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Good morning! Rivian Automotive, a US electric vehicle start-up, has exceeded production expectations for the second quarter, following Tesla and BYD’s strong deliveries. Rivian built 13,992 trucks and vans at its factory in Normal, Illinois, surpassing Wall Street’s forecast of about 11,000 vehicles. The company remains on track to manufacture 50,000 vehicles this year. Tesla reported a record 466,000 car deliveries, up 83.5% from the previous year, while BYD saw its sales volume grow by almost double in the first half of 2023, selling 1.26 million vehicles. Rivian’s shares closed 17.4% higher, Tesla climbed 6.9%, and BYD closed up 4.5%.
In other EV news, Nikola, a US electric truck start-up, is facing a showdown with its founder Trevor Milton, who was convicted of securities fraud last year. Milton urged shareholders to reject the company’s latest fundraising effort.
Here are a few other headlines we’re following today:
– The Australian Reserve Bank will announce its cash rate target, causing economists to debate whether there will be a rate raise to 4.35% or a pause.
– Thailand’s Parliament is expected to select a House speaker, with tension between the Progressive opposition party Move Forward and its coalition partner, the Pheu Thai party.
– US markets are closed for Independence Day celebrations.
Five more top stories:
1. US Treasury secretary Janet Yellen will visit China this week to stabilize the relationship between the two countries, but significant breakthroughs are not expected.
2. Israeli forces killed eight Palestinians and wounded many more in the occupied West Bank, escalating fears of a broader Israeli-Palestinian conflict.
3. Apple has adjusted production forecasts for its Vision Pro headset due to design complexity and production difficulties.
4. HSBC is in advanced talks to recruit a team of senior Middle East wealth managers from Credit Suisse to challenge its rival in the Gulf.
5. Saudi Arabia and Russia, the most powerful members of Opec+, will implement additional oil production cuts in August to boost crude prices.
The Big Read:
BioArctic, a Swedish start-up led by Gunilla Osswald, is awaiting full approval from the US FDA for its Alzheimer’s treatment drug candidate, lecanemab. Despite many big pharmaceutical companies discontinuing Alzheimer’s research, BioArctic remains committed to finding treatments for the disease.
Chart of the day:
Rising foreign investment in Vietnam is part of a growing trend among companies to diversify their manufacturing beyond China, amid concerns over technology and security restrictions.
Take a break from the news:
With the shift to remote working, summer internships have undergone significant changes. Managers and interns have had to adapt to the hybrid workplace to ensure interns can thrive in their roles.
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