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.
After the 2021 boom, IPO activity slowed down significantly, in part due to monetary policy – but things are getting moving again with tech-friendly companies like Iboutta and Rubrik making a public debut.
With an increasing demand for mental health services, one person wanted to change the therapy game. In 2017, CEO Alex Katz founded Two Chairs, a company that uses technology to match patients with the right therapist.
Not only is April Financial Literacy Month, it’s also the kickoff of the spring homebuying season. So now is the time to make sure you have a financial plan in place – and why it might not be wise for that to include buying your first home.
While the U.S. may slowly be on the path to lowering inflation (and therefore interest rates), Europe has thoroughly trounced America, putting it on the path to lower rates by this summer.
April's release of the monthly Housing Starts and Building Permits reports by the Census Bureau provides crucial insights into the construction activity in the housing market. These reports are an economic indicator, shedding light on the current state of the housing market and its broader economic impact.
Caitlin Clark is heading to the Indiana Fever, the number one draft pick and the highest-scoring college basketball player of all time. And while she may not be getting millions from the WNBA, there's a few ways she'll net compensation for her generational talents.
Author of 'Clean Meat,' Paul Shapiro joins Cheddar to discuss how the cellular agricultural revolution helps lower rates of foodborne illness and greatly improves environmental sustainability. Plus, how his company The Better Meat Co. is bringing healthier food options to the table.
Recent headlines might make it sound like World War III is imminent, but when it comes to your finances, it's not the time to panic. The market is coming off its longest winning streak since 2011.
You may have noticed fewer new venture capital-backed startups (like Airbnb or Uber) lately. The market slowed to a crawl after 2021, but things are expected to take off again in 2025.
Corporate earnings season is underway, that time when companies share their billions in sales or double-digit profits. But the data shows even companies are struggling with high inflation and interest rates.