The crux of that article was that Rivian's market capitalization that exceeded $150 billion days after a blockbuster public trading debut in late 2021 now stands at less than $12 billion after a 93% stock wipe-out, reflecting almost no value beyond the company’s cash hoard.
In December of 2021, the stock traded at $103.00 and today it is at $12.60 per share.
The residents of Walton County, Georgia are still fighting against the Rivian plant and the tax breaks the company was promised by Kemp in order for them to build the battery plant in rural Georgia. I'm beginning to suspect the plant will never actually be completed.
This may turn out to be as bad as DeLorean’s collapse.
I don't type that as an EV hater. My wife and I like both our EV car and our mid-size ICE pickup. When I decided to make one of our cars an EV and keep one as an ICE car (to have one of each and, therefore, have the best of both worlds), there are technical limitations as to why I chose not to have the pickup be the EV.
Maybe if Ford, GM, and Rivian had gone with a small truck being fully electric, that might last more than a fad. Many small pickup owners don't regularly carry/tow large loads -- otherwise they would have bought large trucks. They usually use those trucks as commuter cars but with pickup features to handle small pickup chores every now and then on the weekends. You'd think if there was any sustainable market for EV pickups it'd be those pickup owners.
We live about 5 miles straight line from this construction site. Three cheers for anyone who can slow or stop this disgusting project.
“battery plant in rural Georgia. I’m beginning to suspect the plant will never actually be completed.”
The chinese are building a bigger one in Michigan.
https://freerepublic.com/focus/f-news/4147816/posts
Where does one begin with the fraud and corruption of Brian Kemp?
Rivian already had a spot picked out near Savannah, with access to rail, the ports and the infrastructure.
Somehow they decided to move their facility to 2000 acres of farm land, not near anything, that was owned by the chairman of the local Joint Development Authority. Sold the land for $22,000,000.
Land sits on an aquifer.
Rivian sold snake oil to a corrupt group of politicians. Its trucks are beyond useless and very expensive.
The original CEO resigned his position when the first factory, in Illinois, failed to meet its target of 1200 trucks.
Rivian dazzled Kemp and his crew with the promise of 7500 jobs at the plant and another 7500 in peripheral business.
Rivian pushed making 400k trucks a year. Kia makes about 340k vehicles a year at its plant in West Point, Ga employing 2700 people. Someone ain’t telling the truth.
With the Post-9/11 banking laws it wouldn’t be too hard to see where $22,000,00 went and who it was divvied out to.
Kemp is from that area. Probably very friendly with the guy that sold the land. Could make one wonder.
Kemp is doing his level best to destroy this state. That’s why i didn’t vote for him. If you look at what he’s doing and what Abrams wanted to do, other than guns(which he does reluctantly) there is no difference. They both want to throw the state to liberals.
Right now, the state of Georgia….NOT RIVIAN….is appealing a court ruling over who has the authority to give away $702,000,000 in property tax abatement. The state is going against its own citizens who won the case. That should tell you everything.
The $1,500,000,000 that Rivian is/was supposed to get actually pales in comparison to the $1,500,000,000 Hollywood gets EVERY year. There was a question on last years primary ballot about the giveaway. I don’t know anyone that wants Hollywood in Georgia, the liberals that came with it or the money being spent. Yet I’ve not heard the results of that ballot question. I’m betting all the liberals in Atlanta and Dekalb voted for it. Not many others.
On a so
I heard part of a radio broadcast discussing the impact of the Rivian plant on the electrical power grid in that area and there was a lot of concern that enough planning hadn’t been made to adequately provide for the huge impact it would have. Kemp is a snake oil salesman. A true politician in all the bad ways that word conjures up. I hope Georgia can do better - I live here.
Hint: try Mexico.