Rivian's earnings report is out; they did not hit the jackpot. In Q4, the company lost $1.7B after earning $663M in revenue, resulting from 8,054 deliveries. The company lost $6.8B for the full year but will begin delivering 400-mile Max Pack EVs soon, which should translate to a revenue lift in 2023.
You’re the best… around! While the year’s financials were unsurprisingly humble, Rivian did recently top industry leader, Tesla, in JD Power’s EV satisfaction survey. Since a lot of the EV game revolves around beating Tesla, it seems Rivian still has some dawn in them yet.
Ford's battery saga continues. The supplier related to the recent battery fire incident says it was not caused by a defect that may appear in multiple batteries but was a rare one-time occurrence. The South Korean supplier is working with Ford to find the root cause, but both companies agree that customers in possession of a Lightning EV should not worry.
Bring it on home. A patent application last week shows Ford working to automate repossessions. The process first lets customers know of late payments that if ignored, will deactivate functions or lock the vehicle completely. The system could then automatically move the vehicle somewhere convenient for a tow truck to retrieve it. Of course in case of a medical emergency, the automated system could also take somebody to the hospital or to an EMS meeting point.
General Motors is cutting 500 salaried positions. A month after telling investors no layoffs were planned, the company is following the trend of protecting profit by tightening headcount costs. Cuts will affect multiple departments and be based on performance.
Stand by your brand. No brand is perfect, but some loyal customers see past the flaws. Studies show GM and Tesla are on top of the S&P Global mobility report on customer loyalty for 2022. GM won best performance for multiple brands, while Tesla took Ford’s 12 year spot as number one for specific brands.