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Electric Truck Unicorn Rivian, Backed By Amazon And Ford, Lands $350 Million Investment From Cox

Rivian, an innovative truck startup planning to produce all-electric pickups and SUVs that’s backed by Ford Motor Co. and Amazon, said Cox Automotive is investing $350 million and may partner with it on future business operations.

Led by 36-year-old founder and CEO RJ Scaringe, Plymouth, Michigan-based Rivian has ginned up excitement in the auto industry with its plans to launch a line of long-range, rechargeable light trucks, including the R1T pickup and R1S SUV, built off a highly functional “skateboard” platform that integrates the battery pack, drive components and suspension system. Ford invested $500 million in April and Amazon led a $700 million round in February.

Cox, which owns an extensive range of businesses related to auto sales and services, including consumer information sites Kelley Blue Book and Autotrader, retailer data services Dealer.com and Dealertrack, and automotive auction business Manheim, will also explore ways to help Rivian with service operations, logistics and digital retailing.

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“We are building a Rivian ownership experience that matches the care and consideration that go into our vehicles,” Scaringe said in a statement. “Cox Automotive’s global footprint, service and logistics capabilities and retail technology platform make them a great partner for us.”

A Clark Kent look-alike with a Ph.D. in mechanical engineering from MIT, Scaringe has refined his ideas for electric vehicles over the past decade and could prove to be a major competitor to Tesla’s Elon Musk, who has his own plans for battery-powered trucks, ranging from a pickup to 18-wheel semis.

Rivian aims to begin production and sales of its first two models from late 2020, building them at the former Mitsubishi Motors Corp. assembly plant in Normal, Illinois, that it purchased in 2017 and is renovating. The company already has more than 1,000 employees and wants to begin selling its electric vehicles internationally from 2021.

Both the R1T and R1S are to have electric range of up to 400 miles per charge–well more than any of Tesla’s current EVs–and they are priced from $68,000 and $72,500, respectively.

Rivian’s fundraising in the past year has been prodigious and totals at least $2 billion with Cox’s investment. Still, it declined to provide an estimate valuation or confirm what stake is owned by Scaringe. In addition to the funding from Ford and Amazon, it raised $450 million in an earlier round that included Saudi Arabia-based investment group Abdul Latif Jameel, Su­mi­tomo Corp. of Japan and London’s Standard Chartered Bank.

“We are excited by Rivian’s unique approach to building an electrified future and to be part of the positive impact its products will bring to our roads and the world around us,” said Sandy Schwartz, president of Cox Automotive. “This investment complements Cox Automotive’s own commitment to environmental change through our Cox Conserves efforts.”

Along with its equity stake and potential business operations, Cox Automotive will have a seat on Rivian’s board.

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From Los Angeles, the U.S. capital of cars and congestion, I try to make sense of technology-driven changes reshaping transportation, cities and how we get around. I’ve tracked global automakers, advanced vehicle tech and environmental policy for more than two decades, including 15 years at Bloomberg, and squeezed in stints in the financial and corporate worlds. What’s your story?

Source: Electric Truck Unicorn Rivian, Backed By Amazon And Ford, Lands $350 Million Investment From Cox

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Another Alfa Romeo Comeback Story May Be Ending

After a brief surge, Alfa Romeo's comeback plan looks to have stalled, outsold in Europe by Lancia.

Has yet another Alfa Romeo comeback story fizzled out before it ever really got going?

It’s hard to see it any other way, with the fabled Italian sports and premium brand outsold in Europe for the first half of the year by its ignored, underfunded Fiat Chrysler Automobiles stablemate, Lancia.

Alfa Romeo has five models on its books, including the 4C sports car, the dated MiTo three-door hatch, the just-facelifted Giulietta five-door hatch and the expensively developed Giulia sedan and Stelvio crossover.

Lancia, on the other hand, sells just one car – the eight-year-old Ypsilon five-door hatch. It might be a legendary name, with some of the most desirable cars ever built on its books and with multiple World Rally Championships to its name, but its reputation for quality is so bad in Europe that it has retreated to just one market: Italy.

FCA analyst Fiat Group World pointed out that Alfa Romeo sales fell to 29,187 in the first half of 2019, while the Ypsilon, based on the budget Fiat Panda, managed 34,691 sales in Italy alone.

Alfa’s sales fell 42 percent year-on-year in Europe, while Lancia’s rose 29 percent with an ancient product that wasn’t terribly good to begin with.

It has been an across-the-board pummeling for Alfa, with its business sales dropping from 33,400 last year to 19,200 this year, while its private sales fell 40 percent.

It was hammered in France, where its sales fell 61 percent, but the biggest concern will be its collapse in its home market of Italy, where it dropped 47 percent to only 14,700 registrations.

The clunky, one-market Ypsilon is single-handedly embarrassing Alfa Romeo.

The clunky, one-market Ypsilon is single-handedly embarrassing Alfa Romeo.

In a frightening buyer revolt, only 5000 Alfas were privately registered in Italy in the first half of the year.

Even the newest Alfa model, the Stelvio, saw its European sales drop by 18 percent this year to just 13,800 registrations as it was overtaken by updates to rivals like the BMW X4.

The heavily publicized Giulia sedan, which shares its expensively developed rear-drive architecture with the Stelvio, saw its sales fall 44 percent to 5767 registrations across Europe.

There was more bad news in the US, where it sold 9037 cars in the first half; down on the 12,265 it sold in 2018.

Alfa is twinned with Maserati within the company and the Modena-based brand at least has plans to pull its product lineup into the next decade with a range of plug-in hybrids, a Porsche Macan-testing crossover and an all-electric sports car.

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I have been testing cars and writing about the car business for more than 25 years. My career began in daily newspapers and developed into editorship of two automotive magazines. I’ve been based in Italy as a freelancer for more than a decade, covering the European car business, with a focus on product testing and product development for readers around the world.

 

Source: Another Alfa Romeo Comeback Story May Be Ending

Why You Should Never Book Your Flight And Hotel At The Same Time

When it comes to booking vacations, have we been doing it wrong all this time? For many of us, planning a vacation typically means choosing a destination, doing some research, comparing prices, and then reaching for a credit card. Once we’ve got our ducks lined up in a row, we go ahead and book our flights and hotel. A significant percentage of travelers always buys a package that bundles the flight and hotel together because conventional wisdom says that packages save you money.

Except that’s not true, says Sam Shank, CEO of HotelTonight, a platform for last-minute hotel booking platform. That’s because the optimal time to book the various different elements of your trip happen at different times – and this is the crux of how to save. “If you don’t book your flights early, you’re going to spend a fortune. With airline tickets, prices shoot up a lot if you wait too long,” says Shank. “But it’s the exact opposite with hotel prices, which decline the longer you wait.”

In other words, it makes zero sense to book your flights and hotel at the same time. To get the best price on both elements of your vacation, you should book flights six to seven weeks ahead and wait until much closer to your travel dates to book your hotel. This is a particularly good strategy if you’ve chosen a destination with a lot of hotels and your heart is not set on a particular property during the peak travel season.

Shank’s advice is founded in stats. The average hotel is only two-thirds full on any given night, so unless there’s a convention or some other major event going on, there is likely to be plenty of inventory available in a destination even on your arrival day.

You can book a hotel up to three months in advance on the HotelTonight website or app (available for iOS and Android), but the longer you wait, the more you save. Booking a week out nabs you a better price than if you book a month out, but the biggest savings of all go to last-minute Charlies who wait until the same day, when hotel rates are, on average, 10% less than the day before, says Shank.

Have you been told that travel packages always save you money? Again, you are booking your flight and hotel at the same time and only one of those elements will be at its optimal price. “Unbundling helps you save because you can get the benefit of booking the flight early and the hotel late,” says Shank.

There’s another benefit to booking your flight and hotel separately. “The selection of hotels included in these packages is often limited, so you’re often not able to choose the perfect hotel for you,” says Shank. “By unbundling, you’re going to get better choice as well.”

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I’m always looking for new ways to travel better, smarter, deeper and cheaper, so I spend a lot of time watching trends at the intersection of travel and technology.

 

Source: Why You Should Never Book Your Flight And Hotel At The Same Time

The Travel Companies That Will Change The Way You See The World – Angelina Villa-Clarke

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There are many instances where words that are the same are spelled differently in different countries that use English as a primary language. American spellings of specific words do differ from the commonly acceptable forms in Britain. Traveling and travelling are an example of this phenomenon.From bespoke itineraries to seeing a place like a local, the latest travel companies are adding a big dollop of imagination to the process of booking a holiday…..

 

 

Read more: https://www.forbes.com/sites/angelinavillaclarke/2018/01/26/the-travel-companies-that-will-change-the-way-you-see-the-world/#1f5e4e235ebd

 

 

 

 

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