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Saudi Minister of Communications and Information Technology Meets with Chairman of Chinese Tus-Holdings Company

Saudi Minister of Communications and Information Technology Meets with Chairman of Chinese Tus-Holdings Company
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Saudi Minister of Communications and Information Technology Meets with Chairman of Chinese Tus-Holdings Company

Saudi Minister of Communications and Information Technology Meets with Chairman of Chinese Tus-Holdings Company

Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha met in China Thursday with the Chairman of the Board of Directors of Tus-Holdings Co, Wang Jiwu, and corporate leaders to set the future direction of the partnership and to establish an incubator for innovation in deep technologies in King Abdulaziz City for Science and Technology, which will be the first launch of joint innovation incubators as part of the cooperation between the two countries.

Al-Swaha is also Chairman of the Board of Directors of KACST and the Research, Development, and Innovation Development Authority (RDIA).
The minister reviewed the fruitful partnership with Tus-Holdings in laying the foundations for the success of the innovation oases in the Kingdom to include the foundational and digital infrastructure, digital resources, and platforms that support the provision of the best services and enablers for the entrepreneurship system, incubated startups, and hosted technology companies of all sizes.
Al-Swaha explained that these oases will positively impact strengthening the research, development, and innovation system in the Kingdom and contribute to building a sustainable economy.

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EV Maker Rivian Beats Expectations for Deliveries as Supply Snag Eases

Workers assemble second-generation R1 vehicles at electric auto maker Rivian's manufacturing facility in Normal, Illinois, US June 21, 2024. REUTERS/Joel Angel Juarez/File Photo
Workers assemble second-generation R1 vehicles at electric auto maker Rivian's manufacturing facility in Normal, Illinois, US June 21, 2024. REUTERS/Joel Angel Juarez/File Photo
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EV Maker Rivian Beats Expectations for Deliveries as Supply Snag Eases

Workers assemble second-generation R1 vehicles at electric auto maker Rivian's manufacturing facility in Normal, Illinois, US June 21, 2024. REUTERS/Joel Angel Juarez/File Photo
Workers assemble second-generation R1 vehicles at electric auto maker Rivian's manufacturing facility in Normal, Illinois, US June 21, 2024. REUTERS/Joel Angel Juarez/File Photo

Rivian surpassed analysts' expectations for fourth-quarter deliveries on Friday and said its production was no longer constrained by a component shortage, a positive sign for the electric vehicle maker aiming to turn its first profit.

Shares of the California-based company rose nearly 6% in premarket trading. The stock lost more than 40% of its value in 2024.

The shortage of the part used in its R1 SUV and R1T pickups, as well as its delivery vans, started in the third quarter and forced Rivian to slash its annual production target in October.

"The previously discussed shortage of a shared component on the R1 and RCV platforms is no longer a constraint on Rivian's production," the company said on Friday, Reuters reported.

Rivian handed over 14,183 vehicles in the three months ended Dec. 31, compared with estimates of 13,472, according to 15 analysts polled by Visible Alpha.

That was a 42% jump from the previous quarter and marked Rivian's highest deliveries in more than a year, even though Amazon.com, its biggest backer, takes fewer deliveries in the fourth quarter due to its focus on holiday season sales.

Rivian produced 12,727 vehicles in the quarter, compared with estimates of 11,398 units.

For 2024, production came in at 49,476 vehicles, down about 13% from a year earlier but above the company's lowered target of between 47,000 and 49,000 units.

Rivian has cut costs sharply by renegotiating supplier contracts and revamping its manufacturing processes to turn a gross profit for the fourth quarter. It also entered a technology joint venture with German automaker Volkswagen last year that will provide a $5 billion lifeline.

EV makers are grappling with slowing demand as higher borrowing costs push buyers toward cheaper gasoline-powered hybrid vehicles and legacy automakers focus on rolling out electric vehicles.

Bigger rival Tesla reported its first fall in yearly deliveries on Thursday, also weighed down by the EV pioneer's aging lineup.