Rivian Archives - The Michigan Star

Electric Vehicle Maker Launches Another Round of Layoffs as Demand Slows

April 19, 2024 Michigan Star Staff

Electric vehicle (EV) manufacturer Rivian announced its second round of layoffs just this year on Wednesday as consumer demand for EVs stalls.

The layoffs at Rivian will affect around 1 percent of the company’s staff as they continue to look for ways to cut costs to bolster struggling profits due to less-than-expected EV sales, the company confirmed to the Daily Caller News Foundation. Rivian announced in February that it was laying off 10 percent of its workforce after it released its 2024 production forecast, which was well below analyst expectations, according to Reuters.

Electric Vehicle Market Share Plummets in First Quarter as Consumers Sour

April 4, 2024 Michigan Star Staff

Growth in sales for electric vehicles (EV) slowed in the first quarter of the year as consumers remained wary of the product even though growth in sales of new vehicles remained strong, leading to a drop in EV market share, according to The Associated Press.

Sales for new vehicles grew 5 percent in the first three months of the year, but EV sales grew only 2.7 percent as more consumers chose traditional vehicles due to cost and product concerns, according to the AP. The average sales price declined 3.6 percent year-over-year to $44,186 in March as dealers looked to offload built-up inventory.

Electric Vehicle Start-Ups Are Running Out Funds

December 20, 2023 Michigan Star Staff

The trendy electric vehicle (EV) market could be in trouble as at least 18 EV and battery start-ups that went public in the last few years are running out of funds to operate, according to an analysis by The Wall Street Journal.

The trouble in the industry follows rising costs and manufacturing issues as the companies fail to compete with top EV maker Tesla and traditional automakers, with the median stock of the 43 companies reviewed dropping 80% from its peak, losing tens of billions in collective value since the companies relatively recent inception, according to the WSJ. Of those 43 EV start-ups reviewed, five have already gone bankrupt or been acquired, including Lordstown Motors, Proterra and Electric Last Mile Solutions.

‘Too Favored to Fail:’ Taxpayers Bailout Biden’s Green Friends

November 8, 2023 RealClearWire

While America struggles to buy groceries, President Joe Biden has a green slush fund worth billions of dollars, and he’s not afraid to use it.

Recent revelations uncovered that the CEO and lobbyists of Rivian, an electric vehicle manufacturer, held a quiet meeting at the White House with Biden’s Climate Czar, John Podesta. That’s right, the same John Podesta who served as chairman of Hillary Clinton’s ill-fated 2016 presidential campaign before being pulled from the ranks of profitable green consulting to oversee distribution of $369 billion from the Inflation Reduction Act (IRA). Biden selected a political operative with green company ties to dole out the goodies from one of the largest slush funds in history. Now green CEOs who are hemorrhaging cash are beating a path to his White House office, presumedly with hat in hand.

Gov. Whitmer Launches State Parks Electric Vehicle Charging Network

May 30, 2022May 29, 2022 The Center Square

Gov. Gretchen Whitmer celebrated the installation of two of the 30 eventual electric vehicle (EV) charging stations at state parks. She made the announcement at Holland State Park.

“This partnership to install charging stations in our state parks speaks to the collaborative approach we are taking to grow our economy and address climate change head-on through clean, reliable energy,” Whitmer said in a statement. “These charging stations along the Lake Michigan EV Circuit build on our rich Pure Michigan tradition of exploration and bringing together communities and businesses to ensure that we honor our past as the place that put the world on wheels and continue to invest in our workforce as we lead the transition to electric vehicles.”

Ford Reports Devastating Losses Thanks to Electric Vehicle Gamble

May 3, 2022May 2, 2022 Michigan Star Staff

Major U.S. automaker Ford blamed its sizable investment in electric vehicle (EV) company Rivian for its dramatic revenue decline in the first quarter of 2022.

Ford reported revenue of $34.5 billion between January and March, a 5% decline relative to the same period in 2021, and a net loss of $3.1 billion, according to the company’s earnings report released Wednesday. The Detroit automaker said its large investment in Rivian accounted for $5.4 billion in losses during the first quarter.