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EV maker Rivian’s stock is plummeting Thursday after revealing plans to issue $1.5 billion in convertible debt. In connection with the offering, Rivian also released preliminary third-quarter revenue.

After beating expectations earlier this week, delivering 15,564 electric vehicles in the third quarter, Rivian’s stock is sinking Thursday.

Rivian said in a new 8K filing that it plans to offer $1.5 billion in green convertible senior notes. The convertible debt is due in 2030.

The fundraising comes one day after CEO RJ Scaringe told CNBC’s “Squawk Box that Rivian was focused on deploying capital efficiently and is “very comfortable with the fact that we’ve maintained a strong balance sheet.”

Scaringe avoided the question as to whether Rivian would need to raise funds before introducing its next-gen R2 products.

“What we’re going to see is a very clear staircase or set of steps that get us to profitability as a business,” Scaringe explained in the interview.

Rivian-stock-plummeting
Rivian R1S (Source: Rivian)

Rivian’s stock plummeting on cash raise plans

Rivian’s loss per vehicle has been improving each quarter as it ramps production. In the second quarter, Rivian lost $32,594 on every vehicle it delivered. Although it is still a large deficit, it’s a 50% improvement from Q1’s loss per vehicle of $67,329.

Rivian-stock-plummeting
Rivian loss per vehicle

Rivian has delivered 36,150 electric models through the first nine months of the year and is on track to build 52,000 units this year.

Q3 ’22 Q4 ’22 Q1 ’23 Q2 ’23
Rivian loss per vehicle $139,277 $124,162 $67,329 $32,594
Rivian loss per vehicle by quarter

The EV maker ended the second quarter with around $9.2 billion in cash. Scaringe explained in the interview this week that with ambitious growth plans, Rivian “does not want to be capital-constrained.”

Rivian also released preliminary third-quarter results indicating between $1.29 billion and $1.33 billion in revenue. The results align with the Wall St consensus of around $1.3 billion.

Rivian-stock-plummeting
Rivian stock chart 12 months (Source: TradingView)

The convertible debt could dilute shareholders, which is likely why Rivian’s stock plummeted over 18% Thursday.

Rivian’s stock is now down over 45% in the past 12 months and over 88% from its all-time high shortly after going public two years ago. The EV maker will release final third quarter financials on November 7.

Electrek’s Take

A nearly 20% drop on a $1.5 billion convertible debt offering seems like an overreaction. Investors fear potential dilution as Rivian accelerates growth.

However, unlike many other startups, Rivian has a clear product roadmap and growth strategy. It will likely be able to repay the debt in another seven years, which may not be the case with other EV startups offering convertible notes.

Rivian has ambitious plans to expand as it ramps up production of three different electric vehicles: the R1T, R1S, and electric delivery van (EDV). In the meantime, it’s preparing for a new generation of EVs.

After introducing its in-house Enduro drive units and LFP battery packs, Rivian’s input costs are decreasing. The EV maker has been leveraging fixed costs while working to improve efficiency.

Check back for more info next month, as Rivian’s Q3 earnings will give us a better picture of the EV maker’s financial situation.

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Lotus Cars quietly updates its 900+ hp Eletre and Emeya EVs for 2026

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Lotus Cars quietly updates its 900+ hp Eletre and Emeya EVs for 2026

Lotus Cars’ compelling, high-performance electric sports sedan and SUV received a number of fresh updates earlier this week, but packs superior infotainment tech, styling tweaks, and (of course) a mind-bending 905 electric horsepower. (!)

I haven’t checked the numbers, but I’d bet a dollar or three that Tesla moves more cars in a good week than Lotus sells in a year. Still, Lotus has managed to preserve its reputation as a maker of truly engaging drivers’ cars. Its latest EVs, the Emeya sedan and Eletre SUV, are generally regarded as dynamic, exhilarating machines that credibly carry Colin Chapman’s yellow badge.

For 2026, though, the Chinese versions of the updated Lotus EVs have black badges (the UK versions were announced back in April), but the new doesn’t stop there.

The next update on the list is the addition of 22″, 10-spoke ultralight alloy wheels across the entire Eletre lineup. Both the 600 and 600 SE variants retain last year’s 6-piston fixed front and floating rear brake calipers, while the top-tier 900 model gets a high-performance, 10-piston, carbon-ceramic braking system that’s more than capable of hauling the Eletre SUV down from speed, lap after lap.

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They’ll need those brakes, too – because these things are fast, and getting faster with seemingly every new software update. “Things can always go faster,” reads the official Lotus copy. “The new Eletre and Emeya ‘900’ provide unmistakable evidence, representing superlatives in terms of performance. Both rely on a 675 kW (~915 hp) strong dual-motor powertrain.”

Both Lotus 900s can put that power to the ground effectively enough to rocket from 0-62 mph (100 km) in a well under 3.0 seconds on their way to an electronically-limited top speed of 155 mph (256 km/h) in the Eletre, and 160 mph (265 km/h) in the Emeya. The 600s aren’t exactly slow, either, packing 405 kW electric motors (~600 hp) good for 0-60 times in the mid 4s.

Inside, the Eletre and Emeya designs carries over without major changes. Lotus enhanced the features list on various trims. The 600 models now include 12-way power-adjustable front seats with heating and ventilation, as well as 15-speaker audio systems from KEF. The 600 SE further adds a PDLC smart panoramic sunroof, 20-way power-adjustable front seats, front seat massage function, and active rear-wheel steering.

CarNewsChina reports that the updated 900 model builds upon the 600 SE’s new offerings with an intelligent, active anti-roll control suspension system.

Pricing for the 2026 Lotus EVs starts at 538,000 yuan (74,800 USD) in China, and climbs to over 838,000 yuan (116,500 USD) for the top-shelf Lotus Eletre 900 SUV. All models carry the same two-speed transmission and 112 kWh battery (102 kWh in the UK), good for up to 610 km (~375 miles) of driving between charges.

No word yet on if or when these updates will make it to America.

Electrek’s Take


It wasn’t that long ago that a 900+ hp car was a cammy, rough-riding mess of a machine that you could barely take through a drive thru, but could probably land on the cover of a car magazine. Today, that same 900 hp in a quiet, smooth, reliable EV hardly generates a headline. And, almost in defiance of the “everything just keeps getting more expensive” truism, these mind-bending supercars can be had for less than what cars like this used to cost with gas engines and a third of the power.

How far we’ve come!

SOURCE | IMAGES: Lotus Cars, via CarNewsChina.


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E-quipment highlight: 50 kW portable DC fast charger from Lincoln Electric

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E-quipment highlight: 50 kW portable DC fast charger from Lincoln Electric

The welding equipment experts at Lincoln Electric know a thing or two about high-voltage equipment. Now, they’re bringing that electrical expertise to a whole new market with a portable, self-contained, 50 kW DC fast charger designed to deliver a quick shot of range and get stranded drivers back on the road.

Lincoln Electric’s Velion 50 kW DC fast charger is pitched as a durable, compact mobile charging unit that’s perfect for tow truck operators and construction fleets dealing with vehicles and fleet assets that couldn’t quite make their way back to a charger. So, you’re looking at this and thinking of one of those red, 5-gallon gas tanks that helps get drivers off the highway and to the next exit, congratulations: you get it!

“[Velion is] Designed for flexible, mobile use,” said Bruce Chantry, Vice President, Electric Vehicle Solutions at Lincoln Electric, during a buzzword-packed introduction of the new machine. “Designed in collaboration with the market and leveraging decades of expertise in power electronics, our solution is engineered to provide the flexibility customers need today, with a future-ready design to meet the demands of tomorrow.”

Designed, engineered, and assembled in the United States with over 70% domestic content, the Velion charger meets all National Electric Vehicle Infrastructure (NEVI) and Build America, Buy America (BABA) requirements.

LINCOLN ELECTRIC

Lincoln Electric plans to sell the Velion DCFC to municipal fleets and state highway agencies, first, and envisions it being deployed in tough environments like construction sites, emergency response arenas, and complex fixed fleet depots. Car dealerships, museums, and probably ambulances too, could benefit – but I’m sure that’s just scratching the surface.

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Watch the Lincoln Electric launch video for the Velion from earlier this summer, below, then let us know how you’d like to see a mobile fast charger get deployed in the comments section at the bottom of the page.

Lincoln Electric Velion DCFC


Velion 50 kW mobile charger; via Lincoln Electric.

The company hasn’t announced pricing or battery energy capacity (in kWh) for the new Velion, but I’d guess it’s something higher than 15 kWh, but less than 20. If you guys have a better guess, I’d love to hear it!

SOURCE | IMAGES: Lincoln Electric.


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How CATL is changing EV battery tech in Europe [Video]

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How CATL is changing EV battery tech in Europe [Video]

Electric vehicles have come a long way, but let’s be real—they still have their hangups: “range anxiety,” long charging times, and questions about safety and sustainability. But what if all those worries could be put to rest?

At IAA Mobility in Munich, CATL, one of the world’s biggest battery makers, unveiled a new technology that could revolutionize EVs.

Shenxing Pro: Go Far, Last Long

CATL debuted two versions of its next-gen Shenxing Pro battery. One is all about distance and durability. Picture this: a single charge gets you up to 758 km (or about 470 miles). That’s enough to drive from Houston to Memphis without a single stop. And it’s not just about the distance; this thing is built to last. It promises a lifespan of 12 years or 1,000,000 km, with only around 9% degradation after 200,000 km. That’s a huge leap from today’s EV batteries, which often lose up to 30% of their capacity over the same period.

Fast Charging, Even When It’s Freezing

Tired of waiting around for your car to charge? The second version of the Shenxing Pro is for you. It’s the Super Fast Charging model, designed to get you back on the road in minutes. CATL says it can add a whopping 478 km of range in just 10 minutes under perfect conditions. And here’s the best part: it holds its own in the cold. We all know how much cold weather messes with most EV batteries, but the Shenxing Pro still delivers up to 410 km of range in just 20 minutes at a chilling -20°C. That’s better than many EVs perform in normal temperatures!

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No Propagation 3.0: Safety First

Safety is a top concern with EV batteries, especially the risk of thermal runaway—that’s when one cell overheats and triggers a dangerous chain reaction. CATL’s new No Propagation 3.0 platform is engineered to stop that domino effect cold. It uses special fireproof coatings and a cell structure that quickly cools down and relieves pressure. In the rare event of a problem, the battery can still provide stable power for over an hour. That extra time is a lifeline, giving drivers the chance to get to safety and ensuring critical systems like advanced driver-assistance features stay online when you need them most.

Getting Greener, At Scale

CATL is also tackling the sustainability issue head-on. Through a new initiative called the Global Energy Circular Commitment (GECC), they aim to cut the use of new raw materials by half over the next two decades. They’re already a leader in this space, operating the world’s largest battery recycling network. Since 2024, they’ve recycled over 130,000 tons of used batteries, recovering 99.6% of crucial metals like nickel, cobalt, and manganese.

The Whole Package

What’s so impressive about the Shenxing Pro isn’t just one feature—it’s everything working together. By improving range, charging speed, safety, and sustainability all at once, CATL isn’t just fixing a single problem; they’re taking on the biggest obstacles to widespread EV adoption. If these batteries live up to the hype, the next wave of EVs could be more efficient, more reliable, and a whole lot greener.

The bottom line? CATL’s latest battery tech in tandem with other commitments could prove to be the building blocks for the next wave of EVs in Europe and beyond.

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