Rivian Is Burning Billions to Build the Ultimate EV Pickup

WSJ Tech News Briefing

The Wall Street Journal

Tech News, News

4.3 • 1.7K Ratings

🗓️ 5 October 2023

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

Rivian’s goal to sell the ultimate electric pickup truck attracted a lot of investors when the company went public. But it’s losing money on every EV it builds, raising questions about its future. WSJ reporter Sean McLain joins host Zoe Thomas to discuss Rivian’s plans to bring costs down. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	The best stories are the ones that are constantly reinvented.
0:06.3	Like new Renault Clio E-Tec 4 Hybrid, a 145 horsepower engine, with up to 550 mile driving
0:13.2	range.
0:14.2	Enjoy its new assertive design and its free Alpine trim, new Renault Clio E-Tec 4 Hybrid.
0:20.5	Same love, new energy.
0:22.8	Internal source based on new Clio E-Tec is free Alpine versus WRTP if your consumption figures
0:28.3	real well driving results may vary.
0:33.6	Welcome to Tech News briefing, it's Thursday, October 5th.
0:37.5	I'm Zoe Thomas for the Wall Street Journal.
0:41.2	A few years ago, investors were really excited by electric vehicle startups going public.
0:47.8	But the cost of making these new EVs and finding demand has started to weigh on the companies.
0:54.0	That includes Rivian, whose electric pickup truck loaded with features is costing the
0:58.5	company more to make than it can sell it for.
1:02.7	Coming up, Sean McClean who covers EV startups is going to join us to explain why Rivian
1:07.8	is struggling to bring its costs in line.
1:13.0	But first, opening arguments in the trial of former crypto boss Sam Bankman Freed were
1:18.6	made in New York yesterday.
1:20.7	The FTX founder has pleaded not guilty to nearly half a dozen fraud charges against him.
1:26.8	Our reporter, Caitlin Austrov, gave us this update from outside the courthouse.
1:31.1	The government's open statement was kind of much what we expected.
1:34.9	You know, they were saying that Sam Bankman Freed founded FTX and Alameda, a trading firm
1:42.3	that he created to basically take customer money from the start.
	...

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