Lame Duck Biden Admin Cuts Massive Check For Failing EV Manufacturer
The Biden-Harris administration announced a multi-billion dollar loan for electric vehicle (EV) maker Rivian Monday as the company continues to hemorrhage cash.
Rivian lost $1.1 billion and saw its revenue fall nearly $500 million in the third quarter of 2024 as a slackening of consumer demand for EVs hampered the industry’s growth. Now, the U.S. Department of Energy (DOE) has agreed to a conditional commitment to loan the automaker roughly $6.6 billion to help finance the construction of its manufacturing facility in Georgia, according to a press release from the DOE’s Loan Programs Office (LPO).
“This loan will help create thousands of new American jobs and further strengthen U.S. leadership in EV manufacturing and technology,” RJ Scaringe, Rivian founder and CEO, wrote in a press release Monday. “A robust ecosystem of U.S. companies developing and manufacturing EVs is critical for the U.S. to maintain its long-term leadership in transportation.”
https://www.msn.com/en-us/news/opinion/lame-duck-biden-admin-cuts-massive-check-for-failing-ev-manufacturer/ar-AA1uNFBC?ocid=entnewsntp&pc=LCTS&cvid=51418c53bc8d4de49f026af14e866d9f&ei=11
In other news EV manufacturer Rivian just announced a round of bonuses for higher management expected to cost the struggling manufacturer close to 6.5 billion dollars. The bonuses are neccessary to retain the corporate leadership that to date has run the company into the ground,
The Biden-Harris administration announced a multi-billion dollar loan for electric vehicle (EV) maker Rivian Monday as the company continues to hemorrhage cash.
Rivian lost $1.1 billion and saw its revenue fall nearly $500 million in the third quarter of 2024 as a slackening of consumer demand for EVs hampered the industry’s growth. Now, the U.S. Department of Energy (DOE) has agreed to a conditional commitment to loan the automaker roughly $6.6 billion to help finance the construction of its manufacturing facility in Georgia, according to a press release from the DOE’s Loan Programs Office (LPO).
“This loan will help create thousands of new American jobs and further strengthen U.S. leadership in EV manufacturing and technology,” RJ Scaringe, Rivian founder and CEO, wrote in a press release Monday. “A robust ecosystem of U.S. companies developing and manufacturing EVs is critical for the U.S. to maintain its long-term leadership in transportation.”
https://www.msn.com/en-us/news/opinion/lame-duck-biden-admin-cuts-massive-check-for-failing-ev-manufacturer/ar-AA1uNFBC?ocid=entnewsntp&pc=LCTS&cvid=51418c53bc8d4de49f026af14e866d9f&ei=11
In other news EV manufacturer Rivian just announced a round of bonuses for higher management expected to cost the struggling manufacturer close to 6.5 billion dollars. The bonuses are neccessary to retain the corporate leadership that to date has run the company into the ground,
statistics: Posted by Hockeygoon — 8:18 PM - 1 day ago — Replies 2 — Views 77