Rivian investor day focuses on cost reductions, efficiency gains

A Thursday investor event for Rivian Automotive that focused on cost-cutting efforts, efficiency gains and in-house technologies and software wasn't enough to build on the company's significant share growth this week.Shares of the all-electric vehicle startup fell by about 2% to 6% for much of the event, eating into...

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Volkswagen takes $1 billion stake in EV maker

Workers assemble second-generation R1 vehicles at electric automaker Rivian's manufacturing facility in Normal, Illinois, on June 21, 2024.Joel Angel Juarez | ReutersVolkswagen plans to invest up to $5 billion in electric vehicle startup Rivian, starting with an initial investment of $1 billion.The additional $4 billion is expected by 2026....

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GM’s Cruise names former Amazon, Microsoft Xbox executive as new CEO

DETROIT – General Motors' Cruise autonomous vehicle unit on Tuesday announced former Amazon and Microsoft executive Marc Whitten as its new CEO.Whitten was a founding engineer at Microsoft's Xbox before leaving the company after more than 17 years to become chief product officer of audio company Sonos in 2014,...

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U.S. auto sales are expected to slow during the second half of 2024

Cars sit on a Chevrolet dealership's lot on June 20, 2024 in Chicago, Illinois. A cyber attack on CDK Global, a software provider that helps dealerships manage sales and service, has crippled the workflow at approximately 15,000 dealerships across the United States and Canada. Scott Olson | Getty ImagesDETROIT –...

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