WGLT is reporting Rivian won’t raise the price for existing customers because of the back lash. Losing money on every vehicle sold is better? The Rivian stock price is still down today https://www.wglt.org/2022-03-03/after-backlash-and-canceled-orders-rivian-backtracks-and-wont-raise-prices-for-existing-customers?fbclid=IwAR3ewocgV5DUP_o9H624_U-dCPM3eO6IphJdXTUU8qkXd2DWWUV1DaAEs2w
By: Diane Benjamin
This story is more about interesting things you should know than anything else.
Start with this story: https://www.autonews.com/retail/there-may-be-more-rivians-price-hike-materials-costs
Automotive News is the go-to source for information on the Auto Industry. Subtitle of the story:
Former executive Laura Schwab, in a recent lawsuit, said one reason she was fired was because she questioned Rivian’s pricing.
If this is true, expect lawsuits against Rivian for not disclosing information before their IPO.
The story reports on a completely unscientific poll from a Rivian forum website after price increases of 20% were announced.
- 16.9% are keeping their reservation for a Rivian vehicle
- 42.6 are cancelling
- 40.6 are undecided
One of the key elements needed for batteries is lithium. A company wants to mine it in Nevada: https://insideclimatenews.org/news/07112021/lithium-mining-thacker-pass-nevada-electric-vehicles-climate/
That story is a fascinating look at government in action. It is from November of 2021. Even though many people objected to this mine, the Federal Government approved it on 2/25/2022: https://ndep.nv.gov/land/thacker-pass-project
Now, follow the money:
In January 2021, the U.S. Bureau of Land Management approved the Thacker Pass Lithium Project, granting Lithium Americas, a multinational company headquartered in Vancouver, British Columbia, and its subsidiary, Lithium Nevada, the exclusive rights to mine there. Soon afterward, Will Falk, an environmental lawyer representing local tribes, and Max Wilbert, an organizer, set up an encampment at the site of the proposed mine.
The activists are allied with the local Paiute-Shoshone tribes, ranchers and concerned residents. Hundreds of supporters gather at the protest camp for events such as native-led “prayer runs” through towns and rural landscapes to finish at the pass.
Despite its name, and the fact that it is also developing a lithium mine in Argentina, Lithium Americas’ majority stakeholder is China’s Ganfeng Lithium, the world’s largest producer of the element.
This mine is on Federal Land. Drilling for Oil on Federal Land was banned by the Biden Administration, but mining lithium that benefits China is okay. We are importing oil from Russia. Estimates range from 550,000 to 650,000 barrels a day.
That means we are funding the war with Ukraine.
Another excerpt from the Inside Climate Change story:
The proposed project spans 17,933 acres that would hold an open-pit mine and a sulfuric acid plant to process lithium from the raw ore. The mine is expected to have a lifespan of at least 46 years. The mine operations at Thacker Pass will emit 152,713 tons of carbon dioxide annually, equivalent to the emissions of a small city, according to its Final Environmental Impact Statement (FEIS). It is expected to consume 1.7 billion gallons of water each year—500,000 gallons of water for each ton of lithium—in an arid region that is experiencing worsening droughts.
According to BloombergNEF, global demand for lithium chemicals will reach nearly 700,000 tons a year by 2025. Thacker Pass is expected to produce 60,000 tons a year.
Sounds green! You should also know that most solar panels are produced in China. We are funding countries that want to destroy us.
We don’t produce enough electricity to charge the batteries. EV’s have nothing to do with Climate Change, just see who is making money. It isn’t anyone who bought Rivian stock.
Soros, who owns close to 20 million shares, paid from about $114 to $172 a share, according to Gurufocus.com.
Rivian was around $51 a share this morning. Will George hold or sell?
Search Thacker Pass for more stories, many are available.