Electric

Electric Vehicle Company Rivian’s Stock Plummets 25% After Announcing 10% Workforce Cut – What’s Next for the Once Red-Hot Brand?

by

Irvine, California – Rivian Automotive Inc., once hailed as an exciting addition to the electric vehicle market, has faced a significant setback. The company recently announced a 10% reduction in its workforce, along with a downward revision of its production expectations. This announcement resulted in a 25% plunge in its stock price, marking the worst day in its history. This development reflects a broader trend within the electric vehicle industry, as companies grapple with declining …

Read more

“Lucid Motors” Struggles to Meet Demand for Luxury Sedans, Building Just 9,000 Electric Vehicles in 2024 Due to Overwhelming Challenges

by

Newark, California – Lucid Motors has announced its plans to build 9,000 electric vehicles in 2024, a modest increase of 500 to 1,000 vehicles from the previous year. This comes after the company struggled to meet demand for its luxury sedans, falling short of the 90,000 EVs it had originally predicted it could produce and sell in 2024 when it went public three years ago. The discrepancy between initial projections and current production figures highlights …

Read more

Layoffs Hit Rivian: What it Means for the Electric Vehicle Industry

by

NORMAL, Illinois – Electric vehicle company Rivian has announced that it will be laying off 10% of its salaried workforce, in addition to cutting a limited number of non-manufacturing hourly employees, as a part of its cost-cutting measures. The company’s CEO, RJ Scaringe, stated that these measures are necessary due to the increasingly challenging market for electric vehicles. This is the third round of layoffs for Rivian since July 2022, when the company initially cut …

Read more

ELECTRIC VEHICLE GIANT RIVIAN STOCK PLUMMETS 15% AFTER Q4 RESULTS MISS EXPECTATIONS

by

Irvine, California – Rivian’s stock price plummeted after reporting a disappointing fourth quarter and an underwhelming production and profit forecast for the year. The electric adventure vehicle maker fell short of Wall Street’s expectations, projecting 57,000 units for 2024, well below the anticipated 80,000 units. In addition to the production forecast shortfall, Rivian’s adjusted EBITDA loss is expected to be $2.70 billion, while capital expenditure outlays are projected to hit $1.75 billion. The company also …

Read more

Xpeng To Invest 3.5 Billion Yuan in AI Technology: CEO Warns of ‘Bloodbath’ in Electric Vehicle Space

by

SHANGHAI, China – Electric vehicle maker Xpeng announced plans to expand its workforce by 4,000 people and invest in artificial intelligence technology in the midst of intense competition within the EV industry, according to a letter from the company’s CEO, He Xiaopeng. The company is set to invest 3.5 billion Chinese yuan ($486.2 million) in the research and development of AI technology, focusing on “intelligent driving.” Xpeng also intends to launch approximately 30 new or …

Read more

“Biden” Slow Transition to Electric Cars Raises Concerns for Environmentalists – New York Times

by

DETROIT, MICHIGAN – The Biden administration may be slowing down the early stage of the shift to electric cars, causing concern among the Detroit Three automakers. Experts believe that the administration’s focus on regulating electric vehicles (EVs) and the growing threat from China may have an impact on the industry. The local refinery in Toledo, Ohio, has raised questions about the pace of Biden’s plan to transition Americans into EVs. Lobbyists are also swarming the …

Read more

Norway’s Electric Vehicle Success Revealed: What Sets Them Apart From the U.S. | Must-See CNBC Documentary

by

Oslo, Norway – Norway is leading the way in the global shift towards electric vehicles, with a much higher percentage of EVs on the road compared to the United States. While the U.S. is still struggling to fully embrace electric cars, Norway has managed to create an electric vehicle utopia, setting an example for the rest of the world. In Norway, electric cars make up more than 50% of all new car sales, whereas in …

Read more

Historic: Caitlin Clark Breaks NCAA Career Scoring Record in Electric Night

by

IOWA CITY, Iowa – Women’s NCAA basketball player Caitlin Clark made history on Thursday by becoming the NCAA women’s career scoring leader. In less than three minutes, she surpassed Kelsey Plum’s record by scoring the eight points she needed. This feat was accomplished with her signature shot – a remarkable 35-foot 3-pointer that hit nothing but the bottom of the net. Clark continued to dominate the game, finishing with an impressive career-high score of 49 …

Read more

“New electric sibling” emerges, taking spintronics to the next level with miraculous spin-dependent phenomena – a breakthrough in magnetism!

by

VILLIGEN, SWITZERLAND – Researchers at the Swiss Light Source SLS have made a groundbreaking discovery that has expanded our understanding of magnetism. Published in Nature, the study discusses the identification of a new type of fundamental magnetism, named ‘altermagnetism,’ with significant implications for the field of spintronics. Previously, the magnetic family consisted of two main branches: ferromagnetic and antiferromagnetic. The discovery of altermagnetism adds a third branch, marking a pivotal advancement in our comprehension of …

Read more

Electric Vehicle Giant Raises Model Y Prices in Europe Overnight after Teasing Cybertruck: Is This Good News for ?

by

BERLIN, GERMANY – Electric vehicle manufacturer Tesla has raised the prices of its Model Y in some European countries, just weeks after reducing prices in the region and temporarily lowering prices in the United States. The company increased the Standard Range+ Model Y price in Germany by 2,000 euros to 44,990 euros. Meanwhile, the prices for the Long Range and Performance variants were raised by 2,500 euros, reaching 52,490 euros and 58,490 euros, respectively. This …

Read more