By: Diane Benjamin
Rivian announced yesterday they are putting a hold on building the plant in Georgia. See this story: https://www.forbes.com/sites/brianbushard/2024/03/07/rivian-halts-planned-5-billion-georgia-ev-plant-and-its-shares-surge/?sh=38a438f615ca&mibextid=oE
The stock price this morning is $11.25, in Rivian world that must be a surge. It closed at $11.03 yesterday. The article calls the delay indefinite. It just might be, a Facebook group in Georgia posted this:
.
This story recaps what Georgia was willing to give them: https://tinyurl.com/3wzvmt4w
That Facebook group was a LOT more information including lawsuits and possible groundwater contamination. Of course they are celebrating this news.
See the pics below showing what this “environmental friendly” company did to Georgia before deciding to suspend construction. The plant was not located in a commercial business district. Land owned by the same families for generations was seized instead. Rivian left a huge mud hole, will they restore what they destroyed?
Before and after:
The “celebration” at the Normal plant yesterday was beyond hilarious as were the comments by Porky and Koos. Reminded me of the Dem clapping seals last night celebrating the demise of the country. Read anything about the current Rivian situation by auto manufacturing financial experts and they are in big time trouble. Their sales figures are in the dumper and the stock price until yesterday was below $10. They don’t have the market needed for survival let alone turning a profit. Canceling an expansion “indefintely” after you bragged about it for months just screams you are confident of a great future in addition to cutting back shifts. Yesterday was like Mark Zuckerberg or Steve Jobs trying to put lipstick on a questionable product. Do feel for the line workers who signed on to Rivian in good faith.
This is just another example of how “green” this company really is. I wish they would have never came to Normal IL.
Interesting to see their new products as they make more affordable vehicles. Also good to hear they are going to produce more vehicles @ the Normal plant. As with any auto manufacturer, layoffs are part of the norm as I am sure you can go back and look at Mitsubishi and before that “Diamond Star (Chrysler/Mitsubishi) had the same ebb and flow to their production.
And the plant eventually closed. Rivian is headed in the same direction.
The glass is half full, the glass is half empty……
Wow! Look at those pictures. Ladies and gentlemen, those are images of the so-called green movement. Do any of our lefty friends want to defend Rivian tearing down trees and cutting through terrain in the name of helping to save our planet for a plant that residents didn’t want and that was pie in the sky from the beginning?
When I think EV’s I am reminded of those sitting outside like frozen popsicles in the winter.
No need to worry if they close. With all those 15 million jobs that Joe Biden created they should be able to find one. I plan on opening my own line of climate change clothing, go green go naked. 0 number of employees needed.
I read that Illinois taxpayers will be bailing RIVIAN OUT! With more tax increases for you coming soon. Bailing Rivian out with tax payers money must be nice. I wonder how many businesses in Illinois closed because they didn’t get bailout money? The state of Illinois is going to sink millions into Rivian and betcha Rivian takes money and runs.
No question. The politicos involved in this scam likely made some guarantees the public doesn’t know about. Can’t let the green energy hod starve. Think money laundering the Joe Biden way ala Ukraine or something close.
I would be interested to know the financial consequences to Rivian for suspending this project. There have to be numerous contractors and suppliers under contract to build this thing. You don’t build a factory using only your own people. Rivian can’t just end all those contracts and walk away scot free. Even if it’s truly just paused, those companies expect to get paid. Seems like there’s a story there. Wallstreet is cheering but I read that there’s a lot of shorting going on. don’t know.
It’s the Scaringe M.O. Before he came to BN he did the same thing in Cali, Florida and elsewhere making big promises and delivering little. Don’t be surprised if the State of Illinois is wire transferring some money to Georgia diverted from the green energy fund.
Illinois is going to offer expansion money