Electric-vehicle maker Rivian Automotive Inc. forecast a wider operating loss for the year and also said many of its current models will not qualify for new federal tax incentives.
\nShares dropped more than 2 percent in after-hours trade.
\nThe young company observed that its R1 series of premium pickups and SUVs is not likely to benefit from tax incentives in the new energy and climate bill passed by the US Senate.
\nBut Rivian could qualify for subsidies of up to $40,000 per vehicle for large electric commercial vans similar to the ones it is building for Amazon.com Inc., Chief Executive R.J. Scaringe told analysts on a conference call after the release of quarterly earnings.<\/p>\n","protected":false},"excerpt":{"rendered":"
Electric-vehicle maker Rivian Automotive Inc. forecast a wider operating loss for the year and also said many of its current models will not qualify for new federal tax incentives. Shares dropped more than 2 percent in after-hours trade. The young company observed that its R1 series of premium pickups and SUVs is not likely to benefit from tax incentives in the new energy and climate bill passed by the US Senate. But Rivian could qualify for subsidies of up to $40,000 per vehicle for large electric commercial vans similar to the ones it is building for Amazon.com Inc., Chief Executive […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,246,137],"tags":[],"class_list":["post-514118","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-power-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/514118","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=514118"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/514118\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=514118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=514118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=514118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}