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Ford sells 8M Rivian shares for $214M and is still its fourth-largest shareholder

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Ford sold eight million Rivian shares for $26.80 per piece, amounting to $214 million in total, according to a Form 4 SEC filing on May 10, 2022. 

Despite selling a chunk of its Rivian shares, Ford remains the EV manufacturer’s fourth-largest shareholder. The legacy automaker still holds 94 million Rivian shares, amounting to a 10.5% stake, reported Reuters

Earlier this week, Ford’s plans to sell 8 million Rivian shares were made public. The lockup period for Rivian’s IPO expired on Sunday, May 8, allowing the legacy automaker and other early investors to sell their shares. 

Ford and Amazon both attributed significant financial blows due to their Rivian investments. Ford reported a net loss of $3.1 billion, while Amazon reported a loss of $7.6 billion. 

As of this writing, Rivian has launched three vehicles: the R1T, R1S, and Electric Delivery Van. According to the EV maker’s website, it had ~83,000 preorders for its R1 cars as of March 8, 2022. As of March 31, 2022, Rivian has produced 3,568 vehicles. It is also looking to ramp its vehicle production to meet the 100,000 EDV orders it received from Amazon. 

Rivian will hold its 2022 Annual Meeting of Stockholders on Monday, June 6, 2022 at 11 am Pacific time. Rivian’s Annual Meeting will discuss the items listed below. 

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  1. To elect Robert J. Scaringe, Peter Krawiec, and Sanford Schwartz as Class I Directors to serve until the 2025 Annual Meeting of Stockholders, and until their respective successors shall have been duly elected and qualified.
  2. To ratify the appointment of KPMG LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2022
  3. To approve, on an advisory (non-binding) basis, the compensation of our named executive officers
  4. To approve, on an advisory (non-binding) basis, the frequency of future advisory votes on the compensation of our named executive officers
  5. To transact such other business as may properly come before the Annual Meeting or any continuation, postponement, or adjournment of the Annual Meeting.

The Teslarati team would appreciate hearing from you. If you have any tips, reach out to me at maria@teslarati.com or via Twitter @Writer_01001101.

Maria--aka "M"-- is an experienced writer and book editor. She's written about several topics including health, tech, and politics. As a book editor, she's worked with authors who write Sci-Fi, Romance, and Dark Fantasy. M loves hearing from TESLARATI readers. If you have any tips or article ideas, contact her at maria@teslarati.com or via X, @Writer_01001101.

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Elon Musk

Tesla Cybercab steering wheel dilemma gets final answer from Elon Musk

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Credit: Tesla/YouTube

Tesla Cybercab is the company’s autonomy-geared automobile that will eventually begin the phase-out of human drivers. In recent days, however, there has been speculation regarding the vehicle’s equipment and whether it would be fitted with a typical steering wheel and pedals.

CEO Elon Musk put an end to this discussion, at least for now, as he maintains the vehicle will not have anything that would remotely resemble any possibility of any sort of manual operation.

The problem is, there is a flaw in his logic, and his justification for the reasoning is an opinion. But Musk has a special ability; he has the final say on what goes on at Tesla, and if he does or doesn’t want manual controls in the new vehicle, he’ll get his way.

On the All In Podcast on Friday, Musk gave his final answer to whether the Cybercab would have a steering wheel or pedals by stating it would not when the production units start rolling off lines in Q2 2026.

He provided a further explanation:

“The reality is, people may think they want to drive their car, but the reality is that they don’t. How many times have you been in an Uber or Lyft and said ‘I wish I could take over for the driver, get off my phone, and drive to my destination? 0.0 times.”

Although the units that have been spotted on public roads in recent days are equipped with a steering wheel and pedals, it is because Tesla is testing the vehicle in real-world situations, and manual controls are required for it.

Tesla Cybercab spotted testing on public roads for the first time

Some Tesla fans in the community have said that the car seems more geared toward being suitable for manual operation as opposed to a fully autonomous vehicle primed for driverless ride-hailing.

Earlier this week, Tesla Board Chair Robyn Denholm said that if the company had to put a steering wheel or pedals into the Cybercab, it would.

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SpaceX sets the record straight on Jim Bridenstine and Artemis 3

SpaceX argued that Bridenstine’s comments should be taken with a grain of salt as he is working as a paid lobbyist for companies that are competing for NASA contracts.

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Credit: SpaceX

SpaceX pushed back firmly against former NASA administrator Jim Bridenstine after he questioned the agency’s reliance on Starship for the Artemis 3 Moon mission. 

In a detailed thread on X, SpaceX argued that Bridenstine’s comments should be taken with a grain of salt as he is working as a paid lobbyist for companies that are competing for NASA contracts.

Bridenstine’s comments on Starship and Artemis 3

Bridenstine and fellow former NASA chief Charlie Bolden noted during a recent symposium that NASA’s current Artemis strategy is approaching zero chance of beating China to the Moon. Bridenstine expressed skepticism that NASA’s current architecture, which is expected to use Starship to transport astronauts to and from the lunar surface, could succeed in time. 

“Starship is a tremendously important vehicle for the future,” Bridenstine said, as per Space News. “It’s going to deliver large mass to low Earth orbit for a long time, and it’s going to drive down costs and increase access. But if you need a moon lander, it’s going to take time.” 

SpaceX responds to the former NASA administrator’s comments

In a series of posts on X, SpaceX noted that while the company is very thankful to the former NASA administrator for helping create the Artemis Program, his comments about Starship might not necessarily be coming from a place of objectivity. 

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SpaceX’s comments are as follows: “Like many Americans, we are thankful for Mr. Bridenstine’s service leading NASA at one point. He deserves credit for spearheading the creation of the Artemis Program. After departing NASA, he created a lobbying firm called the Artemis Group, representing a host of aerospace companies vying for NASA business. 

“Mr. Bridenstine’s current campaign against Starship is either misguided or intentionally misleading. SpaceX was selected to design and develop a Human Landing System for Artemis along with Blue Origin and Dynetics during Mr. Bridenstine’s tenure as NASA Administrator. 

“Starship was then selected by NASA for the Artemis III mission through fair and open competition after being identified as the best and lowest risk technical option – and the lowest price by a wide margin – by the civil servant team appointed to lead the agency’s exploration mission by Mr. Bridenstine himself. 

“The decision to select Starship was confirmed repeatedly following protest and litigation from the companies not selected which delayed the start of work on the contract for many months. Mr. Bridenstine’s recent musings promoting a new landing system – going so far as to invoke the Defense Production Act – are being misreported as though they were the unbiased thoughts of a former NASA Administrator. They are not.

“To be clear, he is a paid lobbyist. He is representing his clients’ interests, and his comments should be seen for what they are – a paid lobbyist’s effort to secure billions more in government funding for his clients who are already years late and billions of dollars overbudget,” SpaceX wrote. 

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Elon Musk

Elon Musk just dropped a huge detail on the Tesla Roadster

“Whether it’s good or bad, it will be unforgettable. My friend Peter Thiel once reflected that the future was supposed to have flying cars, but we don’t have flying cars. I think if Peter wants a flying car, he should be able to buy one.”

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tesla roadster
Credit: Tesla

Elon Musk dropped a huge detail on the Tesla Roadster on his latest appearance on the Joe Rogan Experience podcast.

Tesla has been teasing the Roadster for years. The company has constantly delayed the vehicle, hoping to push its limits past anything that is even imaginable by the human mind.

Earlier this year, the company said it would put on a “most epic demo” for the Roadster, displaying and unveiling all its capabilities, some new, some previously talked about. However, nobody really knows what to expect.

On the JRE Podcast, Musk joined Rogan for an over three-hour conversation about a variety of topics, but Tesla was something that was evidently on the agenda.

One of the parts of the Tesla conversation that is getting a lot of attention is Musk’s new teasing of the Roadster, saying it has “crazy technology” that might not even qualify as an automobile in the classic sense.

Musk confirmed that Tesla is “getting close to demonstrating the prototype,” and said he can guarantee the demo “will be unforgettable.”

He continued:

“Whether it’s good or bad, it will be unforgettable. My friend Peter Thiel once reflected that the future was supposed to have flying cars, but we don’t have flying cars. I think if Peter wants a flying car, he should be able to buy one.”

Musk went on to say, with a smile, that Joe would have to “wait and see” what Tesla had come up with.

He went on:

“I think it has a shot at being the most memorable product unveil ever. [It will be unveiled] hopefully before the end of the year. You know, we need to make sure that it works. This is some crazy technology in this car. Let’s just put it this way: if you took all the James Bond cars and combined them, it’s crazier than that.”

Tesla has said for years that the Roadster would be able to at least hover, thanks to a SpaceX package that would feature cold gas thrusters that would help the vehicle get in the air.

The new Tesla Roadster will be able to fly: Elon Musk

Musk seemed very confident in his answers and very excited to show off what the Tesla Roadster is capable of. The real question is: how long will it take Tesla to get the car to market after the launch and unveiling? How many units will it manufacture? How much will it cost?

All of those things are details we will have to wait for Tesla to reveal at the Roadster event.

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