I’m interesting in the Rivian angle to the story due to the Rivian battery plant being built in Georgia. Kemp gave the company some major tax breaks to built the plant in a rural part of Georgia. Tax payers have sued but judges have sided with Rivian and dismissed their cases.
From what I understand Rivian is cash poor and does not have the money to last but another two years without beginning to produce a viable product that sells. Tax dollars shouldn’t be propping them up. The entire Rivian EV battery thing has the smell of Solyndra to it. Suck money out of the tax payers, then go out of business. The battery efficiency is just not ready for prime time and shouldn’t be subsidized by tax dollars.
https://www.fool.com/investing/2023/03/01/rivian-is-burning-through-cash-but-its-customers-l/
“I’m interested in the Rivian angle to the story due to the Rivian battery plant being built in Georgia”
Its stock in 2021 it was around $120. Now it’s around 13.6.
From Wikipedia:
“In January 2023, The Wall Street Journal reported the company experienced the departure of multiple top executives in recent months.”
And something bizarre:
“On December 20, 2018, professional rock climber Alex Honnold announced his partnership with Rivian as a brand partner and collaborator”.
Possibly that battery plant is not as risky as an EV plant. Big batteries might have increasing demand as load levelers for wind and solar and for large emergency power sources.
#11 I saw a Rivian truck this weekend at the Sepulvada Dam area golf course in the San Fernando valley in Calif. The guy who was driving maybe 40 or under. He had 3 friends with him.
He must be rich. $75,000 to start. $104,000 loaded.
I imagine on the way home he stops off at a charging station and the 4 guys wait around for an hour.
Search found: “the company issued a recall of more than 12,000 vehicles in October amid concerns of insufficiently torqued vehicles, which could have led to wheel tilt, loose and vibrating tires, and steering control loss”