Tesla, Ford attract new investments from George Soros’s fund
Billionaire investor George Soros’s investment fund has bought stakes in Tesla Inc. and Ford Motor Co. and added to existing stakes in EV makers Lucid Group Inc. and Nio Inc., according to a filing late Friday.
The fund acquired 29.5 million shares of Ford in the reporting period ended in June, the filing showed. It snapped up nearly 30,000 Tesla shares in a new position as well.
New positions for the fund also included bets on Twitter Inc. the social-media company in the middle of a dispute with Tesla Chief Executive Elon Musk over their soured deal.
The Soros fund offloaded some of its holdings in Rivian Automotive Inc. however, ending the reporting period with slightly less than 18 million shares, down from a previous holding of around 20 million shares.
Rivian says it now expects a 2022 loss of $5.45 billion, from a previous estimate of a $4.75 billion loss
Rivian Automotive Inc. late Thursday reported a narrower-than-expected quarterly loss, but called for steeper losses for the year, warned about ongoing supply-chain snags, and saw rising expenses, sending the stock lower in the extended session.
The EV maker said it lost $1.7 billion, or $1.89 a share, in the second quarter, compared with a loss of $580 million, or $5.74 a share, in the year-ago period. Adjusted for one-time items, Rivian lost $1.62 a share in the quarter.
Revenue reached $364 million, from no revenues a year ago, mostly thanks to the deliveries of 4,467 electric vehicles in the quarter, the company said.
FactSet consensus called for an adjusted loss of $1.63 a share on sales of $335 million.
Rivian RIVN, -0.13% stock initially fell about 5% in extended trading after the results, then briefly reversed course into positive territory before settling 2.4% lower.
“Rivian’s team delivered strong second-quarter results despite the challenging supply-chain environment,” Chief Executive RJ Scaringe said in a call with investors after the results.
Rivian saw “a number of challenges” related to the supply-chain shortages in the quarter, including ongoing issues with chips.
The outlook for the second half of the year is improving, however, and Rivian is on track to add a second shift to its factory by the end of the current quarter, Scaringe said. Rivian also reaffirmed its goal of making 25,000 EVs this year.
Rivian’s EVs are generating buzz, the CEO said, and most customers appear to be opting for the vehicles’ more expensive trims.
Demand for its electric trucks and SUVs remained “strong,” and, as of June 30, Rivian had about 98,000 preorders on its books from customers in the U.S. and Canada, the company said in a letter to investors accompanying results. Operating expenses rose to $1 billion, as compared with $580 million in the second quarter of 2021.
Rivian said it expects a 2022 adjusted EBITDA loss of $5.45 billion, from a previous estimate of a $4.75 billion loss, Rivian shares have lost 63% so far this year