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Amazon-Backed Rivian Surges 13% After Announcing Cheaper New SUV
"Shares of Rivian Automotive surged 13% on Thursday," reports CNBC, "as the EV maker unveiled three new vehicles and announced more than $2 billion in savings related to pausing construction on a plant in Georgia." CNBC notes that Rivian's current vehicles "start at roughly $70,000 and can top $10...
"Shares of Rivian Automotive surged 13% on Thursday," reports CNBC, "as the EV maker unveiled three new vehicles and announced more than $2 billion in savings related to pausing construction on a plant in Georgia. "Especially if it qualifies for the $7,500 EV tax credit," adds the Verge:"Seven percent of new vehicle sales are electric," [Rivian founder and CEO RJ] Scaringe notes.... "The reality is that Tesla continues to be wildly successful, and we want to pull from that 93 percent that haven't made the jump to pure EV, because the form factor didn't fit their lifestyle." More from CNBC: The announcements come at a crucial time for Rivian as it attempts to expand its customer base amid slower-than-expected EV sales in the U.S. after automakers flooded the first-adopter market with pricey all-electric vehicles in recent years.
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