Connect with us

Published

on

EV maker Rivian’s (RIVN) Q1 EV deliveries were about flat from the fourth quarter as preparations began at its Normal, IL plant to cut costs. Despite deliveries falling slightly from Q4, Rivian beat Wall Street’s expectations and confirmed full-year production guidance.

Rivian’s Q1 2024 EV deliveries and production results

Rivian announced first-quarter 2024 production and delivery numbers Tuesday as the EV startup prepares to cut costs at its manufacturing plant.

The company produced 13,980 EVs, down from 17,541 in Q4. Rivian delivered 13,588 vehicles during the quarter, down slightly from the 13,972 handed over last quarter.

Although production fell QoQ, Rivian still beat Wall St expectations of around 13,800 and its prior guidance of 13,500. The EV maker also beat delivery estimates for the quarter.

Rivian announced plans to shut down both consumer and commercial lines during Q2 at its Normal EV plant to introduce new tech and manufacturing practices to cut costs. The company lost around $43,372 for every vehicle it built in Q4.

Although $43K is still a significant loss, it’s down from the +$124K loss per vehicle in Q4 2022. Rivian, like many startups, is managing higher interest rates and inflation.

Q3 ’22 Q4 ’22 Q1 ’23 Q2 ’23 Q3 ’23 Q4 ’23
Rivian loss per vehicle $139,277 $124,162 $67,329 $32,594 $30,500 $43,372
Rivian loss per vehicle by quarter

As a result, Rivian announced it was cutting 10% of its salaried workforce in February. CEO RJ Scaringe said the move was to maximize the brand’s ability to make an impact and expand.

Rivian ended the quarter with $9.37 billion in cash and equivalents. The company revealed its smaller, more affordable R2 last month, which will start at around $45,000.

Rivian's-Q4-2023-deliveries
(Source: Rivian)

To accelerate its launch, Rivian is pushing back construction at its $5B facility in Georgia to launch production in Normal.

Rivian said the move will save $2.25B, enough to fund the company through the start of R2 production. The R2 will make its way overseas as Rivian expands into new markets.

Rivian-R2
Rivian R2 (Source: Rivian)

Due to the plant shutdown, Rivian expects production to remain flat this year at around 57,000. The company reaffirmed its guidance Tuesday.

After releasing Q1 deliveries and production results, Rivian’s stock is down over 3% in pre-market trading. Rivian shares are trading just ahead of their all-time lows at around $11. That’s down over 65% from this time last year.

Rivian's-Q1-deliveries
Rivian (RIVN) stock chart over the past 12 months (Source: TradingView)

Rivian will release its first quarter financial results on May 7th, 2024 after the market close. Check back for more on the EV maker’s financial situation.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Tesla preps a remote control team for robotaxi – taking a page out of Waymo’s book

Published

on

By

Tesla preps a remote control team for robotaxi - taking a page out of Waymo's book

Tesla has confirmed through a new job listing that it plans to establish a ‘teleoperation’ team to remote control its upcoming robotaxi fleet.

It’s something that Tesla really needs in order to deliver a robotaxi service, and something that market leader Waymo has already deployed.

Waymo and Tesla have widely different approaches to self-driving.

The former is using a variety of sensors from cameras to lidars and operates its self-driving ride-hailing service, which is already commercially available in several markets, in geo-fenced areas that are mapped.

As for Tesla, the automaker relies entirely on cameras and neural networks, which it plans to train to the level of being capable of operating anywhere autonomously.

Tesla CEO Elon Musk has often dismissed Waymo’s strategy as “not being scalable” due to the mapping and geo-fencing issues.

But now there’s one thing that Tesla is taking from Waymo’s approach: teleoperation.

Waymo can be a bit vague when talking about the level of teleoperation with its vehicles, but we know that the vehicles can send a “stuck” alert and a team of remote Waymo employees can debug them.

Now, Tesla is also establishing a teleoperation team, according to a new job listing:

Tesla AI’s Teleoperation team is charged with providing remote access to our robotaxis and humanoid robots. Our cars and robots operate autonomously in challenging environments. As we iterate on the AI that powers them, we need the ability to access and control them remotely. This requires building highly optimized low latency reliable data streaming over unreliable transports in the real world. At Tesla, we control the entire hardware and software stack, end to end. Our goal is to integrate our hardware, firmware and backend expertise to achieve a cutting-edge system. Our remote operators are transported into the device’s world using a state-of-the-art VR rig that allows them to remotely perform complex and intricate tasks. Working with hardware teams, you will drive requirements, make design decisions and implement software integration for this custom teleoperation system.

The job is specifically for C++ Software Engineer and the main responsibility is to develop the application that the remote operators will use to assist the robotaxis.

Tesla claims that it will start deploying fleets of robotaxis in California and Texas in Q2 2025.

As for the humanoid robots, Tesla has already started to use them for simple tasks in its manufacturing facilities, but that’s expected to ramp up next year.

Electrek’s Take

This should enable Tesla to launch a service similar to Waymo without having to achieve a “superhuman level of miles between disengagement.”

However, it wouldn’t be exactly what Tesla promised: level 5 full autonomy.

Again, it would enable a similar service that Waymo has been offering for years. To be clear, I’m not against it. It will help Tesla deliver a useful robot ride-hailing service.

It will also be interesting to learn the level of teleoperation Tesla plans to deploy. For example, Waymo has confirmed that its remote team can answer questions from its vehicles to help unstuck them, but it’s not clear if they can actually be remotely operated.

Tesla did lose some credibility on that front after its ‘We, Robot’ event after it didn’t disclose that it’s robots at the event were remotely control before demonstrating them.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Tesla (TSLA) introduces new direct discount in China at critical time

Published

on

By

Tesla (TSLA) introduces new direct discount in China at critical time

Tesla (TSLA) has introduced a new direct discount for the Model Y in China as the latest of a series of incentives to boost demand during this critical end-of-quarter push.

The automaker regularly offers discounts at the end of every quarter, but the incentives to boost demand have been the most wide-ranging ever this quarter.

Over the last month, we have been documenting the many sale incentives and discounts that Tesla has put in place to ensure it creates the demand for a record quarter.

Tesla aims to deliver a record number of more than 515,000 vehicles in Q4 in order for its sales not to be down for the whole year. That’s ~30,000 more vehicles than Tesla’s last record quarter, which was Q4 2023.

In Europe, the incentives include a year of free Supercharging and heavy discounts on inventory vehicles.

In the US, there are also good inventory discounts, 3 months of free Supercharger and Full Self-Driving subscription, FSD transfer, and more.

More recently, Tesla also slashed the lease price of the base Model Y and even offered discounted home charging under Tesla Electric for those taking delivery of new vehicles.

And everywhere, Tesla is heavily subsidizing loans with lower interest rates. That has been the main incentive in China, Tesla’s biggest market, until now.

Tesla’s New Discount in China

Today, Tesla announced that it is offering a ¥10,000, the equivalent of $1,380 USD, discount on the final payment for new Model Y vehicles:

The new discount can be combined with Tesla’s subsidized 0% interest financing, which has been Tesla’s main incentive in China all year.

Electrek’s Take

Based on insurance data, Tesla is tracking ahead of last year’s deliveries in China, but it is going to need to beat its last record by a significant margin to make sure not to be down for the whole year.

Model Y is Tesla’s most popular vehicle, but Tesla is also going against the expectation of the design refresh coming early next year, which can negatively affect demand.

This discount is likely to combat that and maintain Tesla’s current good momentum in China.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Update: Hyundai and Kia are now recalling more than 200K EVs

Published

on

By

Update: Hyundai and Kia are now recalling more than 200K EVs

We now have more details on the massive recall, which just keeps growing. Hyundai and now Kia are recalling more than 208,000 electric vehicles in Canada and the US to fix a problem with the loss of driving power, which can increase the risk of a crash.

For the second time this year, the automakers are recalling huge swathes of EVs and other “electrified” vehicles in North America, citing concerns about a loss of driving power, the National Highway Traffic Safety Administration (NHTSA) said on Friday.

In the US, Hyundai is recalling 145,235 EVs, including the 2022 through 2024 Ioniq 5, the 2023 through 2025 Ioniq 6, GV60 and GV70, and the 2023 and 2024 G80. In Canada, Hyundai is recalling 34,529 vehicles that were produced between March and November of this year, according to Automotive News Canada.

As for Kia, the recall includes close to 63,000 Kia EV 6 vehicles from 2022 through 2024 in the US, but the company has yet to offer details on its Canada recall.

Kia-EV-sales-goal
Kia EV6 (Source: Kia)

It looks like the issue stems from “the integrated charging control units in these vehicles, which may become damaged and fail to charge the 12-volt battery. This malfunction could lead to a complete loss of drive power, posing safety risks for drivers,” the NHTSA stated.

Back in March, Hyundai, Kia, and Genesis issued a similar recall for 147,110 electric vehicles – that recall centered, again, around damaged integrated charging control units failing to charge the battery.

The South Korea automaker has said that all owners of affected vehicles will be notified by letter mail on the next steps to take. This will involve bringing your vehicle to one of the company’s dealers to inspect and replace the charging unit and its fuse if necessary, along with performing a software update for the charging units.

2025-Hyundai-IONIQ-5-prices
2025 Hyundai IONIQ 5 (Source: Hyundai)

Importantly, no crashes, injuries, fatalities, or fires due to this issue have been reported in the US or Canada, Hyundai reported.


If you’re an electric vehicle owner, charge up your car at home with rooftop solar panels. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing on solar, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending