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Rivian Misses Earnings Estimates Again As It Fights To Deliver More Electric Cars
Samson Amore
Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.
Rivian missed earnings expectations in its first quarter as production constraints and supply chain delays continued to slow down vehicle deliveries.
The electric automaker reported a first quarter net loss of $1.6 billion and posted first quarter revenue of $95 million, compared to expected revenue of roughly $130.5 million.
The numbers were an improvement over the $2.5 billion net loss the company reported last quarter and barely beat analysts' loss expectations—enough to boost its stock by roughly 8% in after-hours trading Wednesday.
In a shareholder letter Wednesday, Rivian said it expects to continue burning cash as it ramps up production.
“This dynamic will continue in the near term, but we expect it will improve” as production outpaces labor and overhead costs, the company said.
Rivian built 2,553 vehicles and delivered 1,227 in the first quarter, according to its report, bringing the total number of vehicles delivered to 2,148. The company needs to increase production by ten times if it’s to hit its revised forecast of 25,000 vehicles this year and 150,000 vehicles per year by 2023.
The direct-to-consumer auto startup said as of May 9 it received over 90,000 orders in the U.S. and Canada for its R1 vehicle. It also has another order to supply Amazon with 100,000 commercial electric delivery vans.
But the company has built fewer than 5,000 cars since it started production, a small figure for a company that plans to one day dominate at least 10% of the global auto market.
“Of course our focus as an organization for 2022 is to get more R1s and EVs on the road,” Rivian CEO R.J. Scaringe said during the company’s earnings call. “The majority of our time is focused on ensuring our teams are driving towards ramping [up] production and deliveries to customers.”
In a bid to compensate for slower-than-expected sales, Rivian earlier this year tried to raise the price of its vehicles by 20%, but buyers quickly objected and one shareholder sued. The company later backtracked.
To meet production goals, Rivian said it’s ramping up hiring at its plant in Normal, Ill. and planning to break ground on a new $5 billion, 2,000-acre factory outside of Atlanta, Ga., which came with a hefty $1.5 billion tax break from the local government. That factory is expected to create 7,500 local jobs. Rivian said it will produce 400,000 cars annually once it reaches full capacity.
Between its planned Georgia factory and its plant in Illinois, Rivian expects to produce 600,000 cars each year when it's fully up and running.
Those plans have failed to impress Rivian’s big-name shareholders, many of whom have sold off significant portions of their stock, including Ford, which sold 8 million Rivian shares this week – though it still maintains a stake. Ford originally had plans to develop an electric Lincoln SUV with Rivian, but the deal fell through last November.
Amazon backed Rivian in 2019 and said in its April earnings report it had taken a $7.6 billion loss on its investment.
In the last three months, Rivian’s stock tanked more than 60%, and since its IPO in November 2021 the stock is down over 75%.
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Samson Amore
Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.
https://twitter.com/samsonamore
samsonamore@dot.la
LA's Dating App Startups Had Big Plans Post-Lockdown — But a Return to Virtual Dating Will Do Just Fine
07:46 AM | July 22, 2021
Summer 2021 was supposed to be the time for a post-pandemic romance. Dating apps in Los Angeles had plans to launch, reveal new features and get users back to meeting one another in real life.
Then came news that the U.S. wouldn't hit its vaccination targets and a new wave of infection emerged with the delta variant. As of July, it's still not clear when dating will return to normal. The rapid shift has left a number of new L.A.-based dating apps rethinking their approach.
Here's a quick look at some of the apps that have emerged from the pandemic, and some of the dating trends they've sparked.
A Social and Dating App For Gamers
If there was a winning industry in the pandemic, it was video games. The industry surged during lockdown, and began to develop many of the characteristics of social networking and streaming sites.
San Fernando Valley filmmaker and avid gamer Sebastian Slaughter argues gamers, sometimes stereotyped as lonely homebodies, are the most social people in the world. That's where the idea for the dating site he's founding, PlayerTwo, came about.
PlayerTwo's community feature melds dating and streaming into a Facebook-style feed. Gamers worldwide can show off gaming clips, post about their favorite games, like someone's profile and comment on each other's videos.
"Hopefully, this app is something that can give people a middle ground to either stay indoors, and chat and play, or it can give them a platform for them to meet someone and go out and see them in person," said Slaughter.
It's not the only gamer-focused dating site out there, though. L.A.-based Kippo has been matching gamers with the help of cards that display users' favorite games, personality traits — even their astrological signs.
Slaughter said he hopes to differentiate his app by providing more community-building features.
"It's a stepping stone for people to begin chatting," he said. "Maybe there's a spark, maybe you're just looking to play with someone and you have free rein to find whoever, do whatever you want to do with the app."
PlayerTwo, which Slaughter bootstrapped himself, launches in August.
Blind Dating Goes Virtual
The idea for Blink was born out of an experience at a blackout restaurant in 2012.
"Literally, you can't see your hand in front of your face," said co-founder Taly Matiteyahu. "We were seated with other people at the table and had a conversation with them without having any idea what they looked like. And it was just an amazing conversation."
Later, when she met her dinner guests face-to-face, Matiteyahu realized she would have assumed they would have had nothing in common.
"I'm really passionate about helping people get past the implicit biases that they have without even realizing it," she said.
Matiteyahu and Laura Ciccone are working for other startups by day, while moonlighting to create their dating app.
With a focus on social audio, Blink schedules 10-minute speed dates with partners based on your age range, proximity and sexual orientation preferences. The app reveals only your date's name, and gives you a time to connect.
At the end, users are shown three pictures and have to figure out which one features the person they talked to, in order to test their assumptions. Ciccone sees the app as a kind of antidote to the current crop of dating apps that encourage fast-flipping through profiles to find a mate.
"Studies used to say that people swiped in four seconds. Now it's down to only one second of swiping," she said. "It's incredible, really. But like, is that really how you want to find love?"
Blink hopes to delight its users with unexpected matches, and serve an audience that hasn't been tapped by other apps.
"There are communities marginalized on other dating apps, we are definitely trying to kind of connect with as well. For example, Black women, Asian men, and people with various disabilities — they're not serviced very well by traditional dating apps," Matiteyahu said.
It got its initial funding through a Kickstarter campaign and is now seeking pre-seed funding.Their beta is scheduled to launch on August 6.
Dating Apps as Trust-Building
Graze takes the idea of virtual speed dating to video.
Launched last March at the start of lockdowns, the app lets users schedule five-minute Facetime calls after matching as a way of ensuring that they've found a good match before heading out on an in-person date.
The app evolved out of child actress Heather Hopkins' dating advice podcast. She said she was seeing so many dating apps promise, and fail, to find users the right date based on an algorithm. Hopkins said she was looking for something more organic.
"There is no science," she said. "It's about, you know, loving yourself. And then being in spaces where you increase that opportunity of meeting lots of different people and having real conversations and seeing what fits that's going to help you find the best person for you."
Though the app is available worldwide, Graze's core users are mainly Gen Z and millenials in Los Angeles and New York.
Graze has so far raised $1.5 million in pre-seed funding and is planning a big transformation, including a new name and a larger leadership team. Despite the challenges, Hopkins said she's looking forward to getting Graze's online conversations translated into real life connections with the upcoming changes.
"Another cool thing that happened to the pandemic is people definitely expanded their preferences, because they're like, 'well, I can't leave my house'. We had loved stories that happened because they were willing to expand those and they traveled to go see each other and hit it off."
TikTok Meets Tinder
You'd be hard pressed to find a dating-app pandemic success story bigger than Lolly. The video-dating app that sees itself as TikTok-meets-Tinder has exploded in popularity after a soft launch earlier this year.
But co-founder Marc Baghadijian says its success had little to do with lockdowns.
"It doesn't change much — pandemic or non pandemic — people are using any apps. The pandemic actually had no change on our metrics," he said.
Still, Lolly's Gen Z co-founders are bringing in big tech names and celebrities as partners to help in hyping the app.
They include Disney actor Milo Manheim, Mike "Big Mike" Mijalk and "Too Hot to Handle's Harry Jowsey. Baghadijian said the company is also partnering with TikTok and has raised funds from former Ticketmaster executive John Pleasants.
"What is super important is that a lot of the social thought leaders are here. For a lot of the people that make things cool live in L.A. And we have a cool product. So naturally, this is like marriage," Baghadijian said.
Just as TikTok has, Baghadijian said, "made Instagram boring," so Lolly hopes to leverage social video to blow past dating apps like Tinder..
"Gen-Z doesn't like to do a lot of work. And they want to win," Baghadijian adds. "They want to meet people quickly."
Lolly, he said, aims to take all the friction out of online dating and inject more personality into users' profiles. The app is available in the app store, but hasn't yet officially launched, Baghadijian said. He plans to put a marketing budget behind it once a couple pending deals are finalized. "It's gonna be sick," he said. "We're going to be all over the place."
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Katherine Abando
Katherine Abando is a lifestyle writer and social media producer from Los Angeles. Her coverage interests include internet culture/tech and Asian American Pacific Islander (AAPI) identity. She enjoys learning about emerging entrepreneurs and digital trends that pop up on her social media feed. Follow her on Twitter @kaband0.
https://twitter.com/kaband0
https://www.linkedin.com/in/katherineabando/
Here's How To Get a Digital License Plate In California
03:49 PM | October 14, 2022
Photo by Clayton Cardinalli on Unsplash
Thanks to a new bill passed on October 5, California drivers now have the choice to chuck their traditional metal license plates and replace them with digital ones.
The plates are referred to as “Rplate” and were developed by Sacramento-based Reviver. A news release on Reviver’s website that accompanied the bill’s passage states that there are “two device options enabling vehicle owners to connect their vehicle with a suite of services including in-app registration renewal, visual personalization, vehicle location services and security features such as easily reporting a vehicle as stolen.”
Reviver Auto Current and Future CapabilitiesFrom Youtube
There are wired (connected to and powered by a vehicle’s electrical system) and battery-powered options, and drivers can choose to pay for their plates monthly or annually. Four-year agreements for battery-powered plates begin at $19.95 a month or $215.40 yearly. Commercial vehicles will pay $275.40 each year for wired plates. A two-year agreement for wired plates costs $24.95 per month. Drivers can choose to install their plates, but on its website, Reviver offers professional installation for $150.
A pilot digital plate program was launched in 2018, and according to the Los Angeles Times, there were 175,000 participants. The new bill ensures all 27 million California drivers can elect to get a digital plate of their own.
California is the third state after Arizona and Michigan to offer digital plates to all drivers, while Texas currently only provides the digital option for commercial vehicles. In July 2022, Deseret News reported that Colorado might also offer the option. They have several advantages over the classic metal plates as well—as the L.A. Times notes, digital plates will streamline registration renewals and reduce time spent at the DMV. They also have light and dark modes, according to Reviver’s website. Thanks to an accompanying app, they act as additional vehicle security, alerting drivers to unexpected vehicle movements and providing a method to report stolen vehicles.
As part of the new digital plate program, Reviver touts its products’ connectivity, stating that in addition to Bluetooth capabilities, digital plates have “national 5G network connectivity and stability.” But don’t worry—the same plates purportedly protect owner privacy with cloud support and encrypted software updates.
5 Reasons to avoid the digital license plate | Ride TechFrom Youtube
After the Rplate pilot program was announced four years ago, some raised questions about just how good an idea digital plates might be. Reviver and others who support switching to digital emphasize personalization, efficient DMV operations and connectivity. However, a 2018 post published by Sophos’s Naked Security blog pointed out that “the plates could be as susceptible to hacking as other wireless and IoT technologies,” noting that everyday “objects – things like kettles, TVs, and baby monitors – are getting connected to the internet with elementary security flaws still in place.”
To that end, a May 2018 syndicated New York Times news service article about digital plates quoted the Electronic Frontier Foundation (EFF), which warned that such a device could be a “‘honeypot of data,’ recording the drivers’ trips to the grocery store, or to a protest, or to an abortion clinic.”
For now, Rplates are another option in addition to old-fashioned metal, and many are likely to opt out due to cost alone. If you decide to go the digital route, however, it helps if you know what you could be getting yourself into.
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Steve Huff
Steve Huff is an Editor and Reporter at dot.LA. Steve was previously managing editor for The Metaverse Post and before that deputy digital editor for Maxim magazine. He has written for Inside Hook, Observer and New York Mag. Steve is the author of two official tie-ins books for AMC’s hit “Breaking Bad” prequel, “Better Call Saul.” He’s also a classically-trained tenor and has performed with opera companies and orchestras all over the Eastern U.S. He lives in the greater Boston metro area with his wife, educator Dr. Dana Huff.
steve@dot.la
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