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Biden to loan $7 billion to EV maker Rivian.
Posted on 11/28/24 at 7:26 am
Posted on 11/28/24 at 7:26 am
Biden administration to loan $6.6B to EV maker Rivian to build Georgia factory that automaker paused
https://finance.yahoo.com/news/biden-administration-loan-6-6-123345297.html
quote:
ATLANTA (AP) — President Joe Biden's administration announced Tuesday that the U.S. Department of Energy will make a $6.6 billion loan to Rivian Automotive to build a factory in Georgia that had stalled as the startup electric vehicle maker struggled to become profitable. It's unclear whether the administration can complete the loan before Donald Trump becomes president again in less than two months, or whether the Trump administration might try to claw the money back.
https://finance.yahoo.com/news/biden-administration-loan-6-6-123345297.html
31
Posted on 11/28/24 at 7:27 am to loogaroo
We love our crony capitalism.
Posted on 11/28/24 at 7:30 am to loogaroo
The Rivian deal was pretty popular here especially with the GOP brass.
Posted on 11/28/24 at 7:30 am to loogaroo
When Trump scraps EV mandates, who is going to buy them.
Posted on 11/28/24 at 7:30 am to loogaroo
This just reeks of political payback or just plain money laundering.
How much you wanna bet that 'loan' becomes a grant on January 19?
How much you wanna bet that 'loan' becomes a grant on January 19?
Posted on 11/28/24 at 7:32 am to mtntiger
Government money comes with all kinds of strings like DEI and ESG requirements.
That's enough to handicap any organization.
That's enough to handicap any organization.
Posted on 11/28/24 at 7:35 am to loogaroo
It’s a great business model any time GOVco is on your side.
This post was edited on 11/28/24 at 7:36 am
Posted on 11/28/24 at 7:43 am to loogaroo
How much was the wall again?
Posted on 11/28/24 at 7:45 am to TrueTiger
quote:
Government money comes with all kinds of strings like DEI and ESG requirements. That's enough to handicap any organization.
Not as much of a handicap as bankruptcy.
There isn’t enough market demand for EV without government subsidies and mandates.
Posted on 11/28/24 at 7:47 am to mtntiger
quote:
This just reeks of political payback
Ford, GM and Chrysler all have benefitted from this type of relationship with govt.
Our "too big to fail" corporations are damn near socialized now.
Posted on 11/28/24 at 7:47 am to loogaroo
Can someone please explain to me how the DOE has over 1 billion dollars to "loan"???
And, under what authority can they just choose Rivian?
And, under what authority can they just choose Rivian?
Posted on 11/28/24 at 7:50 am to loogaroo
Why do I think that Hunter, his uncle, and the Big Guy end up with some of this on the back end?
Posted on 11/28/24 at 7:51 am to tide06
quote:
There isn’t enough market demand for EV without government subsidies and mandates
Central planning sucks and is anti free market, its always going to fail without being continuously subsidized by govt.
Posted on 11/28/24 at 7:51 am to RogerTheShrubber
quote:
Ford, GM and Chrysler all have benefitted from this type of relationship with govt. Our "too big to fail" corporations are damn near socialized now.
I agree but the other problem here is that the tech and infrastructure from the regular automakers can still be used on their IC engine vehicles. Rivian is only electric, without people buying EV’s Rivian goes belly up immediately.
Posted on 11/28/24 at 7:53 am to loogaroo
i like Elon but EV's are shite
Posted on 11/28/24 at 7:53 am to loogaroo
Solendra
Posted on 11/28/24 at 7:55 am to baldona
The EV market will have to be subsidized for a long time to become profitable simply beause the govt dont care about demand. They want to force it.
Conservative economics always work, despite the Progressive push to overcome them.
Conservative economics always work, despite the Progressive push to overcome them.
Posted on 11/28/24 at 7:57 am to loogaroo
May as well light $7 bil on fire
Posted on 11/28/24 at 8:00 am to dafif
quote:
Can someone please explain to me how the DOE has over 1 billion dollars to "loan"???
And, under what authority can they just choose Rivian?
quote:
Biden climate czar quietly met with flailing EV company dependent on taxpayer handouts
John Podesta assembled with Rivian Automotive CEO Robert 'RJ' Scaringe and a team of his company's lobbyists
By Joe Schoffstall , Thomas Catenacci Fox News
Published October 28, 2023 4:00am EDT
John Podesta, President Biden's clean energy czar, quietly assembled with the head of an electric vehicle (EV) company that relies heavily on taxpayer handouts and has floundered financially since its inception, White House visitor logs reviewed by Fox News Digital show.
According to the records, Podesta privately met with Rivian Automotive CEO Robert "RJ" Scaringe; the company's senior policy director, Chris Nevers; its senior public policy manager, Corey Ershow; and Izzy Klein, a lobbyist for the EV maker, at the White House in June. It is unclear what Rivian officials discussed with Podesta, and both the company and the White House didn't respond to requests for comment.
"Well, Podesta has the largest slush fund, un-appropriated, probably in American history. As soon as the Inflation Reduction Act (IRA) passed, Biden and company announced it was actually an investment in green energy and yet it's not appropriated to anything," Daniel Turner, the executive director of Power the Future, told Fox News Digital. "So, it makes sense that Rivian and other failing green energy companies are knocking on John Podesta's door."
LINK
Posted on 11/28/24 at 8:01 am to loogaroo
Claw the money back
The progstains have completely flipped their positions because of Trump and now Elon.
It’s wild
The progstains have completely flipped their positions because of Trump and now Elon.
It’s wild
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