Paramount Global (PARA) will kick off the inflation cycle in the streaming media sector. The company will increase subscription rates. It needs the cash flow to pay down its debt.
Paramount+ will now cost $12.99 a month, up by $1.00 starting on August 20, 2024, for new subscribers. Prices rise by 8.3%. Existing customers will pay the higher rate on Sept. 20. This service includes a Showtime plan.
Paramount+ Essential’s subscription rate will increase by $2.00, up from $5.99 a month. This is a 33.4% increase. Existing customers will still pay $5.99 a month.
In the EV sector, Rivian (RIVN) shares may bounce back today. The company is achieving operating efficiency in a bid to cut its average loss of $100,000 per vehicle sold. It removed more than 100 steps from its battery-making process. It also simplified processes in the body shop work and its design activities. As a result, CEO RJ Scaringe said that the cost of materials for vans will fall by 35%.
Global EV markets face intense competition. Beijing wants the European Union to eliminate its plans to add tariffs on Chinese EV imports. The EU is unlikely to honor this request. The Chinese government subsidizes the domestic EV market unfairly. The EU needs to add the tariff to level the playing field for European automakers.
