EV owners of today and tomorrow

[D&D]

What's the point of giving a loan to a company that builds a product that the average citizen can't even afford to buy?

But, but he created jobs. The rich keep getting richer, the poor keep getting poorer.
“ Rivian’s two biggest owners are Amazon (“Amazon.com NV Investment Holdings LLC,” to be precise) and “Global Oryx Company Limited,” which is the Jameel family of Saudi Arabia.” A $6.6 Billion Lame-Duck Loan From Biden to Bezos and the Saudis

 

[WinterDeere]

Who really makes this absurd decision?

I think he already said?

Biden administration to loan $6.6B to EV maker Rivian...

I'm not sure why our government is in the loan business, or how that gets justified, no matter the company. That is pure socialism, and unlike former bail-outs of GM or Chrysler, this one doesn't even come with the justification of affecting hundreds of thousands of jobs.

Gun control types say the "slippery slope" is not real, but I think this is probably a good example that it is. Remember how hard-fought much more legitimate loans were, just 15 years ago, when the big-3 were in danger of tanking? Somehow we got from there to here, where it's apparently acceptable to just loan money to any automaker, even one serving only a narrow niche market, and in serious danger of default?

You have to wonder why the banks weren't jumping to loan this money.

 

[D&D]

I think he already said?

So is it a conditional loan awaiting approval somewhere or does the president have the sole authority to dish out public funds?
Where does that type insanity end?

 

[WinterDeere]

So is it a conditional loan awaiting approval somewhere or does the president have the sole authority to dish out public funds?
Where does that type insanity end?

I haven't looked into the details on this one, at all. But speaking generally, congress must approve a budget, but the administration typically has some discretion on how they redirect already-budgeted funds.

That said, $6.6B is an awful big redirect, so it'd be interesting to see the details on this. If not specifically approved by congress, then from what other approved program did the administration steal those funds?

 

[D&D]

I haven't looked into the details on this one, at all. But speaking generally, congress must approve a budget, but the administration typically has some discretion on how they redirect already-budgeted funds.

That said, $6.6B is an awful big redirect, so it'd be interesting to see the details on this. If not specifically approved by congress, then from what other approved program did the administration steal those funds?

And why are the taxpayers funding big businesses, baseball/football stadiums, any of it?

 

[CloverKnollFarms]

Biden administration to loan $6.6B to EV maker Rivian to build Georgia factory that automaker paused.

So we are going to loan 6.6 billion to a company that is having problems showing any profit. Can I write that loss off on my taxes when the company defaults?

That is more money than the US Department of Interior, Department of Agriculture, Department of Commerce, most of the departments cost to run, and in return we get...an overpriced auto company from sanfrancisco. One that didn't have enough sales to survive on it's own because no one wants to pay 100K for a car.

What's the point of giving a loan to a company that builds a product that the average citizen can't even afford to buy?

Because someone is getting paid. Incentives for EVs are not about people or products, but redistribution of wealth, I mean, most "green" government programs are.

 

[WinterDeere]

I mean, most "green" government programs are.

Fixed your sentence. "Green" is just a new popular avenue. New boss, same as the old boss.

"Going green" could be a good thing, at least in some ways, if not absconded and bastardized by those looking to make money off every new popular movement.

 

[Gale Hawkins]

And now for something different:

Thanks for posting the video. It illustrates why ICE shops do not like EVs so much because the drive trains are so simple and seldom need repairs. Commercial three-phase AC motors last like forever typically.

We got lucky and found a 2015 Leaf that was in mint condition body wise but was totaled out by the insurance company due to electrical issues so we could afford to rebuild our 2016 Leaf after a Toyota van ran a red light and totaled it. Recently we did savage the blower motor off the parts car to use on the 2016 Leaf.

I got sidetracked on the Tesla that hit the deer back in October. Today when my son came in for the holiday he got my Tesla fruck latch moved up so that it will close correctly. Otherwise it was in a 15 mph limp mode. Now I'm going to drive it to the shop sometime during or after the holidays locally that rebuilt my Leaf instead taking to Tesla in Nashville. Right after I got the Tesla I backed into the rear with the side-by-side and they fixed it and did a great job of the repair work and matching the blue paint.

 

[Grumpycat]

What's the point of giving a loan to a company that builds a product that the average citizen can't even afford to buy?

Perhaps it has nothing to do with getting anything done and everything to do with making government bigger by spending more and more money?

The authority and respect for a government agency has almost nothing to do with what they get done and everything to do with the size of their budget.

 

[Grumpycat]

So is it a conditional loan awaiting approval somewhere or does the president have the sole authority to dish out public funds?
Where does that type insanity end?

With any hope, D.O.G.E.