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Evercore welcomes new senior managing director. LONDON, Oct 5 - Evercore announced today that Philip von Malsen-Plessen has joined the firm as a senior managing director in its investment banking business. He will be based in Frankfurt, further strengthening Evercore's presence in the DACH region, as the firm continues to deliver on its long-term growth ambitions for Europe. Business Networking Events "We are excited to welcome Philip to Evercore," said Matthew Lindsey-Clark, co-head of Evercore's EMEA investment banking business. "Philip brings exceptional experience and perspective from nearly three decades advising clients in Germany and Europe more broadly. His longstanding corporate and private equity relationships and deep understanding of the DACH region will be a great asset to our clients and colleagues." Discover more Entrepreneurship Summit Tickets Mr. von Malsen-Plessen said, "Evercore's commitment to independent advice, the firm's focus on senior-level client engagement and close collaboration across its global platform, were key factors in my decision to join. I am delighted to be part of Evercore and look forward to partnering with many like-minded and highly experienced senior bankers across the global franchise to serve clients in the DACH region and internationally. I believe Evercore's high integrity, client-first spirit, strong global industry expertise and proven cross-border M&A capabilities will resonate well with clients in the DACH region." Mr. von Malsen-Plessen joins Evercore from UBS, where he spent nearly 30 years and most recently served as vice chairman of global banking EMEA. Mr. von Malsen-Plessen received a master's in business management from the European School of Management EAP (today ESCP), where he studied in Paris, Oxford and Berlin, holds a diploma in Agricultural-Economics and is a Reserve Officer of the German Bundeswehr (Mountain Infantry). Business Networking Events

Rivian: LiDAR R2 reaches customers in 2027, employees get it this year. Rivian's first R2s with LiDAR and its in-house RAP1 autonomy computer will go to employees before the end of 2026. Paying customers will have to wait until 2027. It could be interpreted as a delay compared to previous communications. The automaker laid out the timeline at an investor conference in New York this week, along with updates on point-to-point driving, its Uber robotaxi deal, and what LiDAR now costs it: "a few hundred dollars." LiDAR and RAP1: Employees first, customers in 2027. Rivian unveiled its third-generation autonomy hardware at its AI & Autonomy Day last December. That's the RAP1 chip, rated at 1,600 sparse INT8 TOPS, paired with LiDAR on the R2. The company said it would arrive in "late 2026." The R2 launched in June without it. A few weeks later, a production-looking LiDAR R2 was spotted near Rivian's Irvine HQ, and we figured customers were only a few months away. Advertisement - scroll for more content Not quite. At Evercore ISI's ADAS, AV & AI Forum on Tuesday, Rivian VP of Investor Relations Chip Newcom said RAP1 production is going to the R2 first, and Rivian's own staff are first in line. The plan is for "our third-generation computer plus the LiDAR to go into the vehicle later this year for employees and then start rolling that out to customers next year," Newcom said. So "late 2026" technically holds. It just applies to Rivian employees. Newcom didn't say when in 2027 customer deliveries start. LiDAR now costs "a few hundred dollars" Newcom was also asked whether the LiDAR and dual-RAP1 hardware would weigh on R2 margins or get offset by autonomy pricing. His answer: it goes into automotive cost of goods, and it's cheap now. "You're talking on the order of a few hundred dollars versus if you went back several years ago where it was thousands or even tens of thousands of dollars within the vehicle," he said. He also pitched the in-house chip as a margin win, since Rivian is "no longer paying away that margin to our silicon provider." And that's before any savings from the in-house LiDAR Rivian has been considering. Point-to-point comes first, on current hardware. The more immediate news for current owners: point-to-point driving doesn't need Gen 3 hardware. That's Rivian's Tesla FSD competitor. James Philbin, Rivian's SVP of Autonomy & AI, said the rollout starts "at the end of the year to probably our early adopter customers" on R1 Gen 2 vehicles and Rivian's later Gen 2 hardware revisions, including the fleets it calls Phase II and Phase III. The goal is to have it on the full Autonomy+ fleet "later next year." Some scenarios, like parking lots, will likely be outside what the first version handles. Discover more Luxury Goods EV Charging Stations Car Safety Features Autonomy+ costs $2,500 upfront or $49.99 per month. Every R2 Launch Edition buyer gets it included, so Rivian says it doesn't know the R2 take rate yet, and Newcom called the revenue "still relatively small." Uber robotaxi: $250 million this quarter, service by late 2028. On the Uber partnership announced in March, worth up to $1.25 billion through 2031, Newcom said Rivian still expects to receive the second $250 million tranche in Q4. The triggers are technical milestones from Philbin's team that Rivian won't detail. The 10,000-vehicle order is not a sure thing. "Clearly, we need to have gotten to an L4 capable service before they would want to purchase those vehicles," Newcom said, reiterating a late-2028 target for the service. Rivian would sell the R2s to Uber or its fleet partners and collect a software licensing fee tied to how much the vehicles drive. Rivian is already running expert-driver data fleets in San Francisco, Chicago, and Miami. Philbin expects the robotaxi to come before personal Level 4, but "relatively close in time," since it's mostly the same work. Electrek's take. Rivian's autonomy plan makes more sense than most. Shipping point-to-point on the Gen 2 fleet it already has on the road, instead of waiting for new hardware, is the right call. It's the same fleet-data bet Tesla made, but with radar and soon LiDAR on top. Top comment by jethro. I hope the focus on autonomy doesn't delay basic features like "climate hold" and "camp mode". Those are simple things I'd really like in my R2 - and they already exist in the R1. Discover more EV News Subscription EV Charging Solutions Battery Healing Technology But the timeline quietly moved. "Late 2026" for LiDAR on the R2 now means employees, not customers. That might lead to some potential R2 buyers waiting for the update. And the eyes-free system promised for 2026 didn't get a date at all. Neither is a big deal on its own, as Rivian is at least not selling something it can't deliver (hmm hmm, Tesla), as current R2 Launch Edition buyers get lifetime Autonomy+. But this is going to change as Rivian inevitably has to start offering its lower-priced trims. Charge your electric vehicle at home using rooftop solar panels. Find a reliable and competitively priced solar installer near you on EnergySage, for free. They have pre-vetted installers competing for your business, ensuring high-quality solutions and 20-30% savings. It's free, with no sales calls until you choose an installer. Compare personalized solar quotes online and receive guidance from unbiased Energy Advisers. Get started here. FTC: We use income earning auto affiliate links. More. Fred is the Editor in Chief and Main Writer at Electrek. You can send tips on Twitter (DMs open) or via email: [email protected] Through Zalkon.com, you can check out Fred's portfolio and get monthly green stock investment ideas.

"Aramco" prepares to establish an independent gas unit... a new step in the energy sector In a step aimed at maximizing value Riyadh - Al Arabiya Business Published on: September 27, 2026: 09:48 AM GST Last updated: September 27, 2026: 02:04 PM GST Listen to the article. The audio text is automatically generated by an automated system. Two-minute read Bloomberg News reported on Saturday, citing informed sources, that oil giant Saudi Aramco has enlisted the banking firm Evercore to provide advice on a restructuring to create an independent gas unit and pave the way for a possible initial public offering in the future. The agency added that Boston Consulting Group also advised Aramco on separating its gas activities under a project named (Project Gamma), in a step aimed at maximizing value, citing Reuters. It noted that this step might allow attracting new investments into the gas unit or lead to an initial public offering or the listing of a minority stake in it, with the business valued at more than $100 billion. Reuters reported days ago that the Saudi oil giant intends to reorganize its business by creating a new gas unit, giving Saudi Aramco a specialized platform to develop its domestic natural gas resources and build a portfolio of liquefied natural gas operations abroad. Aramco's gas business growth is mainly based on the Jafurah project, in which the company is investing more than $100 billion to develop. Jafurah and other projects are expected to contribute to increasing gas production by about 80% by 2030. Aramco aims to generate up to $15 billion in additional operating cash flows from its gas business by that year. Ashraf Jarrar, an international markets broker at United Securities, said that the plan to restructure Aramco's gas unit enhances transparency and aims to attract foreign investors and liquidity. He added that maximizing Aramco's market value by enabling gas investments estimated at about $100 billion is in line with Vision 2030.