From TheStreet, August 14:
The legendary investor is a major shareholder in the young electric vehicle manufacturer.
It's been a somewhat hectic August for Rivian (RIVN) .
The startup, which is presented as one of Tesla's (TSLA) most serious rivals in the race for electric vehicles, is currently accumulating setbacks.
The electric vehicle manufacturer has just announced mixed earnings for the second quarter. While the company kept its forecast to produce 25,000 vehicles in 2022 unchanged, it lowered its main profit target due to continued supply chain woes.
"Supply chain continues to be the limiting factor of our production" the company said on Aug. 11 in a letter to shareholders. "Throughout the quarter, our cost of materials was impacted by inflationary pressures, which we believe will continue to be an impact for the near future."
Big Challenge AheadChief Financial Officer Claire McDonough detailed these inflationary pressures later to analysts."We've seen unprecedented levels of inflation especially across our raw material, inputs and lithium prices that have gone up north of 115% over since the start of this year, in particular coupled with Covid and other factors that have driven a challenging supply chain and inflationary environment as well as part of that."....
....MUCH MORE, they pack a lot of information into not-a-lot of words.
