The week has been a rollercoaster ride in the tech and automotive sectors. From Rivian’s new limited-edition vehicle to SpaceX’s controversial delay, Tesla’s sales slump, and Nikola’s bankruptcy, there’s a lot to unpack. Let’s dive into the top stories of the week.
Rivian Unveils ‘California Dune’ Edition R1
Rivian Automotive Inc. RIVN introduced a limited edition of its R1 electric vehicle, the California Dune, designed specifically for off-road sand driving. The company emphasized that this edition is built for the extreme conditions of the desert.
SpaceX CEO Elon Musk Alleges Political Delay
Elon Musk, CEO of SpaceX, claimed that the return of astronauts Sunita Williams and Butch Wilmore from the International Space Station (ISS) was delayed due to “political reasons.” Musk suggested that SpaceX could have brought the astronauts back last year, but the return was pushed past the inauguration date.
Rivian’s Financial Struggles
Fund Manager Gary Black pointed out that Rivian reported a quarterly gross profit for the first time in Q4, but this was due to the sale of regulatory credits, not cost-cutting. Without this revenue, the company would have lost about $13,000 per vehicle sold in the quarter.
Tesla’s Sales Slump in California
Tesla Inc. TSLA has seen a significant drop in its California sales, hitting a four-year low. This decline has raised questions about the impact of CEO Musk’s political actions on the company’s appeal.
Nikola Files for Bankruptcy
Nikola Corp. NKLA has filed for Chapter 11 bankruptcy and is seeking to auction its assets while continuing limited operations through March.
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This story was generated using Benzinga Neuro and edited by Ananya Gairola
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