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Benzinga
Benzinga
Technology
Anusuya Lahiri

This Tesla Competitor Targets 10% EV Market Share By 2030

Rivian RIVN Amazon.com Inc Illinois Normal Rivian Automotive Inc Tesla Inc. Wolfe Research
  • Amazon.com Inc (NASDAQ:AMZN) backed Rivian Automotive Inc (NASDAQ:RIVN) is "making progress" in raising EV production at its Normal, Illinois, assembly plant, CEO R.J. Scaringe said, Reuters reports from Wolfe Research conference.
  • The Tesla Inc (NASDAQ:TSLA) competitor aims to win a 10% share in the EV market by 2030.
  • Scaringe said Rivian had replaced some chipsets in certain parts with other chipsets that are easier to get.
  • He admitted that the global shortage would be a factor through the rest of the year.
  • Rivian was building a pilot line for in-house production of battery cell production and plans to co-invest with a supplier on production.
  • Price Action: RIVN shares traded lower by 1.93% at $62.48 in the premarket on the last check Friday.
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