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Rivian’s IPO was the biggest of 2021 and values the electric vehicle maker at over $85 billion. CEO RJ Scaringe says the company is focused on the “backlog” of R1T and R1S orders.

” data-duration=”01:32″ data-editable=”settings” data-headline=”Rivian CEO: We’re focused on meeting demand” data-index=”idx-0″ data-show-name=”” data-show-url=”” data-source=”CNNBusiness” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_df71cb7768b25e09522f3a425fbd3b3d-h_dfb5205122cd2e6bcfe54b6df5814f11@published” data-video-id=”business/2021/11/11/rivian-ipo-ceo-rj-scaringe.cnnbusiness” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_df71cb7768b25e09522f3a425fbd3b3d-h_dfb5205122cd2e6bcfe54b6df5814f11@published”>

rivian ceo rj scaringe

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Rivian CEO: We’re focused on meeting demand

CNN’s Matt Egan breaks down an Adobe report showing online prices have declined for the first time in 25 months.

” data-duration=”01:51″ data-editable=”settings” data-headline=”Online shopping prices are starting to ease. Here’s why that’s significant” data-index=”idx-1″ data-show-name=”Newsroom” data-show-url=”https://www.cnn.com/shows/newsroom” data-source=”CNNBusiness” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_91d1c55b7bb5e00be98d57c1a5a13933″ data-video-id=”business/2022/08/09/online-shopping-prices-economy-inflation-egan-newsroom-vpx.cnnbusiness” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_91d1c55b7bb5e00be98d57c1a5a13933″>

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Online shopping prices are starting to ease. Here’s why that’s significant

The Senate passed the Democrats’ $750 billion health care, tax and climate bill. CNN Chief Business Correspondent Christine Romans breaks down what’s in the Inflation Reduction Act.

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Here’s how the Inflation Reduction Act could affect you

During the pandemic, Netflix’s stock skyrocketed off of superb subscriber growth. Now that the market cap has fallen along with subscriptions, is Wall Street to blame for never quite understanding what it was investing in?

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This picture taken on September 11, 2014 shows the on-demand internet streaming media provider, Netflix, on a laptop screen in Stockholm. The online streaming website Netflix will be launched in Germany, Austria, Switzerland, Belgium and Luxembourg mid-September. It is already operating in Scandinavian countries. AFP PHOTO/JONATHAN NACKSTRAND (Photo credit should read JONATHAN NACKSTRAND/AFP via Getty Images)

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Air conditioners haven’t evolved much in recent decades. Windmill co-founder Mike Mayer wants to make them more high-tech and eco-friendly.

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Air conditioning is bad for the planet. Here are some possible solutions

CNN’s Rahel Solomon explains how would-be borrowers can find out if an incorrect Equifax credit score error affected them and what to do to fix it.

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Frontier CEO Barry Biffle explains why JetBlue’s proposed purchase of Spirit Airlines could actually be an opportunity for Frontier to become “the low cost carrier” for US travelers.

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Markets Now Frontier

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Moody’s Analytics Chief Economist Mark Zandi says the deal on energy and health care reached by Sen. Chuck Schumer and Sen. Joe Manchin is not a “game changer,” but will reduce inflation in the long term.

” data-duration=”03:59″ data-editable=”settings” data-headline=”Economist explains how the energy and health care bill will lower inflation” data-index=”idx-7″ data-show-name=”AT THIS HOUR” data-show-url=”https://www.cnn.com/shows/at-this-hour” data-source=”CNNBusiness” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_125fd64c52cfaaa3e3bf12c698227c86″ data-video-id=”business/2022/08/01/inflation-health-care-energy-deal-mark-zandi-vpx.cnnbusiness” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_125fd64c52cfaaa3e3bf12c698227c86″>

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Semiconductor maker GlobalFoundries says the industry will “double between now and 2030.” CNN’s Miguel Marquez takes a look at how the Chips Act funding will benefit the company and the economy.

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There has been a lot of debate about whether the US is actually in a recession, but what exactly is a recession anyway? CNN Chief Business Correspondent Christine Romans breaks it down.

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People walk by the New York Stock Exchange (NYSE) on April 25, 2022 in New York City.

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CNN’s Matt Egan breaks down Federal Reserve Chair Jerome Powell’s comments after the Federal Reserve again approved a super-sized interest rate hike of three-quarters of a percentage point.

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Federal Reserve Board Chairman Jerome Powell arrives for a news conference following a two-day meeting of the Federal Open Market Committee (FOMC) in Washington, U.S., July 27, 2022.

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CNN’s Natasha Chen reports from California on what some Americans struggling with high inflation are doing to make ends meet.

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Former Treasury Secretary Larry Summers tells CNN’s Don Lemon if he thinks the US is heading into a recession.

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Delta wants to eliminate current airport screens cluttered with information from dozens of flights. Instead, the company is testing technology at Detroit Metropolitan Wayne County Airport that allows up to 100 travelers to privately see their personal flight information on the same screen.

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Inflation is making it harder for food banks across the US to meet the needs of people seeking some respite from the rising cost of groceries and other supplies. CNN’s Gabe Cohen has more.

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Daryl Fairweather, chief economist for Redfin, explains to “Nightcap’s” Jon Sarlin the mixed messages in the housing market and what’s next for home prices. To get the day’s business headlines sent directly to your inbox, sign up for the Nightcap newsletter.

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CNN Business  — 

Rivian said Thursday that it lost $1.7 billion in the second quarter of 2022 as it works to ramp up its vehicle production amid the on-going supply chain crunch. The automaker’s losses more than doubled from the same period last year, when it lost $580 million.

Rivian CEO RJ Scaringe said on a call with investors that during “a lot” of the second quarter they were not able to fully utilize their production line.

“We weren’t even able to run a full single shift because of component supply,” Scaringe said.

Rivian expects supply chain shortages to continue to limit its growth, but it’s confident enough in an improved outlook that it said it expects to add a second shift at its Normal, Illinois, manufacturing plant later this year. Scaringe expressed confidence the production rate will continue to grow, as increasing the number of vehicles making it out of the factory doors is critical to achieving profitability.

Rivian, which has heavy backing from Amazon (AMZN), had 98,000 preorders in the US and Canada at the end of June, and it said its rate of preorders has increased this year. The majority of new buyers for its pick-up truck, the R1T, have never owned a pick-up truck before, the automaker said.

The hefty losses are in line with Rivian’s expectations for the year. It said the losses stemmed from its investment in people, technology and vehicle programs.

Rivian had laid off 6% of its workforce in July, citing inflation and increased interest rates.

Rivian produced 4,401 vehicles in the second quarter and delivered 4,467 vehicles, and its production increased 72% from the first quarter of the year, when it produced 2,553 vehicles. The automaker plans to produce 25,000 units this year. Rivian’s stock fell 2% in after-hours trading.

The automaker still has more than $15 billion in cash to finance its operations, which it says will be enough to finance its upcoming Georgia manufacturing plant and a new vehicle platform, dubbed R2.

The company also said that its delivery vehicles have carried more than 430,000 packages for Amazon since early 2021.

Rivian’s chief financial officer, Claire McDonough, said that the automaker will introduce a lithium iron phosphate battery pack in its delivery vehicles. The battery chemistry has become increasingly popular with automakers as they face shortages of battery metals.