Rivian’s first East Coast showroom opened to the public in New York City Friday. The showrooms, which the EV maker refers to as “spaces,” seek to shake up the stale image of a traditional car dealership while also separating Rivian from the pack in an increasingly competitive market.
The spaces are intended to be family friendly, where potential or existing customers can interact with or test drive Rivian vehicles, speak to specialists and even plan a trip. Trip planning is core to the experience because Rivian hopes to teach EV-curious buyers how to overcome charging anxiety and navigate ownership for the first time, explained Denise Cherry, Rivian's senior director of facilities design and retail development.
“We understand that a lot of our customers are first time EV owners and so there is some range anxiety associated with that. So we are absolutely here to help you plan and then understand how you get to that destination, and how you enjoy that space once you’re there,” Cherry told Cheddar News.
On display at the New York City space are Rivian’s flagship R1S and R1T models. The R1S is a three-row electric SUV with off-road capability and an EPA-estimated range of up to 321 miles. The base model starts at $78,000. The R1T, meanwhile, is an electric pickup truck starting at just under $73,000 with an EPA-estimated range of up to 328 miles.
Once a Wall Street darling, Rivian has struggled amid increased competition in the EV space, supply chain issues and inflation. In 2022, the company produced just over 24,000 vehicles and lost $6.8 billion, The New York Times reported. But the startup aims to double its output in 2023.
As for its spaces, Rivian has several other locations planned. California sites will include Groveland, the “Gateway to Yosemite,” and Laguna Beach, where the space will occupy a former movie theater. It also has a 10,000 sq ft indoor and outdoor space planned for Austin, Texas. According to Cherry, the company hopes to have 10 spaces open by the close of the year with more to come, based on customer demand.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
