Posted on 11/26/2024 10:43:27 AM PST by ChicagoConservative27
The Biden administration has preliminarily said it would give a $6.6 billion loan to electric vehicle maker Rivian for a plant in Georgia.
The administration said the loan would support the construction of a facility where Rivian will make up to 400,000 “mass-market” electric SUVs and crossovers.
Specifically, it will support construction of Rivian’s R2 and R3 models, which the company says will be sold at a “significantly lower price point” than its flagship R1 vehicle, which is considered to be a luxury car.
(Excerpt) Read more at thehill.com ...
Yep, $6.6B just flushed down the toilet.
After all the kickbacks, you are probably looking at $2 or $3 billion for the plant. Maybe.
As I sat in one of the fast moving lines at the Costco gas station, I pondered, Costco has no recharging stations.
Imagine if all those cars were EV’s waiting to charge.
short Rivian. it will declare bankruptcy within 18 months.
Can you say Solyndra. I knew that you could. Obama co-signed $535 million in loans to Solyndra.
A shot fired at Elon and Tesla.
“Mass market” = >100K USD vehicles. Watch.
The entire admin needs to be swept up in a dragnet for ‘malfeasance’.
Naw, not scorched earth.
Paying off a bunch of Dems before they go bankrupt again, just like the Solar Panel companies....
This is a loan? Loans are supposed to be paid back.
Can I ask a stupid question? If this is such a great business proposal, why couldn’t this company get a loan through other sources? Did this business plan of theirs pencil out?
And why is the federal government in the business of loaning money in the first place?
That money had to have been allocated by the U.S. House of Reprehensibles.
Ford can’t sell them and these “start ups” are floundering. The EV era is over or atleast post peak which is just Fedgov keeping it afloat.
The funds for the conditional loan to Rivian come from the Energy Department’s Loan Program Office, which lends money to support the development of new technologies.
That office, which also gave funds to Tesla in 2010, has doled out billions of dollars under the Biden administration.
Between January and March of 2024, there were dozens of stories about Rivian. All of them were to the tune of “scaling back production” “pausing” “rethinking”
Solyndra, Indeed
Amazon owns 16.04% of Rivian as of the end of 2024 Q2 and is Rivian’s biggest shareholder.
https://www.fool.com/investing/2024/08/05/amzn-stock-holdings-rivian-stock-vital-farms-stock/
ANOTHER $6.6 Billion taxpayer money wasted on foolish EVs, spread around among all the well-connected friends and piled atop the National Debt.
As another Freeper sais. EVs are actually remote coal burning devices.
He can’t be gone soon enough.
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