Biden spends your money faster than a drunken sailor on shore leave for the first time in 6 months.
The Biden-Harris administration announced a multi-billion dollar loan for electric vehicle (EV) maker Rivian Monday as the company continues to hemorrhage cash.
Rivian lost $1.1 billion and saw its revenue fall nearly $500 million in the third quarter of 2024 as a slackening of consumer demand for EVs hampered the industry’s growth. Now, the U.S. Department of Energy (DOE) has agreed to a conditional commitment to loan the automaker roughly $6.6 billion to help finance the construction of its manufacturing facility in Georgia, according to a press release from the DOE’s Loan Programs Office (LPO).
Despite the subsidies, the EV industry has seen a slackening of consumer demand, with sales growing just 31% in the first half of 2024 — far less than the 71% increase in the first half of 2022. Meanwhile, a June poll from The Associated Press-NORC Center for Public Affairs Research and the University of Chicago’s Energy Policy Institute found 46% of respondents were unlikely or very unlikely to purchase an EV compared with just 21% of respondents who said they were “very” or “extremely” likely to make the change.
Many of the White House subsidies have gone to the EV industry specifically, including a $7,500 federal tax credit for certain EV purchases and $12 billion in taxpayer funds for car manufacturers to retrofit their plants for EV production.
“Even after throwing money at EVs hand over fist, basically paying people tax dollars to drive these cars off the lots, you have a dire spiral of (1) not enough demand to support the number of cars being produced, and (2) the people you paid to buy them now wanting to go back to what they had before,” O.H. Skinner, executive director of the Alliance for Consumers and the former solicitor general of Arizona, previously told the DCNF.
Rivian and the DOE did not immediately respond to the Daily Caller News Foundation’s requests for comment.
The Biden-Harris administration announced a multi-billion dollar loan for electric vehicle (EV) maker Rivian Monday as the company continues to hemorrhage cash.
Rivian lost $1.1 billion and saw its revenue fall nearly $500 million in the third quarter of 2024 as a slackening of consumer demand for EVs hampered the industry’s growth. Now, the U.S. Department of Energy (DOE) has agreed to a conditional commitment to loan the automaker roughly $6.6 billion to help finance the construction of its manufacturing facility in Georgia, according to a press release from the DOE’s Loan Programs Office (LPO).
Despite the subsidies, the EV industry has seen a slackening of consumer demand, with sales growing just 31% in the first half of 2024 — far less than the 71% increase in the first half of 2022. Meanwhile, a June poll from The Associated Press-NORC Center for Public Affairs Research and the University of Chicago’s Energy Policy Institute found 46% of respondents were unlikely or very unlikely to purchase an EV compared with just 21% of respondents who said they were “very” or “extremely” likely to make the change.
Many of the White House subsidies have gone to the EV industry specifically, including a $7,500 federal tax credit for certain EV purchases and $12 billion in taxpayer funds for car manufacturers to retrofit their plants for EV production.
“Even after throwing money at EVs hand over fist, basically paying people tax dollars to drive these cars off the lots, you have a dire spiral of (1) not enough demand to support the number of cars being produced, and (2) the people you paid to buy them now wanting to go back to what they had before,” O.H. Skinner, executive director of the Alliance for Consumers and the former solicitor general of Arizona, previously told the DCNF.
Rivian and the DOE did not immediately respond to the Daily Caller News Foundation’s requests for comment.
