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The Irvine, California-based company's shares fell nearly 8% in after-hours trading. Convertible bonds can be dilutive when converted into shares and are typically seen negatively by investors when issued. Rivian's bond will mature in October 2030 and investors will have the option to convert the bonds into cash or shares in the company, it said in a filing.
LG Chem EV Battery Plant Morocco: LG Chem, known for manufacturing more expensive nickel-cobalt-manganese (NCM) cathodes, is entering the LFP cathode business for the first time to meet growing demand for cheaper LFP batteries as the auto industry steps up efforts to produce more affordable EVs, whose most expensive components are the batteries.
Nio China EU Probe: Nio, which ranks No.9 among manufacturers of electric and hybrid cars in China, is among Chinese EV makers that have been expanding to Europe amid stiffening competition in their home market, helped by the bloc's strict rules on emissions and Beijing's relatively benign trade ties.
Vinfast Seeks Applicants India: If VinFast enters India, the world's third-largest car market, it will compete in a nascent but fast-growing segment currently dominated by domestic heavyweight Tata Motors . Tesla is also eyeing India, and is in talks with New Delhi about setting up a factory.
German Carmaker Stocks Fall: German carmakers, who rely on China for around a third of passenger car sales, have been muted in their reaction to the EU's announcement of a probe into whether Chinese state subsidies for EV makers are creating unfair competition in Europe.