Rivian's Vehicle Production

Plus, Feds call out crypto risk.

Steven Lerner
Steven Lerner

Today is Tuesday, October 4, 2022.

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Rivian's Vehicle Production

Shares of Rivian Automotive (Nasdaq: RIVN) increased 7.24% in after-hours trading on Monday after the electric vehicle automaker revealed a production update.

Details: In the third quarter, the company produced 7,363 vehicles at its manufacturing facility and delivered 6,584 vehicles.

What This Means: These figures are in line with what Rivian expected. The company says it is still on track to deliver 25,000 vehicles annually.

Big Picture: The news comes one day after EV rival Tesla (Nasdaq: TSLA) announced their quarterly production numbers, which weren’t as good as Rivian.

Good Vibes All Around: Rivian’s production announcement sent Ford (NYSE: F) up 0.44% and General Motors (NYSE: GM) up 0.64% in after-hours trading.

Stock Price: Rivian’s stock is down 68% this year, including 4% in the last 30 days.

Final Thoughts: It’s been a bad year for EV stocks, but Rivian is creating some positive buzz thanks to new partnerships announced in the last few months.


Notables

Notable Earnings Today: Acuity Brands (NYSE: AYI), SMART Global Hostings (Nasdaq: SGH), NovaGold Resources (NYSEAMERICAN: NG), Saratoga Investment (NYSE: SAR).

Notable IPOs Today: Aquaron Acquisition Corp. Units (AQUNU).

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: JOLTs Job Openings (10:00 a.m. ET), Factory Orders (10:00 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).


Feds Call Out Crypto Risks, Gaps

A group of gold cryptocurrency coins on top of black stones
Photo by Traxer / Unsplash

A report released by the Financial Stability Oversight Council on Monday highlighted several potential risks and enforcement gaps with cryptocurrency.

Risks: The report noted that crypto-asset activities might be interconnected with the U.S. financial system. Many crypto asset activities lack basic risk controls and crypto asset prices are primarily driven by speculation, according to the report.

Gaps: There are also compliance issues with crypto that resulted in gaps, with the report saying that the spot markets for cryptos are subject to limited direct federal regulation.

Solution: The Financial Stability Oversight Council recommends legislation that allows regulators to oversee the spot market for crypto. There should also be plans to address regulation arbitrage.

Prices: Despite the critical report, the prices of most cryptos went up on Monday.

Final Thoughts: This isn’t the first time that the crypto world has been threatened by potential regulation, and it won’t be the last either because crypto traders may need protection.


Equity Crowdfunding Spotlight: SliceSpace

Briefly describe your business. SliceSpace offers fractional ownership of large buildings, with rent payments daily. This allows users to cherry-pick commercial properties they love and invest for just a few dollars. Real estate is the economic engine of our communities.

What are the terms of the investment for your campaign? SliceSpace is raising $1.3M on a $15M pre-seed offering on Wefunder. While the company has no current revenue because the platform has not been launched yet, there is a product as well as solid business relations that will result in strong revenue.

What makes your startup special? SliceSpace is the best-equipped team in this venture, with the experience and technical expertise necessary to make this project a success. The timing is perfect. As commercial real estate is booming, SliceSpace is poised to capitalize on that growth.


Optimus Not Prime: Elon Musk’s Half-Baked Robot Is a Clunky First Step (Wired)

Hotel Perks: Peloton will put bikes in every Hilton-branded hotel in the U.S. (CNBC)

Cruising Into Covid: Norwegian Cruise Line drops all COVID-19 mask, vaccine and testing rules (USA Today)

They Blue It: Blue Apron Shares Plunge on Stock Sale, Revenue Miss (Bloomberg)

Are They OK?: Concerns About Credit Suisse Mount After Debt Slide (The Wall Street Journal)


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