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The automaker will equip its upcoming R2 sport utility vehicles with Rivian Autonomy Processor 1 chips and a new lidar sensor. TSMC will produce the chips.

Initial manufacturing of the R2 two-row crossover will start in Illinois, but production will expand to Rivian's future factory in Georgia in 2028. 

The joint venture, known as RV Tech, said it has made solid progress on delivering the EV electrical and software platform that Volkswagen needs to compete with Tesla and Chinese rivals.

Rivian Automotive reported a smaller-than-expected loss in a sign of progress as the EV maker cuts costs and staff ahead of plans to begin deliveries of a new midsize SUV next year.

CFO Claire McDonough said the EV maker anticipates starting construction on the Georgia factory next year and seeking reimbursement from a Department of Energy loan once it’s completed.

Rivian Automotive agreed to pay $250 million to settle an investor lawsuit against the electric vehicle maker, saying it’s eager to put the legal wrangling behind it. 

Rivian in August cited tariffs and policy changes when it backed away from a key financial goal, saying it would break even on a gross profit basis after earlier predicting a modest profit.

Also, the micromobility startup spun out of Rivian Automotive, has unveiled its first consumer product: an electric bike that will cost up to $4,500.

Lucid Group’s electric vehicle production fell short of Wall Street’s forecasts during the third quarter as the car maker contends with the elimination of the consumer tax credit.

Electric handle designs across the industry are in the spotlight following incidents in which people were unable to open doors due to a loss of power, trapping children or other riders inside.