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Author Topic: Lame Duck Biden Admin Cuts Massive Check For Failing EV Manufacturer  (Read 854 times)

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Offline rangerrebew

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Lame Duck Biden Admin Cuts Massive Check For Failing EV Manufacturer
« on: November 26, 2024, 01:24:50 pm »
 
Lame Duck Biden Admin Cuts Massive Check For Failing EV Manufacturer
Opinion by Owen Klinsky • 1h

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).
 
“This loan will help create thousands of new American jobs and further strengthen U.S. leadership in EV manufacturing and technology,” RJ Scaringe, Rivian founder and CEO, wrote in a press release Monday. “A robust ecosystem of U.S. companies developing and manufacturing EVs is critical for the U.S. to maintain its long-term leadership in transportation.”

https://www.msn.com/en-us/news/opinion/lame-duck-biden-admin-cuts-massive-check-for-failing-ev-manufacturer/ar-AA1uNFBC?ocid=msedgntp&pc=HCTS&cvid=d399add7b72e4f86bbb89d2d9c0654c6&ei=90
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Offline Smokin Joe

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Re: Lame Duck Biden Admin Cuts Massive Check For Failing EV Manufacturer
« Reply #1 on: November 26, 2024, 01:49:22 pm »
Solyndra, anyone?

I wonder how much of that money will end up in the DNC coffers?
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Offline IsailedawayfromFR

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Re: Lame Duck Biden Admin Cuts Massive Check For Failing EV Manufacturer
« Reply #2 on: November 26, 2024, 01:56:56 pm »
I would supercharge the money trail once Trump gets into office to determine where the kickbacks occurred.

This is done because the government has no fiscal responsibility and no budget;  ever year, what the department spent the year before is already justified for the upcoming year, along with 'new' projects.  To keep justifying more, they MUST spend the  amount allocated to them for the current year so as not to shrink in size, regardless of whether they need it or not.

I watched this happen during a 4 year stint in the Dept of Commerce.
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Offline Kamaji

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Re: Lame Duck Biden Admin Cuts Massive Check For Failing EV Manufacturer
« Reply #3 on: November 26, 2024, 02:01:03 pm »
Quote from: Smokin Joe on November 26, 2024, 01:49:22 pm
Solyndra, anyone?

I wonder how much of that money will end up in the DNC coffers?

Yup.
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Re: Lame Duck Biden Admin Cuts Massive Check For Failing EV Manufacturer
« Reply #4 on: November 26, 2024, 02:04:20 pm »
Rivian will be bankrupt in less than a year.  This 6.6 billion will only pad the top execs and lobbyists pocket books.

Biden always back the losers. 
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Offline SZonian

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Re: Lame Duck Biden Admin Cuts Massive Check For Failing EV Manufacturer
« Reply #5 on: November 26, 2024, 02:07:21 pm »
When faced with "...a slackening of consumer demand for EVs hampered the industry’s growth."

The taxpayer is going to "loan"  wink777 them $6.6B to "...finance the construction of its manufacturing facility in Georgia."

Sure makes sense to me. Not.
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Offline jafo2010

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Re: Lame Duck Biden Admin Cuts Massive Check For Failing EV Manufacturer
« Reply #6 on: November 26, 2024, 02:12:56 pm »
More taxpayer money thrown down the rat hole.  And if I had to guess, 10% of that money will end up in the Democommie coffers, if not their personal pockets.

How many tens if not hundreds of millions in bribes have fallen into the Biden Crime Family pockets?  Now that is an investigation I would like to see.  I believe all of them are traitors and should answer for that treason.
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Offline Hoodat

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Re: Lame Duck Biden Admin Cuts Massive Check For Failing EV Manufacturer
« Reply #7 on: November 27, 2024, 12:21:49 am »
Quote from: jafo2010 on November 26, 2024, 02:12:56 pm
More taxpayer money thrown down the rat hole.  And if I had to guess, 10% of that money will end up in the Democommie coffers, if not their personal pockets.

Brian Kemp will get a cut, too.
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Offline Hoodat

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Re: Lame Duck Biden Admin Cuts Massive Check For Failing EV Manufacturer
« Reply #8 on: November 27, 2024, 12:30:16 am »
Rivian plant is a hellish nightmare of safety violations: report

Jennifer Mossalgue  |  Oct 23 2024 - 8:57 am PT

Workers describe horror scenes over at the Rivian factory in Normal, Illinois – from cracked skulls to amputated fingers to one person vomiting “Rivian blue”-colored bile after painting R1s without proper safety gear. According to a scathing new report in Bloomberg, the American-made EV maker has racked up more “serious” US safety violations than any other automaker since the start of 2023 – despite having only one plant.

The American EV upstart, which has hit some serious financial woes, now has a different set of problems on its hands. Rivian has received initial citations for 16 “serious” violations from the US Occupational Safety and Health Administration (OSHA) in the past 21 months, the report cited. (“Serious” violations, by OSHA’s standards, refer to when an employer knows about a health or safety hazard yet fails to correct it.) By comparison, Toyota, Honda, Volvo, Nissan, GM, and Fordach received no more than 10, while Volkswagen and Subaru had none. Tesla and Chrysler maker Stellantis, with considerably larger workforces than Rivian, also received fewer initial serious citations, with Telsa receiving three “repeat” violations, which carry a heavier penalty, and Stellantis receiving two.

Bloomberg merges both government findings and interviews with current and past employees to paint a gory picture of dangerous safety violations, employees lacking in safety training and proper equipment, paying the price with back injuries requiring surgery or amputated fingers, and a lack of procedures put in place as the cash-strapped company aims to ramp up production  .  .  .

https://electrek.co/2024/10/23/rivian-plant-is-a-hellish-nightmare-of-safety-violations-report/
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If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.     -Dwight Eisenhower-

"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."     -Ayn Rand-
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