Posted on 01/18/2025 8:59:28 AM PST by TigerClaws
On January 16, 2025, Rivian Automotive, Inc. announced a significant agreement with the U.S. Department of Energy (DOE) for a loan facility worth up to $6.6 billion to develop an electric vehicle manufacturing plant in Georgia. This facility will create over 7,500 jobs and facilitate the production of the new R2 SUV and R3 crossover models, enhancing Rivian’s position in the electric vehicle industry and supporting U.S. leadership in this sector. The agreement marks a major step in Rivian’s expansion, with construction expected to begin in 2026 and vehicle production anticipated by 2028.
More about Rivian Automotive
Rivian Automotive, Inc. is an American automotive manufacturer known for developing and building innovative electric vehicles and accessories. The company focuses on creating category-defining products designed for both work and play, aiming to accelerate the transition to zero-emission transportation. Rivian vehicles, which are built in the United States, are sold directly to both consumer and commercial customers, with a mission to preserve the natural world and support adventurous lifestyles.
Anti-Elon move by Biden on the way out.
Rivian is NOT a viable manufacturer. That’s 6.6 billion down the drain (same as Solyndra).
“And 10% for the Big Guy?”
My immediate first thought as well.
6.6 to Bail out Bezos!
More green energy money down the toilet. Last I heard Rivian was losing about $40,000 per vehicle. Would be very surprised if the loan is ever repaid.
CAN THIS BE HALTED???
Is Rivian Unionized?
Hot damn. I hope the stock price finally breaks out to the upside. Wife and I are in at around $15 a share and we’re counting on all the climate freaks to finance our retirement.
“Rivian is NOT a viable manufacturer. That’s 6.6 billion down the drain (same as Solyndra).”
totally ... the so-called biden administration is pouring money down the drain as fast as possible during its final days ...
Ask Trump not me. I saw once a Rivian vehicle had a minor minor fender bender (they had pictures). It was declared a total (I can’t remember the reason). The owner regretted his purchase.
Biden sure is throwing as many monkey wrenches into the works as he can on his way out. What a petty little man he is.
Why does the “department of energy” have 6.6 billion dollars (of taxpayers money) and why can they “loan” it out?
That’s the problem.
I used to have difficulty trying to envision how the participants of the un”civil war” could line up and shoot at each other.
After the last few years it is clearer to me how that was possible.
If your business needs a government loan it’s not a business.
If we abolish DOE that may prevent the loan proceeds from getting out there...
Worth a try.
Tesla got a 465 million dollar loan from the federal government.
A “loan” that will NEVER BE REPAID.
The bad news for the Chinese automaker is that they will have to actually pay the loan back with Trump in office.
That is quite common for electric cars. Any damage to the battery pack results in a total loss.
That is correct, but a $6.6B investment and 7,000 jobs makes it hard for any Republican Congresscritter to oppose. Even if it is the correct thing to do.
I’ve seen 2 Rivian vehicles on the road, in the past 12-14 mos, and they’re not very impressive.
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