George Soros Deals a Big Blow to Tesla Rival Rivian

George Soros Deals a Big Blow to Tesla Rival Rivian

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.”


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