{"id":362651,"date":"2025-01-19T10:51:53","date_gmt":"2025-01-19T09:51:53","guid":{"rendered":"https:\/\/climatescience.press\/?p=362651"},"modified":"2025-01-19T10:51:55","modified_gmt":"2025-01-19T09:51:55","slug":"biden-admin-cuts-failing-ev-company-a-fat-check-on-its-way-out-the-door-watts-up-with-that","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=362651","title":{"rendered":"<\/font>Biden Admin Cuts Failing EV Company A Fat Check <\/font>o<\/font>n Its Way Out the Door \u2013 Watts Up with That?<\/font>"},"content":{"rendered":"\n
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From Watts Up With That?<\/a><\/p>\n\n\n\n

The Daily Caller<\/a><\/font><\/p>\n\n\n\n

<\/font><\/p>\n\n\n

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<\/font>Owen Klinsky<\/a>
<\/strong>Contributor<\/p>\n\n\n\n

The Biden administration cut a multi-billion dollar check for struggling electric vehicle (EV) maker Rivian Thursday, just days before President-elect Donald Trump\u2019s inauguration.<\/p>\n\n\n\n

The carmaker hemorrhaged cash in 2024 amid a widespread slackening<\/a> in demand for EVs, losing<\/a> roughly<\/a> $4 billion<\/a> in the first three quarters of 2024 alone. Now, lame duck President Joe Biden\u2019s Department of Energy (DOE) has tossed the struggling company a $6.57 billion loan to finance the construction of a manufacturing plant in Stanton Springs North, Georgia, according<\/a> to a DOE press release. (RELATED: Biden\u2019s Green Loan Office Offers Up A Staggering $22 Billion In Admin\u2019s Final Hours)<\/a><\/strong><\/p>\n\n\n\n

\u201cThis loan will help us accelerate the launch of our Georgia plant for R2 [SUV] and R3 [crossover], providing thousands of jobs in the state,\u201d Rivian Founder and CEO RJ Scaringe said in a Thursday statement<\/a> announcing the loan\u2019s finalization. \u201cPeople are incredibly excited to get behind the wheel of our new models, and this additional capacity for our mass market products is key to U.S. leadership in the electric vehicle industry.\u201d<\/p>\n\n\n\n

\n

Rivian $RIVN<\/a> just announced it has closed its loan agreement with the \"\ud83c\uddfa\ud83c\uddf8\" Department of Energy for up to $6.6 billion in financial support for the construction of its next manufacturing facility in Georgia pic.twitter.com\/OhfOulaNms<\/a><\/p>\n\n\n\n

\u2014 Evan (@StockMKTNewz) January 16, 2025<\/a><\/p>\n<\/blockquote>\n\n\n\n

<\/a><\/p>\n\n\n\n

The massive loan was allocated by the DOE\u2019s Loan Programs Office<\/a> (LPO), which received calls<\/a> from an internal federal watchdog in December to cease working on new deals due to a slew of potential conflicts of interest in its work. The LPO has drawn scrutiny from congressional Republicans in the past for its director Jigar Shah\u2019s<\/a> continued association with a green energy trade group he established before joining the Biden DOE, with a July Daily Caller News Foundation investigation finding the green energy loan czar shelled out<\/a> $1.2 billion to an EV battery manufacturer that supported a \u201csister nonprofit\u201d to the trade organization.<\/p>\n\n\n\n

Rivian lost<\/a> nearly $40,000 per vehicle in the third quarter of 2024, and hasn\u2019t turned<\/a> a profit in a single quarter since it was founded in 2009.<\/p>\n\n\n\n

Rivian and the DOE did not immediately respond to a request for comment.<\/p>\n\n\n\n

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Biden administration cut a multi-billion dollar check for struggling electric vehicle (EV) maker Rivian Thursday, just days before President-elect Donald Trump\u2019s inauguration.<\/p>\n","protected":false},"author":121246920,"featured_media":362652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691818336,691820954,691830362],"class_list":{"0":"post-362651","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-biden-administration","9":"tag-department-of-energy-doe","10":"tag-vehicles-evs","12":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/01\/0Biden-EVs_April-2023.webp?fit=1200%2C675&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1wld","jetpack-related-posts":[{"id":267106,"url":"https:\/\/climatescience.press\/?p=267106","url_meta":{"origin":362651,"position":0},"title":"UAW to Biden: Where are those Good Paying Green Jobs?","author":"uwe.roland.gross","date":"13\/07\/2023","format":false,"excerpt":"UAW President Shawn Fain also criticised Biden\u2019s subsidies for billionaires, which don\u2019t seem to be \u201ctrickling down\u201d to members.","rel":"","context":"In \"Green Agenda\"","block_context":{"text":"Green Agenda","link":"https:\/\/climatescience.press\/?tag=green-agenda"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/07\/0106966084-1635279914697-gettyimages-130410326-pe0078255.jpeg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/07\/0106966084-1635279914697-gettyimages-130410326-pe0078255.jpeg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/07\/0106966084-1635279914697-gettyimages-130410326-pe0078255.jpeg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/07\/0106966084-1635279914697-gettyimages-130410326-pe0078255.jpeg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/07\/0106966084-1635279914697-gettyimages-130410326-pe0078255.jpeg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":289164,"url":"https:\/\/climatescience.press\/?p=289164","url_meta":{"origin":362651,"position":1},"title":"More than 3,000 auto dealers sign letter opposing Biden’s electric vehicle mandate","author":"uwe.roland.gross","date":"29\/11\/2023","format":false,"excerpt":"Electric vehicles 'are stacking up on our lots,' car dealers write to Biden https:\/\/www.foxbusiness.com\/politics\/3000-auto-dealers-sign-letter-opposing-bidens-electric-vehicle-mandate By\u00a0Thomas Catenacci FOXBusiness A coalition of more than 3,000 auto dealers nationwide is sending an open letter to President Biden, calling on him to \"tap the brakes\" on his administration's\u00a0aggressive electric vehicle (EV) push. 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