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Hindustan Times
20 minutes ago
- Hindustan Times
‘Most likely': Donald Trump backs JD Vance as MAGA successor
US President Donald Trump on Tuesday said that Vice President JD Vance was 'most likely' the heir-apparent to his Make America Great Again (MAGA) movement, but cautioned that it was too early to make that call. U.S. President Donald Trump, accompanied by Vice President JD Vance, delivers remarks before signing an executive order to create a White House Olympics task force to handle security and other issues related to the LA 2028 summer Olympic games in the South Court Auditorium on the White House campus in Washington, D.C., U.S., August 5, 2025. REUTERS/Jonathan Ernst(REUTERS) Trump made the remarks in response to a question about US Secretary of State Marco Rubio's statement that Vance 'would be a great nominee if he decides he wants to do that.' 'I think most likely — in all fairness, he's the vice president,' Trump said when asked if Vance was the heir-apparent to his movement, according to Bloomberg. 'I think Marco is also somebody that maybe would get together with JD in some form.' 'I also think we have incredible people, some of the people on the stage right here,' Trump added. 'So it's too early, obviously, to talk about it, but certainly he's doing a great job, and he would be probably favored at this point.' Trump's remarks came hours after he said that he would 'probably not' seek a third term.
Hindustan Times
20 minutes ago
- Hindustan Times
DOGE worker mugged, beaten in Washington DC; Trump and Musk react: ‘Is it Big Balls?'
President Donald Trump and former DOGE chief Elon Musk on Tuesday confirmed that the cost-slashing department's employee was mugged and beaten in Washington DC. While the two did not reveal the identity of the worker, Rapid Response 47 posted a photo on social media, indicating he was the famous 'Big Balls', whose real name is Edward Coristine. President Donald Trump, right, speaks during a news conference with Elon Musk in the Oval Office of the White House,(AP) 'Crime in Washington, D.C., is totally out of control. Local 'youths' and gang members, some only 14, 15, and 16-years-old, are randomly attacking, mugging, maiming, and shooting innocent Citizens, at the same time knowing that they will be almost immediately released. They are not afraid of Law Enforcement because they know nothing ever happens to them, but it's going to happen now! The Law in D.C. must be changed to prosecute these 'minors' as adults, and lock them up for a long time, starting at age 14. The most recent victim was beaten mercilessly by local thugs. Washington, D.C., must be safe, clean, and beautiful for all Americans and, importantly, for the World to see. If D.C. doesn't get its act together, and quickly, we will have no choice but to take Federal control of the City, and run this City how it should be run, and put criminals on notice that they're not going to get away with it anymore. Perhaps it should have been done a long time ago, then this incredible young man, and so many others, would not have had to go through the horrors of Violent Crime. If this continues, I am going to exert my powers, and FEDERALIZE this City. MAKE AMERICA GREAT AGAIN!' Trump said on Truth Social.
Economic Times
20 minutes ago
- Economic Times
Rivian earnings shock triggers stock plunge—Q2 miss and $2.25B loss spark 4% drop as EV credit cut, Trump tariffs fuel panic sell-off
Rivian (NASDAQ: RIVN) reported a sharp Q2 2025 earnings miss on Tuesday, sending its stock down over 4% in after-hours trading. The electric vehicle maker posted a larger-than-expected net loss of $1.1 billion, or $0.80 per share, falling short of analyst expectations. Revenue came in at $1.30 billion, slightly above forecasts, but vehicle deliveries dropped to 10,661 units, down 23% year-over-year. Rivian also widened its 2025 full-year loss projection to $2.25 billion, citing rising production costs, the loss of EV tax credits, and new Trump-era tariffs. The market reacted swiftly, triggering a wave of investor sell-offs. Rivian stock drops as Q2 earnings miss expectations and 2025 loss forecast widens amid EV tax credit blow and tariffs: The electric truck maker reported mixed Q2 2025 earnings, delivered fewer vehicles than expected, and projected a much deeper full-year loss. The company is now facing the heat from Donald Trump's new EV tax credit restrictions, rising tariffs, and reduced regulatory credit income. Despite steady progress on its highly anticipated R2 SUV, Rivian stock took a hit after the update, trading around $12.15, down over 4% in after-hours. Rivian's Q2 numbers reflected a sharp slowdown in both production and deliveries as it paused operations to prep for refreshed models. The company delivered 10,661 vehicles in the second quarter, down nearly 23% year-over-year, while producing only 5,979 units—well below market expectations. Revenue came in at around $1.30 billion, which was just slightly ahead of analyst forecasts but didn't offset the other disappointments. The biggest shock came in the form of Rivian's adjusted loss of $0.80 per share, significantly wider than Wall Street's expected $0.65–$0.66 loss. In total, Rivian posted a net loss of $1.1 billion, which was still an improvement from the $1.5 billion loss it reported in Q2 2024, but investors weren't impressed. One of the key pain points for Rivian right now is the impact of Trump's recent EV tax credit overhaul, which closed off the leasing loophole that previously allowed Rivian buyers to indirectly qualify for the $7,500 federal EV credit. That credit had become a critical tool for boosting Rivian's revenue through leasing channels. Adding to the pressure, tariffs on Chinese components and raw materials have raised production costs—especially for battery and motor components that depend on rare earth elements. These policy changes have created 'significant uncertainty,' the company noted, and are eating into margins. As a result, Rivian has revised its 2025 loss forecast upward to between $2.0 billion and $2.25 billion, from the earlier range of $1.7 billion to $1.9 billion. While short-term headwinds dominate the headlines, Rivian is betting big on the future. The company reaffirmed that development of its new R2 electric SUV is moving ahead as planned. The mid-size SUV is expected to start production in the first half of 2026, with a targeted starting price of $45,000. To reduce costs and improve profitability, Rivian is leaning on its strategic partnership with Volkswagen, which aims to bring down the R2's bill of materials to around $32,000 per vehicle—a significant margin improvement. Rivian believes this mass-market EV could be the turning point it needs, especially if it can deliver strong range, quality, and pricing at scale. Even with declining Q2 numbers, Rivian is sticking to its full-year 2025 delivery forecast of 40,000 to 46,000 vehicles. The company expects a bump in Q3 as buyers rush to purchase before the remaining tax incentives disappear at the end of September. Still, it's a race against time—and uncertainty looms. The loss of the leasing workaround for tax credits, combined with rising costs from tariffs and component shortages, could put further pressure on deliveries. Following the mixed results and updated guidance, Rivian stock (NASDAQ: RIVN) fell over 4% in after-hours trading. As of the latest data, the stock is priced around $12.15, down from an open of $12.48, with a trading range between $11.05 and $12.57 for the day. Investor sentiment remains cautious. While analysts acknowledge Rivian's long-term potential, many maintain 'Hold' ratings, citing execution risks and policy challenges. Price targets are hovering in the $12 to $15 range for now. Despite near-term volatility, Rivian still holds promise as a key player in the EV space. The upcoming R2 launch, the Volkswagen collaboration, and a potential rebound in U.S. EV demand could help turn the tide—but not without risks. With ongoing macro headwinds, policy changes, and competitive pressure from Tesla and legacy automakers, Rivian has a steep hill to climb. But if it can deliver on its cost-cutting roadmap and scale R2 production efficiently, there's still room for upside. Metric Q2 2025 Data Vehicle Deliveries 10,661 units (‑23% YoY) Production 5,979 units Revenue ~$1.30 billion Adjusted EPS Loss ‑$0.80 per share Net Loss $1.1 billion 2025 Loss Forecast $2.0–$2.25 billion (revised upward) Stock Price (Post-Earnings) ~$12.15 (-4% after-hours) R2 SUV Launch H1 2026, starting at $45,000 Rivian's latest earnings show a company caught between a bold vision and brutal realities. With earnings falling short, production slowing, and policy winds shifting, the road ahead won't be easy. But with the R2 SUV on the horizon and a clear plan to cut costs, Rivian's long game may still be intact. If you're tracking EV stocks in 2025, Rivian remains one of the most watched tickers on Wall Street—but it's now a test of time, execution, and whether it can survive the short-term storm to reach long-term scale. FAQs: Q1: Why did Rivian stock drop after Q2 2025 earnings? Rivian stock fell due to weak Q2 earnings, wider loss forecasts, and pressure from EV tax credit cuts and tariffs. Q2: What's impacting Rivian's future outlook in 2025? Rivian's outlook is hurt by rising costs, Trump's tariffs, and the end of key EV tax credits.
