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Rivian renegotiates DOE loan down to $4.5 billion, adjusts capacity plans for Georgia plant

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Rivian renegotiates DOE loan down to .5 billion, adjusts capacity plans for Georgia plant


Rivian Automotive on Thursday said it has renegotiated a $6.57 billion loan from the U.S. Department of Energy down to $4.5 billion and is adjusting its production expectations at an under-construction plant in Georgia.

The DOE loan was previously set to support two phases of production for a total of 400,000 units annually. The amended loan covers one phase of production with a total capacity of 300,000 vehicles, the company said Thursday.

The changes enable Rivian to draw on the loan sooner and have greater initial production but lowers its total production capacity for the plant amid uncertain demand for all-electric vehicles.

The initial loan terms were negotiated under the Biden administration. It had been in limbo under the Trump administration, which has taken action to cut or reduce such loans and has pulled back government investments to promote EVs.

Rivian said it plans to tap into the loan in 2027, a year ahead of previously scheduled. The automaker also said production of the company’s upcoming R2 electric vehicle is on track to begin at the facility in late 2028, following its recent start to production at its current facility in Normal, Illinois.

Rivian CEO RJ Scaringe on Thursday told CNBC’s Phil LeBeau that any future expansion of the Georgia plant would be funded by the company, which has been raising capital through partnerships with companies such as Volkswagen and Uber.

The EV maker announced the new loan details in connection with its first-quarter results, which included a net loss of $416 million, or 33 cents per share, down from a loss of $541 million, or 48 cents per share, a year ago. Those per-share results were not comparable to Wall Street expectations.

Rivian’s revenue for the quarter was $1.38 billion, up from $1.24 billion a year earlier and slightly ahead of the $1.36 billion expected by analysts, according to LSEG.

The company’s gross profit, which is closely watched by investors, was $119 million — down $87 million during the first quarter compared with a year earlier. That included a $62 million loss for its automotive segment and a $181 million profit for its software and services division.

The decline in automotive profit was primarily due to a $100 million slump in sales of automotive regulatory credits and lower production volumes, Rivian said.

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Will AI lead to more accurate opinion polls?

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Will AI lead to more accurate opinion polls?



It’s cheaper and faster to collect people’s opinions using AI, but will it make polls more accurate?



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India Crude Imports: India’s crude imports in April 85% of February level, Russia largest source – The Times of India

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India Crude Imports: India’s crude imports in April 85% of February level, Russia largest source – The Times of India


NEW DELHI: Russia remained the largest source of crude for India in April, supplying 1.6 million barrels a day (mbd), followed by Saudi Arabia, the UAE, Venezuela and Qatar, data from shipment-tracking firm Kpler has shown.India imported nearly 4.4 mbd of crude in April, marginally lower than in March (4.5 mbd) and 85% of Feb shipments (5.2 mbd), amid the ongoing disruption of supply flows through Strait of Hormuz. Supplies from Russia were down 20% from nearly 2 mbd in March, which was the highest since May last year. While Saudi Arabia (685,000 barrels a day) and UAE (575,000 barrels a day) ramped up supplies, India resumed imports from Iran and Venezuela to plug the gap caused by disruptions from other West Asian nations.

Brent at $126

No shipments arrived from Iraq, Kuwait, Qatar or Saudi-Kuwait neutral zone in April, despite Iraq usually being among India’s top crude suppliers.While shipments from Saudi Arabia came through East-West crude pipeline, the UAE sent consignments via ADCOP pipeline to Fujairah on the Gulf of Oman. Supplies from other Gulf producers continue to depend largely on the Strait of Hormuz. ‘India’s LPG import situation to remain tight in near term’ For the first time since March 2019, Indian refiners also sourced nearly 1.3 lakh barrels of oil a day from Iran in April, after the US eased sanctions for a month to help reduce global crude prices. They also secured about 2.9 lakh barrels a day from Venezuela after a gap of 11 months.Imports of LPG fell to less than 1 million tonnes (MT) in April, down from 2-2.2 MT during the pre-crisis months. Data showed that India received nearly 9.5 lakh tonnes of the primary cooking fuel in April, about 16% less than March shipments, which were estimated at a little over 1.1 MT. The supply gap was plugged by a 30% increase in domestic LPG production. With no resolution to the global energy crisis in sight, experts believe imports are likely to remain affected in the near future.“India is, therefore, likely to continue facing tight LPG import availability in the near term. The situation remains sensitive, as disruptions of Middle East supply, India’s key sourcing region, are keeping import availability constrained,” said Sumit Ritolia, lead analyst at Kpler. The diversification of supplies from non-Gulf countries – including the US, Australia, Canada, Norway and Russia – helped India secure 1.9 million tonnes of natural gas in April, up from 1.6 MT in March.



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Trump lifts whiskey tariffs: Scotland–Kentucky trade eased after King Charles & Queen Camilla US visit – The Times of India

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Trump lifts whiskey tariffs: Scotland–Kentucky trade eased after King Charles & Queen Camilla US visit – The Times of India


Representative image (AI-generated)

US President Donald Trump on Thursday announced that he would remove tariffs and restrictions on whiskey linked to trade between Scotland and the US state of Kentucky.In a post on Truth Social he wrote, “In Honor of the King and Queen of the United Kingdom, who have just left the White House, soon headed back to their wonderful Country, I will be removing the Tariffs and Restrictions on Whiskey having to do with Scotland’s ability to work with the Commonwealth of Kentucky on Whiskey and Bourbon, two very important Industries within Scotland and Kentucky. People have wanted to do this for a long time, in that there had been great Inter-Country Trade, especially having to do with the Wooden Barrels used. The King and Queen got me to do something that nobody else was able to do, without hardly even asking! A wonderful Honor to have them both in the USA.”This comes after King Charles and Queen Camilla visited the White House on a state visit, during which trade ties and cultural relations between the United Kingdom and the United States were discussed. The visit also included conversations around strengthening economic cooperation between key industries in both countries.According to Trump’s post, the decision was influenced by long-standing trade links between Scotland’s whisky industry and Kentucky’s bourbon sector, particularly the exchange of materials such as wooden barrels used in production. He also suggested that the royal visit played a role in encouraging the policy shift.The announcement comes against the backdrop of earlier tariff measures introduced by the Trump administration in 2025, which included a 10% baseline tariff on most British goods. Those measures had raised concerns in the Scotch whisky industry, which relies heavily on exports, particularly to the United States.Trade representatives had earlier warned that such tariffs could increase pressure on distillers and impact a sector that depends significantly on international markets.Following the latest announcement, the move is expected to be welcomed by the whisky industry. Industry representatives said distillers would be able to “breathe a little easier during a period of significant pressure on the sector,” Reuters reported.



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