Vivek Ramaswamy, who co-chairs a cost-cutting effort for the new administration alongside Tesla CEO Elon Musk, has said he wants to undo the Department of Energy’s proposed $6.6 billion loan to Rivian. Even though the loan is for a new plant in Georgia, it’s seen as crucial to the survival of Rivian, which employs about 900 people at its factory in Normal.
Three things… 1) Full EV vehicles just have not bridged the technological gap. It is not practical. It is not just me saying it, it is also an expert on the industry saying it: https://www.forbes.com/sites/peterlyon/2024/03/03/bucking-industry-trend-toyota-chairman-downplays-ev-growth-predictions/ 2) I can’t help but feeling (I acknowledge “feeling” is in no way acceptable when making/judging policy) that there is a conflict of interest with Tesla (Elon). I need to find out whether Tesla still receives a federal subsidy. WSJ’s Holman Jenkins wrote a piece some time ago positing the idea that Elon could have made Internal Combustion Engine (oil/gas) vehicle to fund his EV… Read more »
The Railroader
1 year ago
Rivian has a track record of utter failure and this does not bode well for recovery of this outrageous “loan” to this failing company. It makes sense that Dick would want to dole out more money to DNC donors at Rivian. This money will about as recoverable as the Solyndra funds were so many years ago. Not that collectability of these taxpayer dollars matters to Dick.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Three things… 1) Full EV vehicles just have not bridged the technological gap. It is not practical. It is not just me saying it, it is also an expert on the industry saying it: https://www.forbes.com/sites/peterlyon/2024/03/03/bucking-industry-trend-toyota-chairman-downplays-ev-growth-predictions/ 2) I can’t help but feeling (I acknowledge “feeling” is in no way acceptable when making/judging policy) that there is a conflict of interest with Tesla (Elon). I need to find out whether Tesla still receives a federal subsidy. WSJ’s Holman Jenkins wrote a piece some time ago positing the idea that Elon could have made Internal Combustion Engine (oil/gas) vehicle to fund his EV… Read more »
Rivian has a track record of utter failure and this does not bode well for recovery of this outrageous “loan” to this failing company. It makes sense that Dick would want to dole out more money to DNC donors at Rivian. This money will about as recoverable as the Solyndra funds were so many years ago. Not that collectability of these taxpayer dollars matters to Dick.
This Dick has got to go.
Tell Pritzker the same he must go.