Tesla Earnings, Rivian Job Cuts, and Ford F-150 Lightning Production Halt: Top EV News This Week

Tesla Reports Q4 Earnings

Tesla released its Q4 earnings report this week, revealing record revenue and vehicle deliveries. Despite supply chain challenges and the ongoing global semiconductor shortage, Tesla managed to deliver over 308,000 vehicles in Q4 2021, representing a 71% year-over-year increase. The company also reported $17.7 billion in revenue, a 65% increase compared to Q4 2020.

Rivian Announces Job Cuts

Rivian Automotive, an electric vehicle startup, announced it would be cutting 5% of its workforce due to the need to control costs and focus on ramping up production of its R1T pickup truck and R1S SUV. The layoffs will affect approximately 900 employees, with most of the cuts coming from the company's non-manufacturing workforce.

Ford Pauses F-150 Lightning Production

Ford Motor Company announced it would pause production of the F-150 Lightning electric pickup truck due to a battery supply issue. The automaker stated it expects the production pause to last only a few weeks, but it will delay the delivery of some customer orders. Ford plans to build about 15,000 F-150 Lightning trucks in 2022.

EV News Around the World

In other EV news, Volkswagen announced it would invest $2 billion in its Tennessee assembly plant to build electric vehicles, while Mercedes-Benz revealed its new EQE SUV concept at the 2022 Consumer Electronics Show (CES). Meanwhile, the UK government announced it will stop selling new gasoline and diesel cars by 2030, 10 years earlier than originally planned.