Looks like Georgia has a lot of money to throw away.
I’ll pass on the $150k pickup, thanks.
$1.5 billion....and I have to stay home because gas is too expensive. Open some damn valves here in the USA...give us what we need for cripes sakes.
How many RIT pickups have they sold? Amazon and Ford both just lost their shirts on Rivian stakes. Losses in the billions. So for sure we should give them a billion tax dollars to build yet another plant which produces almost no product.
Perform so badly you lose 70% ove your market cap, but her get 1.5 Billion in tax breaks and incentives
Rivian Automotive, the electric vehicle (EV) company that beat the legacy automakers to market with the 2022 R1T electric pickup, just received $1.5 billion in incentives to build a new plant in Georgia. The package will include job training support, tax credits and subsidies, according to a statement by the Georgia Department of Economic Development.
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I’m always wary of these “public private partnerships”, aka fascism. If a business has a good idea, they’ll find private equity to fund it. It’s a gamble, which may pay off well for investors or fail. That’s how capitalism should work.
Get the government involved in funding and now pure economic decisions get clouded by politics. Good money, taxpayer money, can then flow after bad as politicians attempt to paper over bad decisions to fund operations that likely never should have been funded in the first place (ex. Enron, Solyndra).
Media can’t keep their story straight.
This story:
“Rivian Automotive, the electric vehicle (EV) company that beat the legacy automakers to market”
While a few stories down:
https://freerepublic.com/focus/f-chat/4060544/posts
“in its newest electric vehicle (EV), the Ford Rivian”
So which is it? The new Tucker Torpedo, or the new Edsel?
Note to Georgians: I cordially invite you to visit the economic wasteland that is NYS so you can see how well bribing biz with taxpayer money works.
If the history of auto manufacturing is a guide, rivian will struggle until bought by Tesla where it will then become a winner.
Dodge, Cadillac, Lincoln are the precedents
A lot of manufacturers are building electric car plants. It’s dubious to me that there will be demand for all of their output.
Therefore, I think they will build the plants and then as a fallback use them to build gas powered cars. They’re now taking advantage of subsidies that are motivated by the hype over an electric car future.
And now we hear George Soros is a major stock holder. There will be a price to pay.
It reads as if, "hey, this massive investment is only to be expected since Rivian is such an awesome company".
Oh really?
Well how come Rivian's stock has dropped from $180 to $30 a share in six months? How come Amazon's and Ford's stock price have just taken a big hit related to their Rivian investments?
You'd think with this vote of confidence by a crooked Georgia government that Rivian's stock would climb.
But it hasn't.
I have a suggestion for Rivian. Change your name. That way, maybe you can RIVIVE interest in your company's stock.
In fact, I've got the perfect name, Kempmobile! Like Oldsmobile -- kind of catchy I think. Plus the connotations are perfect because Kemp is as crooked as Rivian.
Boondoggle