Posted on 02/01/2023 11:32:48 AM PST by CFW
Electric truck maker Rivian Automotive said it is laying off 6% of its workforce in a bid to conserve cash as it braces for a possible industry-wide price war.
In an email to employees that was seen by CNBC, CEO RJ Scaringe said improving the company’s operating efficiency must be a “core objective.” The company is focusing on ramping up production of its R1 trucks and the EDV delivery vans it builds for Amazon, as well as on development of its upcoming smaller R2 vehicle platform.
(Excerpt) Read more at cnbc.com ...
Car manufacturers do not normally lower prices when demand is high and there is a shortage of vehicles available to meet that demand.
Or maybe the "invisible hand" is working.
Meanwhile, opponents of the new Rivian plant to be built in Georgia have filed another lawsuit.
Lefties are going to be so pee’od when Tesla is the only EV manufacturer left standing.
It amuses me to see how Rivian, Ford, GM and others (except Tesla) are losing some $15,000 average on every EV they sell.
Kudos to Toyota who had enough corporate sense not to invest trillions of dollars into this EV boondoggle.
Now excuse me while I go look at a Hummer EV costing north of $100K that won’t even get me from the dealership to my house.
(snort)
Prices are dropping because people who actually need a reliable, durable vehicle are not voluntarily buying EVs.
Maybe not, GM is abandoning building another Ultrium battery factory, and GM and others announced that they are going to build 4680 battery factories (despite Mary Barra previously saying Ultrium is the way to go and not 4680 cylindrical batteries).
GM and Ford say they're going all in on EV production (while they go broke doing so). Toyota is a bit smarter than them, sticking with ICE.
“”Now excuse me while I go look at a Hummer EV costing north of $100K that won’t even get me from the dealership to my house.””
Reminds me of when AlGore supposedly traveled by train to one of the Globull Gloaming conferences. Turns out he and all his luggage were in many SUVs until just before the conference venue. He then boarded the train to the conference. He arrived as if the entire trip was on the train. And, yes the luggage remained in the SUVs. There were no reporters to greet the luggage when it arrived.
So....I can just see the Ruling Class elite driving big EV Hummers, with gasoline-powered SUVs following behind, so when the Hummer stops, they can just transfer to the SUV. Often, when confronted, these creeps will state that they are so important, they are doing sooo much, they are allowed their total hypocrisy. (then again, they have no soul or conscience, so hypocrisy does not apply).
I know a key player at the electrical contractor for the GA plant. I bet he’s not saying much, just guessing.
“Maybe the demand for EVs is not as robust as they would like us to think.”
No! They would never lie about such a thing! Do you know how many politicians would be humiliated if the whole EV thing fails?
Expect EV mandates before that can happen. And the GOPe will approve.
People are figuring out that current design EV’s are the automotive equivalent of compact fluorescent light bulbs.
After you’ve had high rates of hiring it’s not unusual to then look at the performance of them all and cut back to those that actually perform - especially for a startup.
A Lucid “dealership” just opened in my town.They have several cars at the mall we have on display.
Nothing is as it was. Ford has a light SUV that sells so quickly they actually discontinued it. Go figure.
Of course the GOP-e will approve… Right after McCarthy and Luntz finish a rousing game of “hide the key fob”
I am guessing they all jumped in because Congress put up what was it a $400 billion slush fund to finance green projects? If Taxpayers will build me a factory, I’d take it.
I see 30 Teslas every day while driving the 101 Ventura freeway. I saw three Rivian’s last year. Cool truck but electric and boring.
The demand will be as robust as the government tells us.
The Drive just reviewed the Lucid Air. It didn’t go well…. https://www.thedrive.com/car-reviews/2022-lucid-air-review-price-options-specs-impressions-new-cars-evs
My kid just bought a 2023 Bronco off the lot. He told me that Ford can’t get parts and is offering $3000 discounts to take soft tip instead of hard top.
That’s good demand.
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