Stellantis reported high margins, and a good showing in North America led them to a record first half of the year despite supply issues. Adjusted earnings before interest and tax rose 44%. The company's plan to double revenue by 2030 includes a bold electrification strategy and shaping the company into a sustainable mobility tech company.
Nissan didn't have quite as positive an experience with things. Like a road trip gone wrong, a lack of chips led to lower production and a 59% profit drop. Among the challenges facing the entire industry, Nissan is still suffering the effects of a financial misconduct case from 2018 centered on former exec Carlos Ghosn. COO Ashwani Gupta says Nissan will invest in building resilience by restructuring its supply chain and inventory levels.
Rivian's Yo-yo continues to do what yo-yos do. Now Amazon has reported a $3.9b loss on its investment in the EV maker, while Rivian announces laying off 6% of its workers. The company says the layoffs will put it in a position to ramp up consumer and commercial production, develop future models, deploy its go-to-market program, and optimize spending.