Future Outlook: Despite price surges & cancellations, the Rogue Electric Vehicle Center's reopening hints at better delivery rates. Ford aims to offset its anticipated $4.5 billion EV losses in 2023.
"We heard people are really hurting for more affordable options... sooooo we made a fancier version of one of our priciest models... you're welcome."
Delivery Stats: 15,564 vehicles delivered (a 23% hike from Q2 2023).
Production: 16,304 vehicles were produced in its Normal, Illinois facility.
Stocks: Shares dipped over 2% on Monday.
2023 Target: Ambition to roll out 52,000 EVs, including Amazon delivery vans and the R1T & R1S models.
Financial Moves: Staff cut by 6%, $1.3 billion convertible notes sale, R2 platform launch deferred to 2026.
Cash Reserve: $10.2 billion as of June 30.
People get a little excited when they see an Amazon van, "What if my memory foam ALF slippers are in there??" and such. Rivian getting associated with that dopamine spike is a pretty great plan in the long haul.
📜 Biden's Fuel Economy Standards Proposal
Midjourney/ASOTU
Potential Impact: Hefty fines for auto giants as fuel economy requirements are increased
Fines Forecast: if the automakers do not keep up with the change.
General Motors: $6.5 billion
Stellantis: $3 billion
Ford & Volkswagen: Roughly $1 billion each
Council's Stance: The American Automotive Policy Council finds the penalties "alarming" and has petitioned the U.S. Energy Department for a "Petroleum Equivalency Factor" reassessment.
Compliance Cost: Detroit's big three could incur significantly higher per-vehicle compliance costs than other auto manufacturers.
This is one of those "rock and a hard place." situations where the consumers will either get better gas mileage OR higher prices to offset the cost of these fines. #SoManyOptions
