Unproven EV Builder Rivian Receives the Largest Auto Subsidy Package in U.S. History (Georgia Jobs Scam)

Good Jobs First Watchdog Organization ^ | May 4, 2022 | Greg LeRoy

[poconopundit]

The Georgia Rivian “deal” was announced this week and it’s a huge $1.5 BILLION dollar incentive package.

This story analyzes the fraud from an economic development point of view— and the author says this is a raw deal for Georgia taxpayers.

[Lurkinanloomin]

Undoubtedly another of Kemp’s brilliant ideas.

Are GA voters as stupid as SC voters?

[Taxman]

Ping

[Gaffer]

I’d be checking on which Georgia Politicians’ Campaign Fund Accounts (or bank accounts) got a Rivian Plus-up from anyone connected with Rivian.

[Reaganez]

That “author” is full of shit.

There are massive clawbacks.

If the investment and the jobs don’t happen Georgia doesn’t deliver and/or takes back monies.

Rivian currently has $10B cash on hand and plans to invest $5B into Georgia and is backed by Amazon/Jeff Bezos. Amazon/Bezos owns a 20% stake in Rivian.

Jeff Bezos is proven. And proven not to be a stupid businessman.

[Reaganez]

[poconopundit]

Hey Taxman,

If you want to read about the local (Morgan County up in arms) perspective on this Rivan story, here's the link to my FR vanity on that subject a few weeks ago.

The Rivian Jobs Scam, Part 1: The Corporate/Georgia Government Scheme to Destroy a Quiet Community and Support Kemp's Reelection

[poconopundit]

Do you have a link so we can read about those clawbacks?

Thanks.

[poconopundit]

Click image to see full screen:

[immadashell]

Remember the economic benefits (?) of Solyndra!

[SmokingJoe]

is backed by Amazon/Jeff Bezos. Amazon/Bezos owns a 20% stake in Rivian.
Jeff Bezos is proven. And proven not to be a stupid businessman

Ftom last week:

“Amazon on Thursday reported a rare quarterly loss of $3.84 billion, owing entirely to a $7.6 billion loss in value of its stock investment in Rivian Automotive. Same with Ford, which said it lost $5.5 billion on its Rivian holdings in the quarter, causing it to report an overall loss of $3.1 billion.”

[SmokingJoe]

See #12

[moovova]

The pickup starts at $67,500...the SUV at $72,500.

I’m not a biologist, but that’s steep.

[poconopundit]

I wonder about the timing behind Georgia releasing this story about its economic incentives early this week.

Last week, Rivian stock took a beating and perhaps they were hoping the announcement would cause the stock to rise again.

But that didn't happen. See the charts on the Google stock market page for Rivian. The stock shows a steady decline from about $180 a share to about $30 now.

I've got to believe this is not good news for Brian Kemp who's been championing this Rivian deal.  The loss of Wall Street'sc confidence may cause Georgians to rethink voting for a Governor who's a succor for a raw deal from a formerly hyped company.

Here's another damning the financial story (published today) that sounds authoritative:

I Was Wrong About Rivian Automotive

[SmokingJoe]

Too much fraud in the EV startup business.
Everyone thinks they will be the next Elon Musk. None of them will.
Most EV startups will fail.

[poconopundit]

That a smokin’ find indeed, SmokingJoe. Thanks.

[SmokingJoe]

As compared to the Ford 150 Lightning EV which starts at only $40,000.

[1Old Pro]

The pickup starts at $67,500...the SUV at $72,500. I’m not a biologist, but that’s steep.

The monthly payments must be killer, especially on top of your student loan payments even having never taken any student loans.

[poconopundit]

Elon Musk would certainly agree with you in that assessment. In a recent interview with Musk he mentioned that there are probably one thousand EV "prototyping" firms in the world.

Rivian made only 1,050 vehicles last year -- and no one knows how many of those were actually sold. Plus you can hardly call 1,050 vehicles "production volume" car-manufacturing. Tesla on the other hand sold 500,000 vehicles in 2021.

Has there ever been a more HYPED vehicle manufacturer than Rivian?