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    Ford and PG&E partner on electric F-150 powering homes, grid

    Ford will collaborate with Pacific Gas and Electric Co. in California to evaluate the capabilities of the electric F-150 Lightning to power homes and return energy to the power grid.
    Ford CEO Jim Farley and PG&E Corp. CEO Patti Poppe announced the plans Thursday night at the CERAWeek energy conference in Texas.
    The F-150 Lightning — due out this spring — already has the capability to power a home in the event of a power outage, according to the company. Ford calls it “Intelligent Backup Power.”

    2022 Ford F-150 Lightning

    Ford Motor will collaborate with Pacific Gas and Electric Co. in California to evaluate the bidirectional charging capabilities of the electric F-150 Lightning to power homes and return energy to the power grid.
    Ford CEO Jim Farley and PG&E CEO Patti Poppe announced the plans Thursday night at the CERAWeek energy conference in Texas.

    Bidirectional charging involves an EV’s ability to return energy to a home or the power grid, a reverse of the home and grid charging the vehicle. The EVs can charge at night when rates are low and potentially provide energy back to the grid during peak hours. That would allow customers to save money on their electricity bill and create less strain on the grid.
    The announcement comes two days after Poppe announced a pilot program with General Motors to make its electric vehicles capable of powering a home in the event of a power outage or grid failure.
    Ford’s announcement differs from GM’s because it is “the first-to-market enablement of a Ford F-150 Lightning EV and bidirectional charging system,” a company spokeswoman said.

    The F-150 Lightning — due out this spring — already has the capability to power a home in the event of a power outage, according to the company. Ford calls it “Intelligent Backup Power.”
    Through the early adopter program, PG&E will explore how Ford’s technology interconnects with the electric grid and customer’s homes, the company said.
    The first use of F-150 Lightning’s backup power is expected to begin in spring, supported by Sunrun Inc. as the automaker’s preferred installation partner.

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    Jones Soda unveils cannabis-infused sodas, syrups and gummies under new Mary Jones brand

    Jones Soda is launching a line of cannabis-infused sodas, syrups and gummies under a new brand, Mary Jones.
    It’s a bold step for the publicly traded company, but its relatively small size means it may feel it can take risks that larger rivals Coca-Cola and PepsiCo are shy to try.
    The initial launch will happen in California, but the company has plans to bring Mary Jones to all states where cannabis use is legal.

    Jones Soda’s cannabis offshoot, Mary Jones
    Source: Jones Soda

    Meet Mary Jones, the new brand from Jones Soda that will feature cannabis-infused sodas, gummies and syrups.
    It’s a bold step for the publicly traded company, which is best known for its craft soda, but its relatively small size means it may feel it can take risks that larger rivals Coca-Cola and PepsiCo are shy to try.

    Cannabis is still federally illegal, and the drink giants are wary of crossing that line. The closest that Pepsi has come is its recent launch of a line of hemp-infused Rockstar energy drinks, although hemp seed has no dramatic effects when consumed.
    Alcohol companies have embraced cannabinoids to a greater degree. Corona brewer Constellation Brands owns a stake in cannabis company Canopy Growth, while Molson Coors sells CBD-infused drinks made through a joint venture.
    For 2021, Jones Soda reported revenue of $14.8 million, less than .04% of Coke’s revenue for the full year. The company has a market value of $37.3 million and is trading at 55 cents a share.
    “We’re a small player in soda, but we’re going to be the biggest national player when it comes to a recognizable [consumer-packaged goods] name in cannabis,” Jones Soda marketing chief Bohb Blair said in an interview.
    The launch also follows a broader trend within the beverage industry blurring the lines between different categories. Pepsi is moving its Mountain Dew soda into alcohol with Hard Mtn Dew, while Anheuser-Busch InBev’s Bud Light Seltzer launched a hard soda variety in December.

    Mary Jones will first launch in California, which has a legal cannabis market of roughly $4 billion. According to Blair, nearly a third of adult Californians shop in dispensaries, creating a huge market for its products.
    While Californians are often stereotyped as health-conscious consumers who prefer green juice over soda, Blair said the existing cannabis drinks — made with low dosage and light flavor — has left the door open to consumers who want a cannabis beverage packed with flavor.
    “Health claims aren’t our equity, full flavor is,” Blair said. “We had some conversations early on: Should we be putting CBD in this? And no, it’s not who we are.”
    “If we crack it in California, we’re going to do gangbusters as we go through the Midwest and East,” he added.
    The initial launch will include four different product lines: 12-ounce bottles of soda infused with 10 milligrams of cannabis; 16-ounce cans of soda infused with 100 milligrams of cannabis; syrup designed to mix with other drinks or on food with 1000 milligrams of cannabis per bottle; and gummies infused with five milligrams of cannabis, shaped like mini Jones Soda bottles.

    If we crack it in California, we’re going to do gangbusters as we go through the Midwest and East.

    Bohb Blair
    Jones Soda marketing chief

    The company has even bigger plans. It’s looking to expand in all states where it’s legal for adults to use cannabis and — eventually — nationwide.
    “We have been putting all of these pieces in place since we announced our intention to establish a cannabis division last July, and we fully expect the brand to deliver solid strategic growth for the company,” CEO Mark Murray said in a statement.
    The decision to move into cannabis came about as Jones worked to expand its portfolio beyond soda. Blair said the company is confident that it will pay off, given Jones Soda’s playful and recognizable branding, popular flavors that will work with cannabis and the potential appeal to new consumers.
    “A lot of the cannabis category is leaf, but that’s the legacy part of the category, the mature part,” Blair said. “If you look at the new consumer to cannabis, the people who want to bring it to a party or have it in a meal, a lot of them are turning to beverages and edibles. And it turns out those are not as easy to make.”
    But selling cannabis, even where it’s legal, comes with its own set of challenges. Jones Soda is betting that its expertise as an independent soda company will translate into the distribution of cannabis-infused products as well. The company is already familiar with operating on a state-by-state basis.
    In California, the products will be sold in dispensaries, where the company contends that it’s unlikely they’ll be confused with non-cannabis versions of Jones’ drinks.
    The company also tried to design Mary Jones’ packaging to straddle the line between benefiting from Jones Soda’s brand recognition and making it different enough as a signal to consumers. The logo uses the same font for “Jones,” but with the “N” backwards. Following local regulations, the products have the dosage in larger font than any other claims.
    The name itself is a play on “Mary Jane,” a common nickname for marijuana.
    “Coke has Diet Coke, and people get that 100%,” Blair said. “So we qualified Jones with Mary Jones.”

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    Covid was declared a pandemic two years ago and now we're finally moving on — but public health experts say it's not over

    The world’s battle against Covid-19 has been largely sidelined as economies reopen and governments look to move beyond their “pandemic footing.”
    Friday is the second anniversary of Covid being declared a pandemic by the World Health Organization.
    Covid was, and still is, a seismic event that has affected the lives of millions of people.

    Medical staff treat a coronavirus disease (COVID-19) patient in the Intensive Care Unit (ICU) at the Providence Mission Hospital in Mission Viejo, California, January 25, 2022.
    Shannon Stapleton | Reuters

    LONDON — With war raging between Russia and Ukraine, the world’s battle against the coronavirus has been largely sidelined and the second anniversary of Covid-19 being declared a pandemic by the World Health Organization could easily pass us by.
    Covid was, and still is, a seismic event that has affected the lives of millions of people, causing heartache for those that lost loved ones and anxiety for millions of people who lost livelihoods as the pandemic caused widespread lockdowns and a massive hit to businesses both big and small.

    Of course, the long-lasting impact on many individuals’ mental and physical health is yet to be fully measured or appreciated, with the effects of the virus — whether it be the malingering Covid symptoms or “long Covid” many people are experiencing, or its impact on the brain and body — still being investigated by scientists.
    Two years ago, when the WHO declared on March 11, 2020, that Covid “could be characterized as a pandemic” little did we know that we would now have recorded over 452 million cases to date, and over 6 million deaths, according to data from Johns Hopkins University, which continues to keep a tally on the number of infections and fatalities.
    The numbers are so immense it’s easy to forget that each of those deaths has been a tragic loss for someone, or some family.

    Vaccine triumph

    While the human cost and emotional losses caused by the pandemic are incalculable, it’s worth celebrating the achievements made during the pandemic with an abundance of optimism on the day that the first preliminary clinical trial results emerged, on Nov. 9 2020 from Pfizer, indicating that its Covid vaccine developed with German biotech BioNTech in record-breaking time, was highly effective against Covid.
    Signaling a way out of the pandemic at last, stock markets soared and the vaccine maker hailed the discovery as a “great day for science and humanity.” The happy announcement was followed by similar results from Moderna, AstraZeneca and others.

    Since then, a number of global manufacturers have produced millions of doses of Covid vaccines with the world’s most fortunate having received not only their initial, standard two-dose immunization but a booster too. For the world’s poorest a Covid vaccine, like other forms of basic health care, remains elusive and many experts say this should be a stain on the rich West’s conscience.
    While 63.4% of the world’s population has now received at least one dose of a Covid-19 vaccine, with over 10 billion doses administered worldwide, only 13.7% of people in low-income countries have received at least one dose, according to Our World in Data, another source of invaluable data during the pandemic.

    Origin unknown

    There are still many unanswered questions over Covid too, the biggest one being: Where did the virus come from?

    It became something of a political hot potato during the pandemic with China, in which the virus first emerged in Wuhan in late 2019, denying that it was the source of the pandemic. After a long delay, an international team of scientists and public health experts were allowed into the country to investigate but they struggled to ascertain the origin of the virus. Although they ruled out any “lab leak” theory, it still remains a mystery with scientists believing that it still most likely originated in an animal.
    While major global economies reopen and many nations are now learning to “live” with the virus, public health experts are keen to stress that the pandemic is not over yet.
    We’ve already learned the hard way that new variants of the virus can, and have, emerged with each new strain we know about proving more virulent (though, thankfully, less deadly) than the last.
    The emergence of the omicron variant — which proved far more transmissible but less deadly, and led to a sharp peak and fall of cases around the world — caught some governments by surprise and illustrated the different levels of tolerance that leaders were willing to demonstrate toward “living with” Covid.

    Some, like the U.K., were more willing to take a “wait and see” approach to how much damage the variant could cause while others like Germany and the Netherlands, mindful of the stresses on their health systems, reinstated partial restrictions or lockdowns in late 2021.
    The move prompted protests from many quarters in Europe but demonstrations against Covid measures had become commonplace before then, with some members of the public questioning the public guidance and restrictions imposed on them, and others going further, denying the existence of Covid, with myth-spreading about the virus a perpetual bugbear for virologists, epidemiologists and front-line health care workers treating those sick or dying from Covid.

    A person holds a sign as people gather during a protest against mandated coronavirus disease (COVID-19) vaccines and vaccine passports, in New York, September 27, 2021.
    David ‘Dee’ Delgado | Reuters

    It’s ‘not over’

    WHO’s Director General Tedros Adhanom Ghebreyesus, a familiar face to millions of us now, said on Thursday on the eve of the two-year anniversary of Covid being declared a pandemic that “although reported cases and deaths are declining globally, and several countries have lifted restrictions, the pandemic is far from over.”
    In a message broadcast on Twitter Thursday, Tedros reiterated the WHO’s mantra that Covid “will not be over anywhere until it’s over everywhere” and he said the WHO was concerned at the number of countries “drastically” reducing testing and that this “inhibits our ability to see where the virus is, how it’s spreading and how it’s evolving.”
    For countries like the U.K., where the government has announced it will scrap most free lateral flow tests on April 1, the end of widespread testing is a worry for some public health experts that say cases are already rising in older age groups, once again, as there is more socializing and as booster jabs wear off. Whether booster shots will continue to be rolled out remains a moot point, however.

    A close eye is also being kept on a sublineage of omicron, known as BA.2, with early reports suggesting it’s even more transmissible than its omicron forebear, BA.1.
    Dr. Jenny Harries, chief executive of the U.K. Health Security Agency, was among those sounding the alarm after data showed that an increasing number of people aged 55 and older have Covid in the U.K., and that the prevalence of BA.2 is rising.
    “Cases have declined substantially following the peak of the Omicron wave [but] the increasing presence of the BA.2 sub-lineage of omicron and the recent slight increase in infections in those over 55 shows that the pandemic is not over and that we can expect to see Covid-19 circulating at high levels,” Harries said in an UKHSA statement Thursday.
    We know that the protection from Covid that’s provided by vaccines wanes over time and some countries are mulling the idea of deploying further booster jabs. Israel announced in January that it would offer fourth jabs to health care workers and the over-60s.
    Repeated booster programs have been criticized by some virologists and the WHO has said blanket booster programs mean poor countries could continue to struggle to obtain initial doses and that an unequal access to immunizations could lead to new variants.

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    Britain revisits huge tidal energy plan as Ukraine crisis continues

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    New commission “will have the expertise and independence it needs to explore whether using the Severn Estuary to create sustainable power is attainable and viable.”
    The notion of harnessing the Severn Estuary’s tides to generate power has been mooted for many years.
    The establishment of the commission comes at a time when concerns about Europe’s reliance on Russian oil and gas have been brought into sharp focus

    An aerial shot of the Severn Estuary from 2010.
    Jamie Cooper | Sspl | Getty Images

    An independent commission in the U.K. is to revisit the possibility of using the Severn Estuary, a large body of water between England and Wales, to harness tidal energy.
    The commission will be set up by the pan-regional Western Gateway Partnership, which covers western England and south Wales.

    “The time is right to look again at what could be an incredible source of clean, environmentally friendly energy on our doorstep,” Jane Mudd, who is vice chair of the partnership and also leads Newport City Council, said in a statement Tuesday.
    The commission, Mudd added, would “have the expertise and independence it needs to explore whether using the Severn Estuary to create sustainable power is attainable and viable.”
    Katherine Bennett, the Western Gateway Partnership’s chair, said it had been known for some time that the Severn had “huge potential for creating clean renewable energy.”
    According to a paper published by the Institution of Civil Engineers in 2016, the output from the Severn’s tidal range could be approximately 25 terawatt hours per year, or “about 7% of the UK energy needs.”

    More from CNBC Climate:

    While there is excitement about tidal power’s prospects, the newest proposal is in its very early stages and any project would require significant levels of investment.

    “No decisions have been made about what a potential solution for getting power from the Severn might look like or whether any development will take place,” the Western Gateway Partnership said.
    The notion of harnessing the Severn Estuary’s tides to generate power has been mooted for many years. This is because the tidal range — a term which refers to the height difference between low and high tide — is one of the world’s largest, at up to 14 meters.
    Despite this huge resource, projects have never gotten off the ground. Back in 2010, the U.K. government said it did not “see a strategic case to bring forward a Severn tidal power scheme in the immediate term.”
    “The costs and risks for the taxpayer and energy consumer would be excessive compared to other low-carbon energy options,” the government added.

    Read more about clean energy from CNBC Pro

    The establishment of the new commission comes at a time when concerns about Europe’s reliance on Russian oil and gas have been brought into sharp focus following the invasion of Ukraine last month.
    Huw Thomas, a Western Gateway board member, acknowledged previous tidal power schemes had not garnered support from the U.K. government “due to a perceived requirement for high levels of public investment and concerns over the environmental impact on designated areas in the Severn Estuary.”
    “However, the changing landscape of the climate emergency, energy insecurity, rising costs, and rapid technological improvements indicate that many of these policy, cost and environmental barriers may no longer be as significant,” Thomas, who is also the leader of Cardiff City Council, said.
    In comments published by the Guardian on Tuesday, Michael Gove, the U.K.’s secretary of state for levelling up, housing and communities, offered his support for the commission.
    “Russia’s invasion has served to heighten concerns about energy security and costs,” the Guardian reported Gove as saying.
    “Sustainable forms of energy cannot come soon enough. The launch of an independent commission on tidal energy for the Severn is very welcome news.”
    Tidal power has been around for decades — EDF’s 240 MW La Rance tidal power plant in France dates back to the 1960s — but recent years have seen a number of new projects take shape.
    In July 2021, a tidal turbine weighing 680 metric tons started grid-connected power generation at the European Marine Energy Centre in Orkney, an archipelago located north of mainland Scotland.
    And in October, plans for a £1.7 billion (around $2.24 billion) project in the U.K. incorporating technologies including underwater turbines were announced. More

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    Hong Kong shares of dual-listed Chinese companies plunge as U.S.-delisting fears resurface

    Hong Kong shares of dual-listed Chinese companies including Nio, JD.com and Alibaba plunged in Friday trade after fears of U.S.-delisting resurfaced.
    Those losses tracked declines for some U.S.-listed Chinese stocks overnight amid renewed concerns over potential delistings stateside.
    Still, UBS Global Wealth Management’s Hartmut Issel remains positive on the affected Chinese stocks, though he admits it’s “not for the faint hearted.”

    The Chinese and Hong Kong flags flutter as screens display the Hang Seng Index outside the Exchange Square complex, which houses the Hong Kong Stock Exchange, on January 21, 2021 in Hong Kong, China.
    Zhang Wei | China News Service via Getty Images

    Hong Kong shares of dual-listed Chinese companies including Nio, JD.com and Alibaba plunged in Friday trade after fears of U.S.-delisting resurfaced.
    By Friday afternoon in the city, shares of tech behemoth Alibaba fell 6.56%. EV maker Nio, which debuted in Hong Kong a day earlier, saw its shares plunge 11.64%. Baidu declined 5.14% while NetEase slipped 6.94%.

    JD.com plummeted 15.67% after reporting a quarterly loss on Thursday.
    The broader Hang Seng Tech index dropped 7.55%.
    Those losses tracked declines for some U.S.-listed Chinese stocks overnight amid renewed concerns over potential delistings stateside.
    The U.S. Securities and Exchange Commission recently named five U.S.-listed American depositary receipts of Chinese companies which they said failed to adhere to the Holding Foreign Companies Accountable Act. ADRs represent shares of non-U.S. firms and are traded on U.S. exchanges.
    The China ADRs flagged by the SEC are the first to be identified as falling short of HFCAA standards. The act permits the SEC to ban companies from trading and even be delisted from U.S. exchanges if regulators stateside are unable to review company audits for three consecutive years.

    Read more about China from CNBC Pro

    Still, UBS Global Wealth Management’s Hartmut Issel remains positive on the affected Chinese stocks, though he admits it’s “not for the faint hearted.”
    The fundamental value of these companies will not be affected, Issel, head of Asia-Pacific equities and credit at the firm, told CNBC’s “Street Signs Asia” on Friday: “Virtually all of them, the big ones anyway, these ADRs … their business is exclusively in China.”
    “Virtually now all of them have also Hong Kong listing,” Issel added. “As an investor you just have to move over if there is an actual delisting [in the U.S.].”
    Furthermore, he said: “We do know that the Chinese and also U.S. authorities are in contact, they could salvage it.”
    — CNBC’s Bob Pisani contributed to this report.

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    5 charts show the stages of global economic recovery since Covid hit

    Oil prices plunged, travel came to a halt and unemployment rates spiked when the coronavirus hit in early 2020.
    Two years after the WHO declared Covid a pandemic, CNBC looks at how oil demand, air travel capacity, unemployment rates, interest rates and government debt have changed since Covid emerged.

    Commuters on a train in Hong Kong on March 2, 2022, amid the Covid pandemic.
    Dale De La Rey | AFP | Getty Images

    Oil prices plunged, travel came to a halt and unemployment rates spiked when the coronavirus hit in early 2020.
    Then, signs of recovery emerged. Stock markets rebounded and quickly surpassed 2019 levels, while the global economy has begun to recover, though the pace varies with region and industry.

    Two years after the WHO declared Covid a pandemic, here are five charts that show much — or how little — the world has recovered.

    Demand for oil

    Oil prices have been on a wild ride since early 2020 in reaction to both demand and supply factors.
    Demand first evaporated as lockdowns took effect, but later crept back, causing supply concerns in 2021.

    Global oil demand stood at 100.1 million barrels per day in 2019, and has not fully recovered yet, according to OPEC estimates.
    The Russia-Ukraine war has thrown the oil market into chaos again, with Russian crude sanctioned by the U.S. and U.K.

    During Asian trading hours, U.S. oil futures were up 0.3% at $106.38 per barrel, while international benchmark Brent crude was up 0.12% at $109.46 per barrel.
    Higher oil prices are likely to dampen demand, though that would not be related to the pandemic.

    Airline seat capacity

    The travel industry was hit particularly hard by the pandemic since many countries closed their borders and encouraged residents to stay home as much as possible.
    Weekly seat capacity dropped drastically before recovering, but is still far off from the average in 2019, according to global travel data provider OAG.

    “Global weekly seats will be 82[million] and overall capacity is sitting at 23% below the same week in 2019, the company said in an update on March 7.
    Airline capacity is expected to reach 100 million seats per week by mid-May, OAG added.
    According to CNBC calculations, the average weekly seat capacity in 2019 was 110,716,079.

    Unemployment

    Lockdown measures led to job losses around the world. In the United States, the unemployment rate spiked to 14.7%, a post-World War II record.
    Jobless rates also increased in other countries.

    Using December 2019 data as a benchmark, unemployment rates in China and Germany have more or less returned to pre-Covid levels. Japan and the U.S. are still reporting slightly elevated unemployment rates.

    Interest rates

    Central banks slashed interest rates in 2020 to support the economy as Covid spread.

    Countries such as the U.K. and South Korea have since raised rates, and the Federal Reserve is expected to do so at its March meeting.
    Still, interest rates are far below what they were before the pandemic hit.

    Government debt

    Governments spent more to protect the economy from the effects of the pandemic and its economic impact.

    According to data from the Bank of International Settlements, government debt-to-GDP ratios climbed and are still higher compared with pre-Covid times.

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    Rivian stock sinks after EV maker says it expects to deliver a modest 25,000 vehicles this year

    Rivian missed Wall Street’s fourth-quarter earnings expectations and forecast a modest increase in vehicle production for 2022.
    Rivian said it expects to produce 25,000 vehicles this year, as the electric vehicle start-up battles through supply chain constraints and internal production snags.
    It said reservations for its vehicles have reached about 83,000 as of March 8, up from 71,000 in December.

    Shares of Rivian Automotive tumbled in after-hours trading Thursday after the company missed Wall Street’s fourth-quarter earnings expectations and forecast a modest increase in vehicle production for 2022.
    Shares of the electric-vehicle automaker were down more than 13%, after earlier hitting a new 52-week low Thursday.

    Rivian said it expects to produce 25,000 electric trucks and SUVs this year, as the start-up battles through supply chain constraints and internal production snags. That would be just half of the vehicle production it forecast to investors last year as part of its IPO roadshow.
    “In the immediate term, we are not immune to the supply chain issues that have challenged the entire industry. Those issues, which we believe will continue through at least 2022, have added a layer of complexity to our production ramp-up,” the company said in a letter to shareholders.
    Rivian said reservations for its vehicles have reached about 83,000 as of March 8, up from 71,000 in December.

    A planned increase in production will come alongside an adjusted operating loss of $4.75 billion and capital expenditures of $2.6 billion this year, the company forecasted Thursday when reporting its fourth-quarter results.
    Here’s how Rivian performed during the quarter compared with analysts’ estimates as compiled by Refinitiv:

    Adjusted loss per share: $2.43 vs. $1.97 a share expected
    Revenue: $54 million vs. $60 million expected

    Rivian reported an adjusted operating loss of $2.8 billion for 2021, including $1.1 billion in the fourth quarter, marking significantly wider losses than the year-ago period. Its net loss for 2021 came in at $4.7 billion, including $2.5 billion during last quarter.
    The company didn’t offer revenue guidance for 2022, though Refintiv consensus estimates predict a full-year, adjusted loss per share of $4.97 and revenue of about $3.16 billion.
    The company remains financially sound, though, with $18.4 billion in cash on hand at the end of last year. Rivian said it expects capital expenditures to total about $8 billion through the end of 2023. The company previously set a production goal of 150,000 vehicles per year by that date.
    Rivian CEO R.J. Scaringe said Thursday the company would be capable of producing more than 50,000 units this year if there were no problems in the supply chain.

    Read more about electric vehicles from CNBC Pro

    “We’re working as hard as we can to get the suppliers ramped,” he told investors.
    Rivian is among the leaders in early stage electric vehicle start-ups. Late last year the company started producing three separate vehicles at its factory in Normal, Illinois. The vehicles include an the R1T pickup and R1S SUV for consumers and an electric delivery van. The first orders of the vans are going to Amazon, which holds a 20% stake in the start-up.
    The company declined to disclose how many vans it has produced and delivered to Amazon. 
    During the earnings presentation, Scaringe also shared additional details about the new lower-cost and lower-range “Standard” battery packs, announced on March 1.
    The new packs will contain lithium iron phosphate, or LFP, battery cells, which don’t use nickel or cobalt – both of which have soared in price in recent weeks. The new Standard battery packs will debut later this year in the RCV delivery vans the company is building for Amazon — but they won’t be available in the R1T and R1S models until 2024, Scaringe said.
    Shares of Rivian, which went public in November, are down about 60% this year as of Thursday’s close, after the company missed production targets for 2021.

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    Our crony-capitalism index offers a window into Russia’s billionaire wealth

    ALTHOUGH BILLIONAIRES have been getting a bad rap for years, the sanctions levied at Russian oligarchs have intensified scrutiny on the origins of tycoons’ wealth. On March 1st President Joe Biden announced that his government was setting up a “klepto capture” task force to “go after the crimes of Russian oligarchs”.Listen to this story. Enjoy more audio and podcasts on More