Tesla Cybertruck's Failure Paves the Way for Rivian's Victory at Rebelle Rally
Tesla's Q3 earnings report showed falling margins and profits, leading investors to believe that demand for their vehicles is decreasing as other EVs gain market share. The company also reported a 48% decline in solar deployments but a 90% increase in energy storage deployments. Tesla provided updates on the long-delayed Cybertruck, stating that initial deliveries are set for November 30, but CEO Elon Musk admitted that scaling production will be challenging and profitability may take 18 months. Meanwhile, at the Rebelle Rally, an all-electric Rivian team took first place in the 4x4 class, marking the first time an EV has won the competition. In other news, digital freight broker Convoy abruptly shut down due to a "massive freight recession," wiping out investors after raising $260 million in funding just 18 months ago.