Revian’s Riveting Hand In Our Pocket

Perhaps Biden’s & green advocates’ delusion about government aid to EVs & the mandates they demand for them is best illustrated by tossing Rivian a $6 BILLION lifeline, even tho it loses $107K per sale … and guess who pays for it?

The taxpayers, suggested a disgusted WSJ editorial board: “In this unfortunate era of industrial policy, its good to be politically favored no matter your commercial prospects … We had fun calling Rivian a ‘government unicorn’ three years ago when it went public & surged to a fantastic $120 billion market valuation. Rivian at the time had sold a mere 156 vehicles despite being in business for 12 years. Its shares are now worth $11.8 billion.” Note, as do the editors, that Biden’s inflationary “Inflation Reduction Act” already includes a $7,500 tax credit per vehicle for EV buyers, plus a $40,000 credit for commercial EVs. Consider, too, that the IRA even includes “hefty subsidies for domestic battery production.”

And, what do the taxpayers have to show for their misplaced largess? Concluded the WSJ: “Despite these giant subsidies, Rivian lost about $4 billion on the 37,396 vehicles it has sold during the first nine months of this year” or “$107,043 a vehicle…Ford loses [only] about $51,000 on each EV sold.”

Davd Soul