Following a big second quarter, Rivian’s CEO and founder, RJ Scaringe, believes the best is yet to come. Scaringe says Rivian’s supply chain is coming together, allowing for more predictability regarding production.
Rivian hits a turning point in Q2 EV production
Rivian hit a “turning point” in the second quarter, crushing estimates by delivering 12,640 and producing nearly 14,000 electric vehicles.
After a slow start to the year, building 9,395 EVs in the first quarter, Rivian said it was as expected due to revamping its electric delivery van (EDV) assembly line to accommodate its new in-house Enduro drive units and LFP battery packs.
Rivian said the move would help boost EV output throughout the year with simplified production and operational efficiency.
The EV maker reaffirmed that it’s on track to deliver on its 50,000 annual production guidance, up from just short of 25,000 last year.
Speaking with BloombergTV, Scaringe explained the complexity behind launching three different products simultaneously (R1T, R1S, and EDV). Launching and scaling one production is challenging, but launching three is extremely complicated.
Rivian R1T (Source: Rivian)
As a result, Rivian “felt it last year” with parts shortages and other unforeseen hurdles, but as Scaringe describes, “what we saw in Q2 was the beginnings of the supply chain really running in a healthy way.”
Scaringe gave an example for the first time during a board meeting where its supply chain slide had no red on it. He says the supply chain is “healthy” and keeping up with production.
With newfound visibility over its supply chain, Rivian is running its manufacturing facility in Normal, Illinois, “as intended.” Having this supply chain confidence, Rivian says, makes it easier to predict production abilities.
Rivian R1S (Source: Rivian)
Knowing “all the unknowns” that still exist, Rivian is sticking to its 50K production goal rather than overpromising results.
Rivian’s CFO Claire McDonough explained during an interview with Deutsche Bank last month that the EV maker would prioritize R1S production through the second half of the year after seeing a “robust backlog of preorders that extends into 2024.”
Rivian EDVs expand into Europe with Amazon
In an exciting milestone, Rivian’s EDVs are beginning to roll out across Europe in collaboration with Amazon. The electric vans are specifically designed for city travel across Europe, with a shorter, thinner design than the US version.
Rivian EDV for European markets (Source: Rivian)
The first 300 are set to hit the streets of Munich, Berlin, and Dusseldorf in the coming weeks. Amazon says hitting its goal of having 100,000 electric delivery vans deployed globally will help cut millions of metric tons of carbon per year.
Scaringe says introducing its EDVs in Europe is “the beginning of opening up the European market for our products” with highly predictable plant service and delivery intervals.
Rivian stock is up over 40% this past month following the positive momentum, but shares are still down over 80% from their all-time highs after going public in November 2021.
FTC: We use income earning auto affiliate links.More.
A fully electric Isuzu pickup truck? That’s right. The D-MAX EV is Isuzu’s first electric pickup, and it will be rolling in the next few months. After kicking off mass production, Isuzu said the new EV pickup will “match the performance of existing diesel models,” boasting high towing capacity and payload.
Isuzu’s first electric pickup is launching in 2025
Isuzu announced on Tuesday that the D-MAX EV has officially entered mass production. The company has started building left-hand drive models, which will be shipped to Europe in the third quarter of 2025.
By the end of the year, production of right-hand drive models will begin for the UK, with sales expected to start in 2026.
The electric pickup is nearly identical to Isuzu’s popular gas-powered D-MAX, but swaps the diesel powertrain for a pair of electric motors. The D-MAX EV features new e-Axles, one on the front and the other at the rear, for a full-time 4WD system.
Advertisement – scroll for more content
The dual-motor powertrain enables it to match the performance of existing diesel models, with a combined 188 hp (140 kW) and a maximum torque of 240 lb-ft (325 Nm).
It can also tow over 7,700 lbs (3,500 kg) with a maximum payload of over 2,200 lbs (1,010 kg). That’s about the same as the D-MAX diesel, which has a 3,500 kg towing capacity and a payload capacity of up to 1,200 kg.
Powered by a 66.9 kWh battery, Isuzu’s first electric pickup boasts a driving range of up to 263 km (162 miles) on the WLTP. In the city, it can have a driving range of up to 224 miles (361 km).
Isuzu D-Max EV specs
Drive System
Full-time 4×4
Battery Type
Lithium-ion
Battery Capacity
66.9 kWh
Max Output
130 kW (174 hp)
Max Torque
325 Nm
Max Speed
Over 130 km/h (+80 mph)
Max Payload
1,000 kg (+2,200 lbs)
Max Towing Capacity
3.5t (+7,700 lbs)
Isuzu D-Max EV electric pickup specs
Built for on and off-road performance, the rugged electric pickup features over 8″ (210 mm) of ground clearance with a wading depth of nearly 24″ (600 mm).
Although prices have not been announced, the D-MAX EV is expected to start slightly higher than the diesel model, which has a base price of around € 36,500 ($41,600).
Isuzu’s popular D-MAX is sold in over 100 countries, including Europe, Asia, the Middle East, and Central and South America. The electric version will arrive in Europe in the next few months, followed by the UK and other regions in 2026.
The electric D-MAX will compete with the Toyota Hilux, Ford Ranger, and other electric pickups, such as Geely’s Radar R6, BYD’s Shark, and Ford’s F-150 Lightning.
FTC: We use income earning auto affiliate links.More.
For the first time in five years, a Tesla insider required to report Tesla stock transactions bought stocks rather than selling them.
But the transaction is so small that it makes the whole situation hilarious.
Insiders in public companies are top executives and board members who are required to report to the SEC any transaction related to the company’s stock.
For Tesla, it has become a running joke that insiders only sell, never buy the stock.
Advertisement – scroll for more content
This has been true without exception for years.
We don’t know as much about executives as Tesla has a very short top executive bench who are required to file transactions. However, when it comes to its board members, they have been selling at an impressive rate.
However, we now have confirmation that a Tesla board member is buying, rather than selling.
Joe Gebbia, the Airbnb co-founder who joined Tesla’s board in 2022, confirmed that he bought 4,000 shares in Tesla last week worth about $1 million:
Electrek’s Take
Gebbia is estimated to be worth over $7 billion. Therefore, his purchase of $1 million worth of Tesla stock would be equivalent to my buying a fractional share in Tesla.
Furthermore, the disclosure confirmed that despite being on the board for the last 3 years, Gebbia owned only 111 shares in Tesla before the transaction.
That’s quite the show of confidence in Tesla.
Thie whole situation with the board is disappointing. Tesla’s core business is melting. The company reported its worst quarter in years last week, and the stock surged 20%.
None of it makes any sense.
The board is sitting on its hands while the most powerful force accelerating the advent of electric transport is being destroyed in favor of nonsensical predictions about the potential of solving self-driving and humanoid robots.
FTC: We use income earning auto affiliate links.More.
Venmo, long a centerpiece of PayPal‘s growth story but often criticized for its lack of monetization, is becoming a bigger contributor to the business.
PayPal said Tuesday in its first-quarter earnings release that revenue at Venmo increased 20% year-over-year in the first quarter, though the company didn’t provide a dollar figure. PayPal acquired Venmo in 2013 through the acquisition of parent company Braintree.
While it’s long been a popular consumer service for sending money to friends, Venmo’s ability to drive meaningful revenue has been a major question mark for investors, especially as competition from rivals like Zelle and Square Cash has intensified.
Venmo’s total payment volume rose 10% from a year earlier, but revenue grew twice as fast, reflecting the business opportunity. Venmo only gets revenue from specific products like Pay with Venmo at online checkout, Venmo debit cards, and instant transfers, but not from peer-to-peer payments.
Read more about tech and crypto from CNBC Pro
Ahead of the earnings report, Jefferies analysts noted that Venmo revenue growth appeared to be “accelerating sharply” and flagged its rising contribution to branded checkout as a key area to watch. Compass Point analysts similarly said that while competition from Zelle and Square Cash remains fierce, Venmo’s traction with debit cards and online checkout could “open up new monetization avenues” if adoption trends continue.
The company added nearly 2 million first-time PayPal and Venmo debit card users during the quarter, and total debit card payment volume across PayPal and Venmo climbed more than 60%. Meanwhile, Pay with Venmo transaction volume surged 50% year over year, and Venmo debit card monthly active users grew about 40%.
PayPal reported better-than-expected earnings for the quarter but missed on revenue. The company reaffirmed its full-year guidance, citing macroeconomic uncertainty.