Tesla rival Rivian’s market value jumps by over $1.7B after it unveils R2 and halts $5B factory—cutting costs ‘massively’ as Elon Musk suggested

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Musk had suggested Rivian would go bankrupt in six quarters without a drastic change.

Since the Thursday event, the market value of the Amazon-backed electric-vehicle maker has jumped by more than $1.7 billion. Whether it sinks again as investors reconsider remains to seen, but the initial reaction has meant a much-needed boost for the beleaguered EV maker.

"You didn't expect that 'one more thing' here," joked CEO Robert "RJ" Scaringe, referencing the tendency of the latepost on Friday, Scaringe wrote that in less than 24 hours the company had taken more than 68,000 reservations for the R2, which will start at $45,000. He added that the company was “overwhelmed” by the response to the new vehicles.

SEATTLE — The Department of Justice has launched a criminal investigation into the Boeing jetliner blowout that left a gaping hole on an Alaska Airlines plane this January, the Wall Street Journal reported on Saturday. Citing documents and people familiar with the matter, the newspaper said investigators have contacted some passengers and crew — including pilots and flight attendants — who were on the Jan. 5th flight.

 

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