Raphael Stevens

Shares of Rivian Automotive fell about 8% during premarket trading Friday after the electric vehicle startup lowered its annual production forecast for 2024.
Rivian said the lower production target — down from 57,000 units to between 47,000 and 49,000 — is due to a “production disruption.”
Rivian produced 13,157 vehicles at its manufacturing facility in Normal, Illinois, and delivered 10,018 vehicles during the third quarter.

Workers assemble second-generation R1 vehicles at electric auto maker Rivian’s manufacturing facility in Normal, Illinois, U.S. June 21, 2024. 
Joel Angel Juarez | Reuters

Shares of Rivian Automotive dropped about 8% during premarket trading Friday after the electric vehicle startup delivered fewer vehicles in the third quarter than analysts had expected and lowered its annual production forecast for 2024.
The company said the lower production target — down from 57,000 units to between 47,000 and 49,000 — was because of a “production disruption due to a shortage of a shared component” for its R1 vehicles and commercial van.

“This supply shortage impact began in Q3 of this year, has become more acute in recent weeks and continues. As a result of the supply shortage, Rivian is revising its annual production guidance to be between 47,000 and 49,000 vehicles,” the company said in a statement.
A Rivian spokesman said the component causing the problem is part of its in-house motors, but he declined to disclose any further details.
Rivian CEO RJ Scaringe during a Morgan Stanley investor conference last month alluded to problems with a number of suppliers: “We’ve had a couple of supplier issues of recent that have been challenging and in particular, a few issues around our in-house motors with some of the components that have been painful and a reminder of just how a multi-tiered supply chain can be difficult.”

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Shares of Rivian, Tesla and GM in 2024.

Despite the shortage, the company reaffirmed its annual delivery outlook of low single-digit growth as compared with 2023, which it expects to be in a range of 50,500 to 52,000 vehicles.
Rivian disclosed the part shortage as part of reporting its vehicle production and delivery for the third quarter.

The company produced 13,157 vehicles at its manufacturing facility in Normal, Illinois, during the period ended Sept. 30 and delivered 10,018 vehicles in that time. Analyst estimates compiled by FactSet expected deliveries of 13,000 vehicles during the third quarter.
Shares of Rivian are down by more than 50% in 2024, as EV demand has been slower than expected and the company has burned through a significant amount of cash.

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Hyundai Motor and Waymo have agreed to a multiyear, strategic partnership that includes the self-driving company adding the South Korean automaker’s Ioniq 5 electric vehicle to its robotaxi fleet.
Initial on-road testing with Waymo-enabled Ioniq 5s will begin by late 2025, and they are expected to become available to Waymo One robotaxi riders in the years to follow, the companies said.

Hyundai Motor and Waymo have agreed to a multiyear, strategic partnership that includes the self-driving company adding the South Korean automaker’s Ioniq 5 electric vehicle to its robotaxi fleet.
Courtesy image

Hyundai Motor and Waymo have agreed to a multiyear, strategic partnership that includes the self-driving company adding the South Korean automaker’s Ioniq 5 electric vehicle to its robotaxi fleet.
The companies said Friday that Waymo’s sixth-generation autonomous technology, known as the Waymo Driver, will be integrated in a “significant volume over multiple years to support” the Alphabet-backed company’s growing robotaxi business.

It comes nearly two months after Waymo revealed details about its newest “generation 6” self-driving technology, which will be integrated into Geely Zeekr electric vehicles and should be able to handle a wider array of weather conditions without requiring as many costly cameras and sensors on board.
Waymo, which boasts around 700 vehicles in its fleet today, operates the only commercial robotaxi service in the U.S., Waymo One. It provides more than 100,000 paid robotaxi rides per week in the U.S. today.
The Ioniq 5 EVs will be produced at Hyundai’s upcoming “Metaplant America” in Georgia and then equipped with Waymo’s self-driving technologies. The EVs will be delivered to Waymo with specific autonomous-ready modifications like redundant hardware and power doors.
Initial on-road testing with Waymo-enabled Ioniq 5s will begin by late 2025. They are expected to become available to Waymo One robotaxi riders in the years to follow, the companies said.
The companies declined to disclose financial terms of the partnership, but confirmed Waymo will purchase and own the vehicles.

Waymo has previously partnered with other auto brands such as Chrysler and Jaguar to produce and integrate its technologies into vehicles.
The Waymo-Ioniq 5 integration is the first stage of a partnership that could grow in the future, according to José Muñoz, Hyundai chief operating officer and CEO of Hyundai Motor North America.
“The team at our new manufacturing facility is ready to allocate a significant number of vehicles for the Waymo One fleet as it continues to expand,” Muñoz said in a statement. “Importantly, this is the first step in the partnership between the two companies and we are actively exploring additional opportunities for collaboration.”
The Ioniq 5 is already being used by autonomous vehicle startup Motional, a joint venture between Hyundai and auto supplier Aptiv. Hyundai said the Waymo partnership “doesn’t influence” Motional.
— CNBC’s Jennifer Elias contributed to this report. More

The Miami Dolphins are in advanced talks to sell a minority stake in their team, according to a person familiar with the matter.
The buyers include private equity firm Ares Management and billionaire Joe Tsai.
The deal would value the Dolphins at $8.1 billion.

Miami Dolphins are in advanced talks to sell minority stake in team to Ares Management, billionaire Joe Tsai
Getty Images

The Miami Dolphins are in advanced talks to sell a minority stake in the team to private equity firm Ares Management and billionaire Joe Tsai, CNBC has learned, highlighting the growing trend of owners looking to build their sports portfolios to include multiple teams and operate their own stadiums to maximize revenue.
The deal, which would also include Hard Rock Stadium, the operating rights for the Miami Grand Prix F1 race and about half of the Miami Open, values the assets at $8.1 billion, according to a person familiar with the negotiations.

A controlling valuation for the same assets would have been north of $10 billion, a source close to the negotiations told CNBC.
This would mark the first private equity investment for the NFL since the league approved the new finance rules in August.
CNBC has valued the Miami Dolphins as the league’s eighth most valuable team at $7.1 billion, which does not include the stadium.
As part of the negotiations, Ares Management would buy 10% of the team and Tsai, owner of the Brooklyn Nets, is in talks to buy another 3% stake, the person said. Bloomberg earlier reported the talks.
Nothing has been signed and there is no timeline for a potential deal, the person added.

The Miami Dolphins and the NFL declined to comment, and Tsai’s BSE Global did not immediately respond to a request for comment.
Businessman Stephen Ross purchased the Miami Dolphins in 2009 for $1.1 billion.
A source close to the Miami Dolphins owner said Ross plans to use the money from the sale to increase his portfolio of South Florida real estate and further his investment in sports.
Ross, also the CEO of Related Companies, is just one of a handful of team owners that also owns and operates the team’s stadium. This allows him to bring in revenue from events held at the stadium such as the Miami Grand Prix and Miami Open tennis tournament.
The Dolphins made $673 million in revenue in 2023.
Earlier this year, Ross reportedly turned down a record $10 billion offer for control of the team, Formula One Miami Grand Prix and Hard Rock Stadium. Ross said he wanted to keep the team within his family.

In late August, NFL owners voted in favor of allowing select private equity firms to invest up to a 10% stake in teams.
The NFL is the last of the major professional sports to allow PE investment, but the league softened its stance as rising valuations have made finding buyers increasingly difficult.
Ares, which manages $450 billion in assets, was one of the four groups that the NFL approved for investment in its teams.
Meanwhile, Tsai has been building a sports empire. The chairperson of the Alibaba Group currently owns the Brooklyn Nets, New York Liberty and operates the Barclays Center. He also owns the San Diego Seals and is co-owner of the Las Vegas Desert Dogs, both National Lacrosse League teams, in addition to Los Angeles FC of Major League Soccer.
Correction: The San Diego Seals and the Las Vegas Desert Dogs are in the National Lacrosse League. An earlier version misstated the league they are in.

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Ford is increasing the refinement and technology of its large Expedition SUV as part of a vehicle redesign to better compete with growing competition.
The 2025 Ford Expedition is expected to arrive in dealerships in the spring.
Ford declined to release pricing for the 2025 Expedition. Current starting pricing ranges from $55,000 to $84,000, depending on the model.

2025 Ford Expedition Platinum Ultimate

DETROIT — Ford Motor is increasing the refinement and technology of its large Expedition SUV as part of a vehicle redesign to better compete with growing competition.
The new three-row SUV features a smoother interior and exterior design, increased comfort and convenience features such as a 24-inch driver display, and the addition of the automaker’s BlueCruise hands-free highway driving system.

“We spent more than 1,100 hours talking with customers about their everyday lives. And with those insights we’ve rethought and redesigned Expedition to help customers make the most of their precious time with family and to make life easier — before, during and after every trip they make,” said Trevor Scott, general manager of Ford Utilities.
Ford declined to release pricing for the 2025 Expedition until closer to when the vehicles will arrive in dealerships in the spring. Current starting pricing ranges from $55,000 to $84,000, depending on the model. The average transaction price of current models is roughly $70,000, according to Ford.

2025 Ford Expedition Platinum Ultimate

The last time the vehicle was redesigned seven years ago, its main competition was full-size SUVs from Ford’s crosstown rival General Motors, such as the Chevrolet Tahoe, Chevrolet Suburban and GMC Yukon.
While GM’s vehicles continue to lead the segment, new competitors such as the Jeep Wagoneer from Stellantis as well as large three-row crossovers from Kia and Hyundai have also come to market.
Auto data and insights firm Edmunds.com reports three-row crossovers such as the Kia Telluride and Hyundai Palisade, which are smaller but cost less than Ford’s current Expeditions, represent the top cross-shopped vehicle segment of full-size SUVs.

Edmunds reports the mainstream full-size SUV segment that includes the Expedition has grown to represent 2.7% of the U.S. market this year, up from 2% in 2017. Segment sales totaled roughly 312,500 units through September of this year.

2025 Ford Expedition Tremor

Ford also has shifted the models for the 2025 Expedition to Active, Platinum (including an “Ultimate” version), King Ranch and Tremor. The off-road inspired Tremor is new for the Expedition but is available on other vehicles.
The Expedition will continue to be available in a standard version or longer “Max” model. It will be powered by a 3.5-liter EcoBoost V6 engine or a high-output version of the engine with 440 horsepower and 510 foot-pounds of torque. More

“Rust,” the film starring Alec Baldwin, will make its world premiere at Camerimage Festival in November, three years after a fatal shooting on set killed cinematographer Halyna Hutchins.
Since the shooting, the film and Baldwin have been ensnared in legal proceedings.
The screening will be followed by a panel discussion on the fatal shooting, Hutchins’ vision, safety on set and how the production continued after her death.

In this image from video released by the Santa Fe County Sheriff’s Office, Alec Baldwin stands in costume and speaks with investigators following a fatal shooting on a movie set in Santa Fe, N.M. Special prosecutors said Tuesday, Oct. 17, 2023, that they will seek to recharge actor Baldwin with involuntary manslaughter in a 2021 fatal shooting on a movie set in New Mexico.
Santa Fe County Sheriff’s Office via AP

Three years after the fatal shooting on the set of “Rust,” the film is set to make its world premiere at the Camerimage Festival in Poland next month.
During the production of the western film in October 2021, star Alec Baldwin fired a prop gun that killed cinematographer Halyna Hutchins. Court documents later revealed Baldwin was handed a loaded weapon by an assistant director who told Baldwin the prop was safe to use.

Since the shooting, the film and Baldwin have been ensnared in legal proceedings.
Prosecutors attempted to charge Baldwin with involuntary manslaughter two separate times. Prosecutors dropped the first set of charges in April 2023 after they received new information. The second set was dismissed in July as the judge found prosecutors improperly kept evidence from defense lawyers.
The armorer on the set, Hannah Gutierrez-Reed, was responsible for all firearms and blank ammunition used during production. She was found guilty of involuntary manslaughter in March and is currently serving an 18-month prison sentence. Gutierrez-Reed’s defense lawyer filed a motion to dismiss the charge after the Baldwin mistrial, but the judge denied the request on Monday.
The Camerimage festival in Toruń, Poland, is centered around the art of cinematography. A panel will follow the screening of “Rust” to discuss the fatal shooting, Hutchins’ vision, safety on set and how the production continued after her death, according to an announcement from organizers.
The panel will include director Joel Souza, who was injured in the shooting.

“We knew that our event was important to [Hutchins], and that she felt at home among cinematographers from all over the world, who have been gathering at Camerimage for over 30 years,” said Marek Zydowicz, Festival Director for Camerimage, in a release. “During the festival, we honored Halyna’s memory with a moment of silence and a panel of cinematographers discussed safety on set. Now, once again, together with cinematographers and film enthusiasts, we will have this special opportunity to remember her.”
The 2024 festival takes place November 16-23. More

QVC is becoming the exclusive broadcaster of USA Pickleball as the home shopping network owner looks to experiment with sports and bulk up its streaming platform.
QVC will also be the exclusive retail industry partner of USA Pickleball as part of the multiyear partnership.
The streaming platform of QVC will exclusively stream the 2024 Biofreeze USA Pickleball National Championships in November.

Thomas Wilson prepares to hit a shot from Ross Whittaker and Christopher Haworth during the first round of the Pro Mens Doubles at the 2023 BioFreeze USA Pickleball National Championships held at the Brookhaven Country Club on November 8, 2023 in Dallas, Texas.
Bruce Yeung | Getty Images Sport | Getty Images

QVC, the owner of home shopping networks on TV and streaming, has signed a deal with USA Pickleball to bring the sport to its platforms.
In a multiyear partnership, QVC has acquired the exclusive broadcast rights of USA Pickleball, the national governing body of the sport. The deal begins with USA Pickleball’s 2024 Biofreeze USA Pickleball National Championships in November, which will be featured on QVC’s free streaming platform, QVC+/HSN+.

QVC, a subsidiary of John Malone’s Qurate Retail Group, will mix the shopping experience with the live matchups. As part of the partnership, QVC will also be the exclusive retail industry partner of USA Pickleball.
The deal showcases the media industry’s continued gravitation toward live sports, which attract some of the biggest audiences on both traditional TV and streaming.
In QVC’s case, the choice to bring on pickleball was intentional.
Earlier this year QVC launched a new brand platform called “Age of Possibility,” geared to women over 50, said Annette Dunleavy, QVC’s vice president of brand marketing.
“Pickleball is the fastest-growing sport in America and really resonates with that demographic,” said Dunleavy. “We thought, what two perfect partners to come together. We wanted to partner with them to sort of bring the sport to life in a different and unique way for our audience.”

Pickleball has been booming in the U.S. and has been called the country’s fastest-growing sport. More than 5 million women over the age of 45 actively play the sport, according to QVC and USA Pickleball.
Pickleball courts have been popping up across major cities in the U.S. Meanwhile, the sport has been signing big media rights deals, such as the partnership of the Professional Pickleball Association Tour and The Tennis Channel.
As QVC builds out its streaming platform it has been experimenting with live shows and events, including its “The Ultimate Gift Wrapping Challenge” series and actress Busy Philipps’ late-night talk show, “Busy This Week.”
“As you look at what those relevant, highly successful examples of media have been, it’s live sports,” said Stacie Tedesco, vice president of streaming at Qurate Retail Group. “It was really that perfect next place to go.”

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