Back in November 2021, I asked “What edge does Rivian have in the truck or EV market?” and questioned the company’s stratospheric market cap. It has been two years. How is the company doing and how is the stock doing?
Given the calculation that working class subsidies to elite owners of EVs are $50,000 per vehicle (direct tax credits, higher costs for gas-powered cars due to EV percentage sales requirements, subsidized electricity), the company itself should be profitable. MotorTrend says otherwise: “Rivian Loses a Huge Amount on Every Vehicle It Sells” (October 5, 2023).
From May 2023, in the lower Manhattan neighborhood favored by elites (Chelsea):