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Pfizer CEO Albert Bourla told CNBC Wednesday that a recent surge in monkeypox cases shouldn’t be a cause for concern.
“With everything I know, I wouldn’t worry much,” he said at the World Economic Forum in Davos.
The pharmaceutical giant announced separately Wednesday that it would make all of its patented medicines available at a not-for-profit price the world’s poorest countries.

Albert Bourla, Pfizer CEO, at the WEF in Davos, Switzerland on May 25th, 2022.
Adam Galici | CNBC

Pfizer’s CEO said Wednesday that he “wouldn’t worry much” about a recent monkeypox outbreak that has seen cases surge in non-endemic countries.
Albert Bourla told CNBC that current data on the disease suggests it doesn’t transmit as easily as other viruses, such as Covid-19, and that it is unlikely to lead to a pandemic.

“I don’t have all the information ahead of me. With everything I know, I wouldn’t worry much,” he said at the World Economic Forum in Davos.
“That doesn’t mean that we should relax,” however, he continued. “I think we should monitor where the situation goes.”
Monkeypox is a rare viral infection that is endemic to Central and West Africa. It spreads through close contact with people, animals or material infected with the virus, with symptoms including rashes, fever, headaches, muscle ache, swelling and backpain.
While most cases are mild, typically resolving within two to four weeks, health experts have been baffled by the recent spike in countries with no history of the disease and patients with no travel links to endemic countries.
As of Wednesday, at least 237 confirmed and suspected cases of monkeypox had been reported in countries outside of Africa, including in the United Arab Emirates — the first gulf state to report a case.

Bourla noted that the availability of existing treatments present reason for optimism. Smallpox vaccinations have proven 85% effective against monkeypox, and already France and Denmark are considering targeted vaccination campaigns for those most at risk of transmitting the disease.

World’s poorest countries to receive medicines at cost

In a separate announcement Wednesday, Pfizer said that it would make all of its patented medicines available at a not-for-profit price for the world’s poorest countries.
“45 countries, 1.2 billion people will get all our patented products at cost,” said Bourla .
The pharmaceutical giant said the plan covers 23 wholly-owned, patented medicines and vaccines for infectious diseases, certain cancers and some other rare and infectious diseases.
The portfolio of drugs includes Pfizer’s Covid-19 vaccine, Comirnaty, developed with BioNTech, which Bourla said would be of immediate use.
Also included in the list are the company’s Covid-19 treatment Paxlovid and breast cancer drug Ibrance, as well as pneumonia vaccine Prevnar 13, rheumatoid arthritis drug Xeljanz and cancer treatments Xalkori and Inlyta.
Further medicines and vaccines will be added to list as they are launched.

27 low-income and 18 lower-income countries spanning most of Africa and much of Southeast Asia will be included in Pfizer’s program, dubbed “an accord for a healthier world.”
Xinhua News Agency | Xinhua News Agency | Getty Images

Through the program, Pfizer said it aims to improve the ease and speed of access to vital medicines for poorer nations.
Bourla said it realizes the company’s goal, set out when he took over in 2019, to “reduce by 50% the number of people on the planet that cannot afford their medicine” by 2023.
“Today we are going to achieve that,” he said, adding that shareholders “should think that we are doing the right thing.”

Addressing Covid-19 shortfalls

According to the Bill & Melinda Gates Foundation, it can typically take four to seven years longer for new treatments to become available in low-income countries than in advanced economies — if they become available at all.
Twenty-seven low-income and 18 lower-income countries spanning most of Africa and much of Southeast Asia will be included in the scheme, dubbed “an accord for a healthier world.”The drug company was previously criticized for its rollout of its Covid-19 vaccine and refusal to waive intellectual property rights for the shot even as some poorer countries were left waiting months for their first doses.
Bourla said the new scheme had been informed by some of those shortfalls, and would offer greater support both in terms of delivery of medicines and implementation of treatments.
“The countries were not ready to receive vaccines,” he said of the Comirnaty rollout.
“They were not in a position to organize vaccination campaigns and actually there was hesitancy in these countries. What we should worry about is creating medical infrastructure in these countries so that they can do vaccinations,” he said.
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Mortgage rates turned lower for the second straight week, but it wasn’t enough to boost demand for purchase loans or refinances.
Applications to refinance a home loan dropped 2% for the week and were 75% lower than the same week one year ago.
Applications for a mortgage to purchase a home were flat week to week and down 16% from a year ago.

A for sale sign is posted in front of a home that is listed for over $1 million on April 29, 2022 in San Francisco, California.
Justin Sullivan | Getty Images

Mortgage rates turned lower for the second straight week, but it wasn’t enough to boost demand for either new purchase loans or refinances, according to a weekly report from the Mortgage Bankers Association.
Rates are still much higher than they were for the past two years. Last week the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) decreased to 5.46% from 5.49%, with points dropping to 0.60 from 0.74 (including the origination fee) for loans with a 20% down payment.

Applications to refinance a home loan dropped 2% for the week and were 75% lower than the same week one year ago.
“Most refinance borrowers continue to remain on the sidelines as a result, and refinance applications have fallen in nine of the past 10 weeks. Compared to January 2022, refinance activity is down 66%,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.
Homebuyers are also pulling back. Applications for a mortgage to purchase a home were flat week to week and down 16% from a year ago.
More supply is coming on the market, but homes are suddenly sitting longer for sale.
Mortgage demand from homebuyers is now close to the lows last seen in spring 2020, at the start of the Covid pandemic. Homebuying quickly picked up after that, and frenzied demand pushed prices higher at an astounding rate over the past two years.
Now those high prices are sidelining potential buyers, especially people seeking to purchase their first home.

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The deal has finally been approved after the government received legal guarantees that Roman Abramovich — who has had his UK assets frozen — will not benefit from the sale.
On Tuesday night, the Premier League approved the takeover.
Sky Sports News understands that the proceeds of the sale are going into a frozen bank account controlled by the government.

Todd Boehly pictured after the Premier League match between Chelsea and Watford at Stamford Bridge, London on Sunday 22nd May 2022. The U.K. government has now approved the £4.25bn Boehly-led consortium’s takeover of Chelsea.
Ivan Yordanov/MI News | Nurphoto | Getty Images

The government has approved the £4.25bn Todd Boehly-led consortium takeover of Chelsea.
After months of negotiations, the deal has finally been approved after the government received legal guarantees that Roman Abramovich — who has had his UK assets frozen — will not benefit from the sale.

“Last night the Government issued a licence that permits the sale of Chelsea,” said culture secretary Nadine Dorries. “Given the sanctions we placed on those linked to Putin and the bloody invasion of Ukraine, the long-term future of the club can only be secured under a new owner.
“We are satisfied the proceeds of the sale will not benefit Roman Abramovich or other sanctioned individuals. I want to thank everyone, especially officials who’ve worked tirelessly to keep the club playing and enable this sale, protecting fans and the wider football community.”
On Tuesday night, the Premier League approved the takeover, with its board applying “the Premier League’s Owners’ and Directors’ Test (OADT) to all prospective Directors” and undertaking “the necessary due diligence”.

Read more stories from Sky Sports

Sky Sports News understands that the proceeds of the sale are going into a frozen bank account controlled by the government.
Chelsea have been operating under a special government licence, which expires on May 31, albeit with restrictions over signing and selling players and offering new contracts to stars.
Boehly, co-owner of the LA Dodgers baseball team, and fellow consortium member Hansjörg Wyss were at Stamford Bridge for Sunday’s final 2-1 win over Watford.
US magnate Boehly will become Chelsea’s controlling owner once the takeover is complete, though California investment firm Clearlake Capital will assume the majority shareholding.

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“When are we going to do something?” Warriors head coach Steve Kerr shouted at a press conference before his team was set to take on the Dallas Mavericks.
The visibly shaken and angry Kerr made the remarks hours after a gunman killed 19 children at an elementary school in the west Texas town of Uvalde.
The coach and former NBA player singled out Republican Senate Leader Mitch McConnell.

A visibly angry and shaken Steve Kerr on Tuesday evening condemned senators, particularly Republican leader Mitch McConnell, for failing to act on gun legislation, hours after a gunman killed 19 children and two teachers at an elementary school in the west Texas town of Uvalde.
“When are we going to do something?” Kerr, the Golden State Warriors’ head coach, shouted at a press conference before his team was set to take on the Dallas Mavericks in game four of the NBA’s Western Conference Finals. The teams were playing in Dallas, over 300 miles from the site of the massacre.

“I ask you, Mitch McConnell, I ask all of you senators who refuse to do anything about the violence and school shootings and supermarket shootings – I ask you, are you going to put your own desire for power ahead of the lives of our children and our elderly and our churchgoers?” he said. “Because that’s what it looks like.”
McConnell’s Twitter account wrote on Tuesday afternoon that he was “horrified and heartbroken” by the “disgusting violence directed at innocent schoolkids.”
“The entire country is praying for the children, families, teachers, and staff and the first responders on the scene,” the tweet read.
Kerr, who refused to discuss basketball during his remarks, was also referring to a mass shooting 10 days ago at a Buffalo grocery store, where a racist gunman targeted mainly Black people, as well as an attack on Asian parishioners at a California church that is being investigated as a hate crime. Both occurred within the past two weeks.
He also mentioned HR8, a bill that would expand background checks for gun purchases. The Democratic-controlled House passed it in 2019, but the measure would need to clear the 60-vote filibuster threshold in the evenly divided Senate. Republicans, many of whom are backed by the National Rifle Association, have successfully swatted away several attempts to impose restrictions on access to guns.

“We’re being held hostage by 50 senators in Washington who refuse to even put it to a vote, despite what we, the American people, want,” Kerr said. “They won’t vote on it, because they want to hold on to their own power. It’s pathetic.” The coach slammed the table for emphasis several times during his plea.
Kerr made his remarks not long before President Joe Biden addressed the nation Tuesday night. “We as a nation have to ask when in God’s name are we going to stand up to the gun lobby. When in God’s name do we do what we all know in our gut needs to be done?” the president said.
The Golden State Warriors’ official Twitter and YouTube accounts posted the video of Kerr’s emotional plea for real action on gun violence. Venture capitalist Joe Lacob is the team’s majority owner.
Kerr’s father, Malcolm Kerr, was killed by gunmen in Lebanon in 1984 while serving as president of the American University of Beirut. The coach and former NBA player has often weighed in on social issues and has been an advocate for gun control.
“We can’t get numb to this,” Kerr said Tuesday evening.

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Traders on the floor of the NYSE, May 17, 2022.
Source: NYSE

U.S. stock futures rose on Tuesday night after the Nasdaq Composite dropped during the regular session, following a warning of slowing growth from social media company Snap that hurt the tech-heavy index.
Dow Jones Industrial Average futures rose 111 points, or 0.4%. S&P 500 and Nasdaq 100 futures climbed 0.5% and 0.7%, respectively.

Nordstrom shares jumped more than 10% in extended trading after the retailer surpassed sales expectations and raised its full-year outlook. The retailer experienced a surge in demand from shoppers refreshing their closets for “long-awaited occasions.”
The Nasdaq Composite fell 2.4% during regular trading while the S&P 500 slid 0.8%. The Dow rose by 0.2% in a late-day reversal, despite falling as much as 1.6% earlier in the session.
The losses in the Nasdaq came after a warning from Snap spooked the digital advertising industry, which dinged social media stocks including Facebook parent Meta, Twitter, and Google parent Alphabet. Snap’s stock price tumbled 43% during the regular session after the company said it will miss its own earnings and revenue targets.
“It tells me how much technology and comm services are still over-owned, right, because they’re the ones that are getting hit the hardest, and for good reason. Snap was really a big surprise for just about everybody,” Stephanie Link, chief investment strategist and portfolio manager at Hightower, said Tuesday on CNBC’s “Closing Bell.”
“I think that we’re in just really challenging times. I’ve been saying we’re going to be in a choppy environment all year long because there are so many unknowns,” she continued.

Traders will continue to parse through earnings reports this week to see how companies are handling inflationary pressures. Dick’s Sporting Goods is expected to report earnings Wednesday before the bell. Snowflake and Nvidia are set to post quarterly reports after the bell.
On the economic front, traders are also watching for the latest reports on weekly mortgage applications and durable goods orders before markets open. Investors are expecting the latest meeting minutes from the Federal Open Market Committee.

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Trian Partners, the largest shareholder of Wendy’s, is exploring a potential deal with the company, according a filing.
Trian, along with its partners, owns a 19.4% stake in the burger chain.
The hedge fund said it was seeking a deal to “enhance shareholder value” that could include an acquisition or merger, according to the filing.

A drive-thru window of a Wendy’s restaurant in Peoria, Illinois.
Daniel Acker | Bloomberg | Getty Images

Shares of Wendy’s surged roughly 15% in extended trading Tuesday after a filing revealed hedge fund Trian Partners, its largest shareholder, is exploring a potential deal with the company.
Trian, along with its partners, owns a 19.4% stake in the burger chain and said it was seeking a deal to “enhance shareholder value” that could include an acquisition or merger, according to the filing.

The firm said it has retained advisors to evaluate strategic options and has discussed the scenarios with the Wendy’s board.
Wendy’s said in a statement it regularly reviews opportunities with the goal of “maximizing value for all stockholders” and would “carefully review” any proposal from Trian.
Trian, founded and run by Nelson Peltz, first invested in Wendy’s in 2005, when the fund was initially created.
“At that time, Wendy’s was one of America’s most beloved brands, but the business had lost its way after the passing of its founder Dave Thomas,” the firm says in its portfolio listing.
Trian holds three board seats at the fast-food company, including one held by Peltz , the chairman. The firm has previously urged Wendy’s to reduce restaurant overhead, improve operations and build up its brand, according to Trian.

Wendy’s and its franchisees own about 7,000 restaurants. Global same-store sales grew 2.4% in the first quarter. The company reported quarterly net income of $37.4 million, or 17 cents per share, for the three-month period ended April 3 — nearly 10% down from $41.4 million, or 18 cents per share, during the same period in 2021.
Wendy’s has experimented with new menu items and a beefed-up breakfast menu to drive traffic and compete against fast-food giants McDonald’s and Burger King. But the company faces challenging trends as diners shift their behaviors with inflation hovering at decades-high levels and some workers returning to offices.
BMO Capital Markets last month downgraded the stock to market perform from outperform and cut its price target on the stock to $22 per share from $28.
The stock closed Tuesday at $16.27 per share, down 30% over the last 12 months, giving the company a market value of about $3.5 billion.
— CNBC’s Steve Kopack contributed to this report.

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The Federal Trade Commission is launching an investigation into whether mergers in the baby formula industry contributed to the current shortage.
The FTC also said it would use the full force of the law against individuals or businesses that are taking advantage of the shortage by price gouging parents.
President Joe Biden asked the FTC earlier this month to investigate the infant formula shortage to find out whether manufacturers contributed to it by keeping formula from smaller retailers.

A woman shops for baby formula at Target in Annapolis, Maryland, on May 16, 2022, as a nationwide shortage of baby formula continues due to supply chain crunches tied to the coronavirus pandemic that have already strained the countrys formula stock, an issue that was further exacerbated by a major product recall in February.
Jim Watson | AFP | Getty Images

The Federal Trade Commission on Tuesday launched an investigation into infant formula manufacturers to find out whether corporate mergers contributed to a nationwide shortage by concentrating the industry.
FTC Chair Lina Khan said that the commission would also investigate whether formula makers and distributors engaged in illegal economic discrimination that limited availability at some retailers.

“Discriminatory terms and conditions can exacerbate the inability of some grocers, pharmacies, and other stores to source products in short supply, impacting both rural and inner-city communities in particular,” Khan said in a statement Tuesday.
Parents across the country have struggled to find formula for their infants at stores after Abbott Nutrition shut down its plant in Sturgis, Michigan, in February due to bacterial contamination. Four infants who consumed formula made at the plant were hospitalized with bacterial infections, and two of them died. Abbott has said there’s “no conclusive evidence” that its formula led to the hospitalizations and deaths.
Four manufacturers — Abbott, Mead Johnson Nutrition, Nestle USA and Perrigo — control 90% of the U.S. market. The domestic supply chain is easily disrupted when one plant goes offline.
The FDA and Abbott reached an agreement to reopen the Michigan plant to help ease the shortage, subject to conditions the company has to fulfill to ensure the plant meets U.S. food safety standards. The agreement, called a consent decree, is enforceable by federal courts. The company faces the threat of $30,000 daily fines if it fails to comply.
President Joe Biden asked the FTC earlier this month to investigate the infant formula shortage to find out whether manufacturers contributed to it by keeping formula from smaller retailers. He also asked the commission to stop any individuals or businesses from taking advantage of the scarcity by price gouging parents.

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Khan said the FTC would use the full force of the law against anyone who is found to be scamming families trying to buy formula, including through online bots that automatically purchase and resell formula at exorbitant prices.
“While reselling these products is not illegal and may serve a useful function, using ‘bots’ or other automated tools to divert large amounts of supply of life-sustaining products from ordinary retailers and then prey on desperate families may constitute an unfair practice under the FTC Act,” Khan said.
The FTC also asked the public to submit comments to a federal website about whether any state or federal agencies may have accidentally taken actions that contributed to the shortage.
Biden has invoked the Defense Production Act, a law passed in response to the Korean War, to help manufacturers boost production by ordering suppliers to prioritize the delivery of baby formula ingredients. The U.S. is also airlifting the equivalent of 1.5 million eight-ounce bottles of formula from abroad, according to the White House.
The U.S. House Energy and Commerce Committee’s Oversight and Investigations subcommittee will hold a public hearing Wednesday on the baby formula shortage. It will feature testimony from the Food and Drug Administration head Robert Califf and executives from three formula manufacturers: Abbott; Reckitt, which acquired Mead Johnson in 2017; and Nestle-owned Gerber.

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Many of the newest EVs — including models by Ford, GMC, Rivian and Lucid — have backlogs of orders and reservations.
Some models may be easier to find than others, according to industry data compiled by CNBC.
Pent-up demand means people should still expect to pay the manufacturer’s suggested retail price — or more.

Charging port for a Ford Motor Co. Mustang during the Washington Auto Show in Washington, D.C., on Friday, Jan. 21, 2022.
Al Drago | Bloomberg | Getty Images

As gas prices hit record highs, some Americans might be tempted to go electric and ease the pain at the pump. But finding a shiny, new electric vehicle might not be so easy.
National inventory levels of vehicles — including EVs — were depleted during the pandemic by a combination of pent-up demand and supply chain problems. Drivers looking to buy an EV today might have to wait for months, or more, before the cars are delivered.

And yet, rising fuel prices continue to plague both businesses and consumers, with the national average for gas hitting a record $4.59 a gallon, according to AAA. The rise in fuel costs — a 51% spike from a year ago — comes ahead of a summer travel season that’s expected to be bustling, and at a time when decades-high inflation is stoking recessionary fears among investors.
The low availability of vehicles, including EVs, has been driven in part by supply chain problems — most notably a shortage of semiconductor chips since early 2021 — that have led automakers to idle plants, leaving fewer cars and trucks available for consumers.
Cox Automotive reports the supply of all new vehicles at the end of April was down 40% from the same period a year earlier to 1.13 million unsold cars and trucks. That’s about 800,000 vehicles below supply in April 2021 and 2.2 million below 2020.
Legacy automakers and electric-vehicle start-ups alike reported modest production volumes to start the year, though they expect waning supply chain restraints to help boost EV production during the second half. For now, EVs are still in short supply and are expected to be for the foreseeable future.
Many of the newest EVs — including the Ford F-150 Lightning, GMC Hummer EV, Rivian R1T and Lucid Air — have backlogs of orders and reservations. Even Tesla, the industry leader in EV sales, said some new orders won’t be fulfilled until the summer of next year, depending on the vehicle model.

Still, some EV models might be easier to score right now, according to industry data compiled by CNBC from sources including automakers, Cox Automotive and the Automotive News Data Center. They include a handful of models from General Motors, Ford, Hyundai Motor and Kia.
Vehicle availability can change quickly and varies by region — those on the coasts may not struggle as much to find an EV. Some vehicles may also be “in transit,” or on their way to dealers, and available to order, depending on the company or dealer. 
But given the tight supplies and growing demand, analysts say people should expect to pay the manufacturer’s suggested retail price, if not more. Pricing excludes any state or federal tax incentives that might be available for buying an EV.
Here’s where availability stands for some of the highest-inventory vehicles and for some of the major players:

Chevrolet Bolt EV and Bolt EUV

Source: Chevrolet

The Bolt models are the most widely available EVs on sale right now, according to industry data.
GM is in the midst of refilling its dealership pipeline with the EVs after a recall due to fire risks shut down sales and production for several months of the past year. All available models have been repaired and cleared of the defects, according to GM, which expects record Bolt sales this year.
Chevrolet’s website shows thousands of the vehicles — mainly Bolt EUVs — currently available.
The Bolt EV starts at $31,500, with an electric range of up to 259 miles on a full charge. The larger Bolt EUV, which went on sale last year, starts at $33,500 and has a range of 247 miles on a full charge.

Ford Mustang Mach-E

Visitors check on a Ford Mustang Mach-E electric vehicle displayed at a launch event in Shanghai, China April 13, 2021.
Yilei Sun | Reuters

Ford said there’s currently 1,300 electric Mach-E crossovers on dealer lots, though about 800 of those vehicles have already been earmarked for specific customers.
Ford has been encouraging customers to order their vehicles through the dealers, instead of buying off lots, like a majority of their customers have historically done. The process means customers may have to wait for the vehicle, but it assists the company with managing production and ensures customers are getting the exact vehicle they want instead of choosing one from a dealer’s inventory.
There are several thousand Mach-Es in transit that should be arriving on dealer lots in the coming weeks and months, according to the company.
Depending on the location, hundreds of vehicles might be available, the company’s website indicates. It has closed orders for the vehicle for the 2022 model year. Orders for 2023 models will open in the summer, with production expected to begin in the fall.
The Mustang Mach-E starts at $43,895. Its range on a single charge is up to 314 miles.

Kia EV6 and Niro

The Kia EV6 on display at the New York Auto Show, April 13, 2022.
Scott Mlyn | CNBC

Kia has been growing its EV sales this year, with nearly 8,000 EV6 vehicles sold through April. For the Kia Niro, which includes an EV model, sales have nearly doubled.
Nationally, the company said it has an inventory, including in transit, of more than 1,000 units each of the EV6 and Niro EV. The EV6 models are more widely available than the Niro EV, which is concentrated in California and other popular EV markets.
Kia outperformed most other automakers in new EV registrations in the U.S. for the first quarter of this year, trailing only Tesla, according to Automotive News, citing Experian data.
Kia’s EV6 starts at $40,900, with a 310-mile electric range on a full charge. The Kia Niro EV, which was redesigned for the 2023 model, starts at $39,990 and has an electric range of 239 miles on a single charge.

Hyundai Ioniq 5

Hyundai Ioniq 5 on display at the New York Auto Show, April 13, 2022.
Scott Mlyn | CNBC

Hyundai is in ramp-up mode for its Ioniq 5, the brand’s newest EV, which went on sale late last year.
The company is trying to get as many of the vehicles out to dealers as possible, but industry data indicates that only hundreds of the vehicles are available nationally. That’s still more than some other EVs.
In the New York City area, Hyundai’s website shows nearly 200 vehicles available within 250 miles. In Santa Monica, California, the site shows a couple dozen of the cars available within the same distance.
The Hyundai Ioniq 5 starts at $44,000, with an electric range of 303 miles on a single charge.

Lucid Air

People test drive Dream Edition P and Dream Edition R electric vehicles at the Lucid Motors plant in Casa Grande, Arizona, September 28, 2021.
Caitlin O’Hara | Reuters

Those hoping to buy an EV from newer manufacturers may face even longer waits.
Lucid Group began building the company’s first vehicle, the Air luxury sedan, at its Arizona factory late last year. Reviews have been positive and — despite the six-figure price tags on most versions of the sedan — Lucid said earlier this month that it had more than 30,000 reservations for the vehicle.
But many of those buyers may have to wait a year or more to get their cars.
Lucid’s factory can make about 34,000 vehicles a year when it runs at full capacity. But the company has said supply chain issues will curb production to between 12,000 and 14,000 Airs this year.
The Lucid Air starts at $77,400, with 406 miles of range on a full charge. The top-of-the-line Air Grand Touring offers range of up to 516 miles on a full charge, at a starting price of $139,000.
Lucid has announced plans to raise its prices as of June 1.

Rivian R1T and R1S

Rivian electric pickup trucks sit in a parking lot at a Rivian service center on May 09, 2022 in South San Francisco, California. 
Justin Sullivan | Getty Images

It’s a similar story at Rivian, which also began production last fall.
The company said this month it had more than 90,000 reservations for its outdoorsy R1T pickup and R1S SUV. Its Illinois factory has capacity to build about 150,000 vehicles a year, including the R1 models and the electric delivery vans that Rivian builds for Amazon.
But the company is also facing supply chain challenges, as well as some early production snags, and expects to build just 25,000 vehicles in 2022. An order placed today might not be filled for a year or more.
Rivian’s R1T pickup and R1S SUV offer about 260 miles of range in their base trims, which start at $67,500 and $72,500, respectively. Larger battery packs that provide more range — up to 320 miles on the R1S and 400 miles on the R1T — are available at extra cost.

Fisker Ocean

Henrik Fisker stands with the Fisker Ocean electric vehicle after it was unveiled at the Manhattan Beach Pier ahead of the Los Angeles Auto Show and AutoMobilityLA on November 16, 2021 in Manhattan Beach, California.
Patrick T. Fallon | AFP | Getty Images

Fisker, based in California, had more than 45,000 reservations for its Ocean electric SUV as of its May 4 earnings report but doesn’t expect to start building the vehicles with its manufacturing partner Magna Steyr until mid-November.
CEO Henrik Fisker said he’s working with Magna Steyr and suppliers to increase production capacity from 50,000 vehicles a year to 150,000 vehicles a year by the end of 2024.
Even if the company escapes supply chain challenges, a customer who orders an Ocean today likely wouldn’t see it until the fall of 2023 at the earliest.
Fisker’s Ocean SUV can travel about 250 miles on a full charge in its base trim, which starts at $37,499. Larger battery packs offering up to 350 miles of range are available at extra cost.

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