It's not just Tesla — Rivian's deliveries were down last quarter, too
Rivian Automotive's Q2 deliveries were also down. The company shared its production and delivery results on Wednesday. It delivered 10,661 vehicles in the quarter ending on June 30. That's a noticeable drop compared to the same time last year, when Rivian delivered 13,790 vehicles. Reuters reported a 22% decline.
Its stock dipped on Wednesday and closed down 4.45%.
The company shared that it produced 5,979 vehicles at its Illinois-based manufacturing facility during the last quarter. The company produced 9,612 vehicles during the same time in 2024.
"Production was limited during the second quarter in preparation for model year 2026 vehicles expected to launch later this month," the company said on Wednesday. "Production and delivery results for the quarter are in line with Rivian's outlook."
Rivian said it received a $1 billion equity investment from Volkswagen Group as part of a joint venture between the two companies.
Tesla, led by Elon Musk, also shared delivery numbers on Wednesday.
The company delivered 384,000 electric vehicles during its second quarter, which missed Wall Street analysts' expectations. It marks the largest quarterly decline in pure numbers in Tesla's history.
The electric vehicle industry faces headwinds as it navigates consumers' uncertainty and the fallout from President Donald Trump's tariffs.
Tariffs and consumer concerns aren't the only obstacles that could trip up the electric vehicle industry.
Trump's domestic tax and spending bill would also affect the clean energy sector. The bill, if passed and signed into law, could end the $7,500 EV tax credit on new leases and electric vehicle sales by the end of September, according to Reuters. Although Rivian didn't qualify for the tax credit, the company relied on a leasing loophole to utilize it. The potential loss of the tax credit could impact companies like Tesla, though.
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Associated Press
16 minutes ago
- Associated Press
House GOP clears key hurdle on Trump's big bill, pushing it closer to vote
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By nightfall, as pizzas and other dinners were arriving at the Capitol, the next steps were uncertain. Trump pushes Republicans to do 'the right thing' The bill would extend and make permanent various individual and business tax breaks from Trump's first term, plus temporarily add new ones he promised during the 2024 campaign. This includes allowing workers to deduct tips and overtime pay, and a $6,000 deduction for most older adults earning less than $75,000 a year. In all, the legislation contains about $4.5 trillion in tax cuts over 10 years. The bill also provides about $350 billion for defense and Trump's immigration crackdown. Republicans partially pay for it all through less spending on Medicaid and food assistance. The Congressional Budget Office projects the bill will add about $3.3 trillion to the federal debt over the coming decade. The House passed its version of the bill in May by a single vote, despite worries about spending cuts and the overall price tag. Now it's being asked to give final passage to a version that, in many respects, exacerbates those concerns. The Senate bill's projected impact on the nation's debt, for example, is significantly higher. 'Lets go Republicans and everyone else,' Trump said in a late evening post. The high price of opposing Trump's bill Johnson is intent on meeting Trump's timeline and betting that hesitant Republicans won't cross the president because of the heavy political price they would have to pay. They need only look to Sen. Thom Tillis, R-N.C., who announced his intention to vote against the legislation over the weekend. Soon, the president was calling for a primary challenger to the senator and criticizing him on social media. Tillis quickly announced he would not seek a third term. One House Republican who has staked out opposition to the bill, Rep. Thomas Massie of Kentucky, is being targeted by Trump's well-funded political operation. Democrats target vulnerable Republicans to join them in opposition Flanked by nearly every member of his caucus, Democratic Leader Jeffries of New York delivered a pointed message: With all Democrats voting 'no,' they only need to flip four Republicans to prevent the bill from passing. Jeffries invoked the 'courage' of the late Sen. John McCain giving a thumbs-down to the GOP effort to 'repeal and replace' the Affordable Care Act, and singled out Republicans from districts expected to be highly competitive in 2026, including two from Pennsylvania. 'Why would Rob Bresnahan vote for this bill? Why would Scott Perry vote for this bill?' Jeffries asked. Democrats have described the bill in dire terms, warning that Medicaid cuts would result in lives lost and food stamp cuts would be 'literally ripping the food out of the mouths of children, veterans and seniors,' Jeffries said Monday. Republicans say they are trying to right-size the safety net programs for the population they were initially designed to serve, mainly pregnant women, the disabled and children, and root out what they describe as waste, fraud and abuse. The package includes new 80-hour-a-month work requirements for many adults receiving Medicaid and applies existing work requirements in the Supplemental Nutrition Assistance Program, or SNAP, to more beneficiaries. States will also pick up more of the cost for food benefits. The driving force behind the bill, however, is the tax cuts. Many expire at the end of this year if Congress doesn't act. The Tax Policy Center, which provides nonpartisan analysis of tax and budget policy, projected the bill would result next year in a $150 tax break for the lowest quintile of Americans, a $1,750 tax cut for the middle quintile and a $10,950 tax cut for the top quintile. 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CNBC
21 minutes ago
- CNBC
European renewable stocks to watch as Trump's megabill hangs in the balance
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Yahoo
32 minutes ago
- Yahoo
Rupee slips, volatility expectations unruffled by looming tariff deadline
By Jaspreet Kalra MUMBAI (Reuters) - The Indian rupee declined on Wednesday as the dollar nudged higher ahead of closely watched U.S. economic data, with investors focused on prospects for trade deals ahead of a July 9 deadline. The rupee closed at 85.7025 against the U.S. dollar, down 0.2% on the day. Asian currencies declined as well, led by the Malaysian ringgit, which fell 0.7%. The dollar index was up nearly 0.3% and hovering just shy of the 97 handle. Stronger-than-expected U.S. economic data released on Tuesday offered mild support to the greenback with investors now awaiting a key non-farm payrolls report on Thursday and developments on bilateral trade negotiations. Despite the looming trade deadline, the rupee's very near-tenor implied volatility, a gauge of future expectations, was hovering a tad below its three-month average, indicating that traders are not yet pricing in the possibility of sharp swings in the near-term. U.S. President Donald Trump has said he was not considering extending the deadline for countries to negotiate trade deals but expects an agreement will be reached with India. While Trump has ruled out an extension of the deadline, "markets are wary of taking this at face value given recent reversals," ING said in a note. "The prevailing view may be that global tariff threats peak before another last-minute reprieve," ING said. Analysts polled by Reuters expect the rupee to be largely rangebound over the next year, trailing Asian peers amidst sustained weakness in the dollar. In three months, the rupee is forecast to decline 0.1% from current levels to 85.75 per dollar. It is then expected to trade at 85.50 in six months and weaken marginally to 86.13 in a year, according to the median forecast of 41 FX strategists.
