The nation is in an economic slump and every industry is hurting thanks to the obviously failed policies of the Biden administration.
The gas prices in the nation are soaring, the supply chain is breaking and liberals think the best way to combat this crisis is to have everyone go out and buy electric cars.
https://giphy.com/gifs/cake-quote-princess-2lypEloChTbEc
Well, that may be hard considering that one of the largest electric car manufacturing companies is being forced to lay off employees.
Yeah, liberals…this one is on you.
Companies are not able to survive and keep people on their payroll when they have torpedoed our economy with their woke agendas.
According to experts, Rivian will have to let go of at least 5 percent of its workforce.
Amazon owns about 17.7% of Rivian, while Ford owns 11.4%.
This is what Wikipedia says about them:
Rivian Automotive, Inc. is an American electric vehicle automaker and automotive technology company founded in 2009. Rivian is building an electric sport utility vehicle (SUV) and pickup truck on a “skateboard” platform that can support future vehicles or be adopted by other companies. An electric delivery van is also being built as part of a partnership with Amazon.[7] Rivian started deliveries of its R1T pickup truck in late 2021. As of March 2022, the delivery van and R1S SUV were still in development.[8] The company plans to build an exclusive charging network in the United States and Canada by the end of 2023.[9]
Rivian is based in Irvine, California, with its manufacturing plant in Normal, Illinois, and other facilities in Palo Alto, California; Carson, California; Plymouth, Michigan; Vancouver, British Columbia; Wittmann, Arizona; and Woking, England.[2][10] Additionally, Rivian has plans to build another US$5 billion factory in Georgia.[11]
The company raised over US$13.5 billion in financing following its IPO in November 2021, which also saw investor recognition that it could become a major competitor to Tesla.[12][13][14]
This is a major clue that a recession is looming and it will happen rather sooner than later.
The Conservative Treehouse reported:
The larger ‘layoff‘ issue is going to be more prevalent as the economy contracts and consumer demand declines. There is almost no expanded investment going into any Main Street business that sells non-essential goods.
The economic contraction, the drop in consumer demand that indicates a recession, is very real and now very easy to spot.
Second, Rivian is backed by the financing of Ford and Amazon and operates in California, Michigan and Illinois (three deep blue states). Rivian is also the supplier for Amazon electric delivery vehicles having previously announced (in 2019) a deal to purchase 100,000 vehicles from Rivian. Additionally, Rivian has lost 69% of its market value this year.
LA TIMES – Rivian Automotive Inc. is planning hundreds of layoffs to trim its workforce in areas where the electric-vehicle maker has grown too quickly, according to people familiar with the matter. […] The Irvine company, which has more than 14,000 employees, could target an overall reduction of around 5%, the people said. The layoffs are still in the planning stage, and nothing has been decided.
[…] The manufacturer is poised to join companies across corporate America pruning their operations amid growing worries about an economic downturn. Tesla is cutting 10% of its salaried workforce, while protecting manufacturing jobs, after Chief Executive Elon Musk said he sees a recession as inevitable. (read more)
Bloomberg is also reporting that Rivian’s shares were down about 7% in mid-afternoon trading following the news.
Rivian has added thousands of new employees over the last year as it began production of its own electric trucks and SUVs as well as a delivery van for Amazon.
Rivian’s shares surged amid intense investor interest shortly after it went public late last year, but have since fallen over 80% as the company has struggled to ramp up production, supposedly over global supply chain disruptions.
I guess Joe’s big “green push” is really in the weeds, isn’t it?
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