Rivian hires former Porsche Cars North America CEO as COO to steer business growth
EV maker Rivian (RIVN) announced Friday it has hired Dr. Kjell Gruner as chief commercial officer (COO) and president of business growth. Gruner brings over 25 years of auto experience to Rivian, most recently serving as CEO of Porsche Cars North America.
Rivian hires ex-Porsche, Mercedes-Benz exec as COO
Gruner started at Rivian on Friday and will report directly to CEO RJ Scaringe. He will oversee the EV maker’s commercial operations, such as sales, marketing, delivery, service, fleet, and delivery.
The executive has over 25 years of experience, including at Porsche and Mercedes-Benz/Daimler.
Before joining Porsche Cars North America, Gruner was Porsche’s global vice president of marketing and chief marketing officer. At Porsche, Gruner oversaw global brand development, including marketing and product.
Prior to that, Gruner worked as the director of strategy at Mercedes-Benz Cars for over six years. He also serves on the board of LiveWire, the electric motorcycle division of Harley-Davidson.
Scaringe commented on the hiring, saying:
We are very happy to welcome Kjell to the Rivian team as Chief Commercial Officer and President, Business Growth. We will rely on Kjell’s talent and experience as we position ourselves for growth domestically and internationally, the launch of a new platform in R2 at a new facility, and the continued success of our commercial vehicle line. I look forward to working closely together as we tackle this next great wave of opportunity.
Gruner joins Rivian at a critical time as the EV maker ramps up production and works to increase profitability.
Rivian crushed expectations in the second quarter, delivering 12,640 models while producing 13,992 EVs at its Normal, Illinois facility. In addition, its electric delivery vans, used by Amazon, arrived in Europe in July, spearheading the EV maker’s international expansion.
The EV maker introduced its in-house Enduro drive units, with Rivian’s cheaper “Dual Motor” and “Performance Dual Motor” appearing in the R1 shop in July.
The new in-house components are helping to streamline production while reducing expenses. Rivian said the Enduro drive units and LFP battery packs have reduced input costs on its EDV by roughly 25%.
Rivian’s gross profit per vehicle improved by $35,000 during the second quarter as the EV maker worked to increase profitability.
Overall, the EV maker’s losses continue to shrink with a net loss of (-$1.12 billion) in Q2 compared to (-$1.7 billion) last year and (-$1.4 billion) last quarter. After the strong performance, Rivian raised its production guidance for the year to 52,000 units.
Electrek’s Take
Gruner is joining Rivian as the EV maker hits a “turning point” in production. Wedbush analyst Dan Ives, known for his Tesla coverage, said Rivian was hitting “a major turning point” after Q2, raising his price target as a result.
More recently, Ives said he sees Rivian as “one of the core EV players over the next decade.” Gruner brings valuable marketing and brand development experience from Porsche and Mercedes-Benz that can help Rivian as it expands the brand during a crucial period.
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The Stripe logo on a smartphone with U.S. dollar banknotes in the background.
Budrul Chukrut | SOPA Images | LightRocket via Getty Images
Stripe cut 300 jobs, representing about 3.5% of its workforce, mostly in product, engineering and operations, CNBC has confirmed.
The payments company, valued at about $70 billion in the private markets, still expects to increase headcount by 10,000 by the end of the year, which would be a 17% increase, and is “not slowing down hiring,” according to a memo to staff from Chief People Office Rob McIntosh. Business Insider reported earlier on the cuts and the memo.
A Stripe spokesperson also confirmed to CNBC that a cartoon image of a duck with text that read, “US-Non-California Duck,” was accidentally attached as a PDF to emails sent to some of the employees who were laid off. Some of the emails mistakenly provided affected employees with an incorrect termination date, the spokesperson said.
McIntosh sent a follow-up email to staffers apologizing for the “notification error” and “any confusion it caused.”
“Corrected and full notifications have since been sent to all impacted Stripes,” he wrote.
In 2022, Stripe cut roughly 1,100 jobs, or 14% of its workers, downsizing alongside most of the tech industry, as soaring inflation and rising interest rates forced companies to focus on profits over growth. The Information reported that Stripe had a few dozen layoffs in its recruiting department in 2023.
Stripe’s valuation sank from a peak of $95 billion in 2021 to $50 billion in 2023, before reportedly rebounding to $70 billion last year as part of a secondary share sale. The company ranked third on last year’s CNBC Disruptor 50 list.
In October, Stripe agreed to pay $1.1 billion for crypto startup Bridge Network, whose technology is focused on making it easy for businesses to transact using digital currencies.
Brothers Patrick and John Collison, who founded Stripe in 2010, have intentionally steered clear of the public markets and have given no indication that an offering is on the near-term horizon. Total payment volume at the company surpassed $1 trillion in 2023.
WATCH: Early Bridge investor weighs in on $1.1 billion Stripe deal
Thinking about upgrading your EV? Rivian (RIVN) launched a new promo on Tuesday, offering up to $6,000 to upgrade your R1S or R1T. Here’s how you can snag some savings.
Rivian R1S and R1T upgrade deal offers up to $6,000
Rivian delivered over 51,500 vehicles last year as the EV maker gains momentum. Although it was only slightly higher than the ~50,100 delivered in 2023, Rivian is expected to see even more growth this year.
After shutting down its Normal, IL manufacturing plant last April and renegotiating supplier contracts, Rivian has seen “significant cost improvements,” according to CEO RJ Scaringe.
Rivian also began delivering its next-gen R1S and R1T models last year. The new Large and Max battery packs have redesigned modules and more efficient packaging, “making them easier to manufacture and service.” For example, Rivian’s new EVs use seven ECUs, down from 17 in the first-generation R1T and R1S.
With new plant upgrades, reworked supplier contracts, and more efficient vehicles, Rivian is now passing the savings on to customers.
Rivian introduced a new promo on Tuesday, offering up to $6,000 to upgrade your R1T or R1S. The bonus amount varies by trim:
- Tri with Max battery: $6,000 USD / CAD 8,600
- Dual with Max battery and Performance upgrade: $4,500 USD / CAD 6,500
- Dual with Max battery: $3,000 USD / CAD 4,300
The offer is for current R1T or R1S owners or lessees in the US and Canada. Rivian launched the new promo on January 21, and it runs through March 31, 2025.
After you purchase or lease a qualifying vehicle, Rivian will apply a discount toward the MSRP. You must take delivery by March 31, 2025. In the fine print, Rivian stated, “You must request a trade-in estimate to qualify for this offer, but trade-in of a vehicle is not required.”
Any other models are excluded from the offer. These include Dual Standard configurations, Dual with Large battery configurations, custom builds, demo vehicles, and pre-owned vehicles.
The new offer follows Rivian’s previous upgrade promo introduced last October, giving qualifying gas-powered vehicle owners or lessees up to $3,000.
Check out the Rivian R1 Shop to view eligible models. You can see eligible Rivian R1S here and R1T models here.
Electrek’s Take
Rivian’s R1S was already the tenth best-selling electric vehicle in the US last year, with nearly 27,000 models sold. With more driving range and power at a lower cost, the electric SUV could see even more demand in 2025.
Then again, with the arrival of new luxury electric SUVs, like the Jeep Wagoneer S and Volvo EX90, Rivian will face more competition in the US.
Rivian’s latest promo comes as the Company looks to carry the momentum from the end of 2024 into the new year. The EV maker is offering other deals, including 1.99% APR for 60 months on the R1 Dual with a Max Battery and Performance upgrade.
Even if you are not eligible for the promo, we can still help you find deals on Rivian’s electric SUV in your area. You can use our links below to view offers on the Rivian R1S and R1T near you today.
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