle and in the vicinity of the attack site, further confirming the premeditated nature of this act of terrorism.

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Simultaneously, a separate incident unfolded in Las Vegas when a Tesla Cybertruck exploded outside the Trump International Hotel. The driver, identified as Matthew Livelsberger, also had a military background and was reported to have detonated the vehicle packed with firework mortars and fuel, resulting in his death and injuring seven others. Investigators are exploring whether Livelsberger and Jabbar had any prior connection, as both men served at the same military base at different times.

While the FBI has confirmed that they are investigating both attacks as acts of terrorism, they have not established a definitive link between the two incidents. However, similarities in their execution—both suspects rented vehicles from the same company—have prompted further scrutiny into their backgrounds and any potential accomplices.

As investigations continue, authorities are urging anyone with information about either suspect to come forward. The tragic events have sparked discussions about security measures in public spaces, particularly as cities prepare for large gatherings in the coming months.

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Politics

Donald Trump Named TIME’s 2024 Person of the Year

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Donald Trump has been selected as TIME magazine’s Person of the Year for 2024, marking his second time receiving this distinction. The former president, who won a historic comeback victory in the 2024 election, was chosen for his significant impact on global affairs and American politics.

TIME editor-in-chief Sam Jacobs explained the decision, citing Trump’s “comeback of historic proportions,” his role in driving “a once-in-a-generation political realignment,” and his reshaping of both the American presidency and the country’s global role. This recognition comes after Trump’s unprecedented achievement of reclaiming the White House after losing reelection four years earlier.

The selection process involved an extensive interview with Trump at Mar-a-Lago in November, covering a wide range of topics including the economy, foreign policy, and his plans for a second term. Notably, TIME took the unprecedented step of publishing a comprehensive fact-check alongside the interview transcript, examining 15 distinct assertions made by Trump.

Trump’s relationship with TIME has been tumultuous over the years. While he expressed honor at receiving the title in 2016, he has also criticized the magazine’s selections and even claimed he refused a potential Person of the Year offer in 2017. Despite this, Trump participated in the process this year, granting TIME access for an in-depth interview.

To commemorate the announcement, Trump rang the opening bell at the New York Stock Exchange (NYSE). This event marked a significant moment in Trump’s career, as it was his first time participating in this Wall Street tradition.

Trump’s selection as Person of the Year reflects his continued influence on American politics and his ability to reshape the political landscape. As the country prepares for his return to the White House, all eyes will be on how Trump’s second term might further impact both domestic and international affairs.

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Film Industry

Jay-Z Denies Allegations Amid Lawsuit

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Jay-Z, the renowned rapper and music mogul, faces serious allegations in a recently amended civil lawsuit. According to ABC News and NBC News, the suit accuses him and Sean “Diddy” Combs of raping a 13-year-old girl at an MTV Video Music Awards after-party in 2000.

The lawsuit, initially filed in October 2024, was updated on Sunday to include Jay-Z as a defendant alongside Combs. The plaintiff, identified only as “Jane Doe,” claims she was assaulted after being driven to the party following the awards show.

Jay-Z, whose real name is Shawn Carter, vehemently denies the allegations. He released a statement on X calling the lawsuit a “blackmail attempt” and questioning why it was filed as a civil case rather than a criminal one. The rapper expressed concern about the impact on his family, stating he and his wife Beyoncé would need to discuss the situation with their children.

Combs, who is currently in federal custody on separate charges, has also denied the accusations through his attorneys. The lawsuit alleges that an unidentified female celebrity was present during the incident but did not intervene.

The case has garnered significant media attention, with both artists’ reputations at stake. As the legal process unfolds, the music industry and public await further developments in this high-profile case.

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