The Wall Street Journal - 11.09.2019

B8| Wednesday, September 11, 2019 THE WALL STREET JOURNAL.

GameStop Corp. continues

to struggle to hold on to cus-

tomers as some of the biggest

technology companies prepare

to lure in gamers with new

subscription services.

The videogame retailer on

Tuesday reported sales in its

fiscal second quarter of $1.29

billion, down 14% compared

with a year earlier and less

than the $1.34 billion that

Wall Street analysts predicted,

according to FactSet.

Shares of GameStop fell 16%

in after-hours trading and are

down 60% so far this year

through Tuesday’s close.

The company has been

grappling with major shifts in

the videogame market as con-

sumers increasingly download

games and skip purchases of

packaged software.

On Tuesday, Apple Inc. said

it would launch a videogame

subscription service on Sept.

19 that costs $4.99 a month.

Google, part of Alphabet Inc.,

plans to roll out a cloud-based

gaming site in November that

offers a $10-a-month option.

Comparable-store sales

were down almost 12% in the

quarter. GameStop‘s net loss

expanded to $415.3 million, or

$4.15 a share, from a loss of

$24.9 million, or 24 cents a

share, last year.

BYMICAHMAIDENBERG

Competition

Looms for

Rivian Automotive , an elec- GameStop
tric pickup-truck startup backed
by automotive and technology
companies including Ama-
zon.com Inc., has landed $350
million from privately held Cox
Enterprises as it prepares to
launch its first vehicle next year.
Cox and Rivian will look to
partner in areas such as vehicle
maintenance and digital sales,
Rivian Chief Executive RJ Scar-
inge said in an interview. At-
lanta-based Cox operates its
namesake cable company as
well as dozens of auto-related
businesses, including consumer
website Kelley Blue Book and
car-auction company Manheim
Group.
Cox’s investment brings Riv-
ian’s valuation to about $3.5 bil-
lion, a person familiar with the
matter said. The companies de-
clined to comment.
Founded a decade ago, the
suburban Detroit-based startup
has drawn attention in automo-
tive circles since late 2018 after
revealing a futuristic-looking
electric pickup truck and a boxy
electric sport-utility vehicle.
The vehicles are expected to go
on sale in the U.S. by the end of
2020, each priced around
$70,000 before electric-vehicle
tax credits.
The latest financing adds to
the more than $1 billion Rivian
already has raised from inves-
tors this year. Ford Motor Co.
in April invested $500 million in
Rivian and said it would co-de-

velop an electric vehicle using

the startup’s technology. That

deal came after discussions be-

tween General Motors Co. and

Rivian unraveled, people famil-

iar with the matter have said.

Amazon this year led a $700

million financing round in Riv-

ian. Amazon has a prototype

delivery vehicle slated to use

Rivian’s electric system, people

familiar with the project said.

The companies declined to com-

ment.

Traditional auto companies

are pouring investment money

into battery-powered vehicles,

prompted in part by tightening

tailpipe emissions regulations in

China, Europe and elsewhere.

Auto makers globally have com-

mitted more than $200 billion

to develop hundreds of electric

models in coming years, con-

sulting firm AlixPartners esti-

mates.

The shift has spawned doz-

ens of electric-vehicle startups,

many patterned after Tesla

Inc.’s success with pricey elec-

tric sports cars. But relatively

few startups have taken aim at

electric pickup trucks and large

SUVs, heavier vehicles that will

require larger batteries. De-

troit’s auto makers generate the

bulk of their profits from big

pickup trucks and SUVs.

Rivian’s trucks use a skate-

board layout, with a large bat-

tery under the floor and electric

motors powering each wheel,

enabling the vehicle to travel

around 400 miles a charge. The

“lifestyle” vehicles are aimed at

outdoors-minded buyers and

will have off-road capability

lacking in today’s electric vehi-

cles, Mr. Scaringe said.

“We have to reset expecta-

tions” of what electric vehicles

are capable of, he said.

The company plans to as-

semble its trucks at a former

Mitsubishi Motors Corp. plant

in Normal, Ill., which it bought

for about $16 million in 2017.

Rivian will have competition.

Tesla has said it also will target

the lucrative market for big

American pickup trucks. In a

tweet Saturday, Tesla Chief Ex-

ecutive Elon Musk said the

company likely will unveil an

electric pickup truck in Novem-

ber.

Ford is developing a battery-

powered version of its F-150

pickup truck separate from its

project with Rivian. GM has said

it has an electric pickup truck in

the works.

Mr. Scaringe said Rivian

plans to sell its trucks directly

to consumers, without a net-

work of dealerships. It may lean

on Cox or others for expertise

in areas like vehicle mainte-

nance and logistics, he said.

Cox’s Manheim division op-

erates a large auction network

where dealers buy and sell used

cars. Working with an upstart

like Rivian will give the com-

pany a better view into future

automotive trends, said Sandy

Schwartz, president of Cox Au-

tomotive.

“We provide services from

the time [cars] come off the as-

sembly line to the time they go

to the junkyard,” Mr. Schwartz

said in an interview. “We need

to understand what that’s going

to look like five, 10, 15 years

from now.”

BYMIKECOLIAS

Electric-Truck Maker Gets Fresh Funds

The vehicles use a skateboard layout with a battery under the floor and motors powering each wheel.

XINHUA/ZUMA PRESS

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