EV startup Rivian reported a third-quarter net loss of $1.2 billion
Amazon-backed electric vehicle startup Rivian Automotive Inc on Thursday said it will build a $5 billion plant in Georgia, its second U.S. assembly plant, as it looks to expand production.In its first publicly reported quarterly results since it went public last month, Rivian also reported a third-quarter net loss of $1.2 billion. Rivian's shares tumbled 11% in after-hours trading after the company said it expected production to fall a few hundred vehicles short of its 2021 target of 1,200.The n
Powell expects inflation to fall closer to Fed's goal by end of next year
Economic growth and "rapid gains" in the employment picture are supporting the central bank's decision to accelerate the tapering of its asset purchase program, Federal Reserve Chair Jerome Powell said during his post-FOMC press conference.The recent increase in COVID and the emergence of the Omicron variant "poses risk to the outlook," he said.