Rivian triples his loss – Business Insider

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However, the US electric car manufacturer confirmed its production target for 2022. Also: Deutsche Telekom is raising its outlook thanks to good business in the USA and the EU Commission is considering lawsuits against US subsidies for electric cars.

Rivian has been delivering its R1T electric pick-up truck since September 2021.
Rivian

Good morning! While you slept, work continued elsewhere in the digital scene.

The top topics:

Rivian has confirmed its delivery forecast for the full year, but slipped further into the red. Revenue rose to $364 million in the past quarter. Analysts had previously assumed $335 million. The US electric car manufacturer from California posted a loss of $1.62 per share. Net loss rose to $1.7 billion in the second quarter. That is almost three times as much as in the same period last year.

The Tesla competitor is currently struggling with supply chain difficulties, high costs and fluctuating demand. The group trimmed its full-year financial outlook, saying investors should now expect a bigger loss and lower capital expenditures than previously forecast. Rivian shares fell more than two percent in after-hours trading. Rivian went public in 2021. [Mehr bei Handelsblatt, Wall Street Journal und Techcrunch]

On Gründerszene you read today: The two bosses of the job platform Empion have developed a culture test that brings applicants together with the right employer. Actually, they didn’t need a pitch deck for their recent round of millions, they say. They showed us the presentation anyway. [Mehr bei Gründerszene+]

And here are the other headlines of the night:

Die Deutsche Telekom has raised its outlook for the second time this year. Thanks to various new customers on the other side of the Atlantic, the group is now forecasting an adjusted operating result of around 37 billion euros for this year. Previously it was 36.6 billion euros. The US subsidiary T-Mobile US generated more than half of the income. The company has now said that it is still heading towards the goal of achieving a majority stake in the US unit in the medium term. In the second quarter, adjusted operating profit increased by five percent to 9.9 billion euros. Sales grew by 5.9 percent to 28.2 billion euros. [Mehr bei Handelsblatt und Reuters]

Die EU Commission considers suing subsidies for American electric cars. The US Senate passed legislation on Sunday to reduce inflation with incentives to buy cars. In future, electric cars are to be promoted with a tax credit of up to 7,500 US dollars. The EU Commission said the planned grants go against World Trade Organization rules because they would favor US cars over other cars. The planned innovations stipulate that the final assembly of the car must take place in the USA or in a country with which the USA has a free trade agreement. [Mehr bei Handelsblatt]

Blackrock introduced a private trust for bitcoin. The world’s largest wealth manager marks another significant milestone for financial firms expanding their crypto offerings for clients. The Trust will only be available to US institutional clients. A week ago, Blackrock announced it would integrate Coinbase Prime, Coinbase’s prime brokerage platform, with its portfolio management software Aladdin, allowing mutual clients to see and manage their Coinbase bitcoin holdings alongside traditional investments. [Mehr bei The Information und CNBC]

Teslas self-driving tech can’t spot kids on the street, a safe tech campaign group claims. The group said they conducted tests that showed the software posed a potentially deadly threat to pedestrians. According to The Dawn Project, the results of the tests revealed that the latest version of Tesla’s Full Self-Driving (FSD) beta software failed to detect a stationary child-sized mannequin traveling at an average speed of 40 kilometers per hour. The Dawn Project was founded by software entrepreneur Dan O’Dowd, an outspoken critic of Tesla CEO Elon Musk. [Mehr bei The Guardian]

Apple expects to maintain iPhone sales in 2022, according to Bloomberg, although the market is currently slowing. Apple has asked suppliers to build 90 million of its next-gen iPhones this year. That’s at least as many as in 2021. Apple still expects to assemble around 220 million iPhones this year. [Mehr bei Bloomberg]

Our reading tip on Gründerszene: Only in February did the Austrian ex-Chancellor Sebastian Kurz hired by Peter Thiel. Now he has invested himself for the first time. [Mehr bei Gründerszene]

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Happy Friday!

Your Gründerszene editors

Source: https://www.businessinsider.de/gruenderszene/business/rivian-verdreifacht-seinen-verlust/

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