Bad News For Rivian

[Trav]

Things do not look to good for EV makers, now they say the bubble has burst.

Jeff Bezos-backed Rivian plans second round of layoffs

Jeff Bezos-backed EV-maker Rivian has cut more of its workforce following 10 percent of its employees laid off earlier this year. The company's shares dropped to one percent on Thursday.

www.dailymail.co.uk

 

[Invisible]

The situation with Rivian and Tesla is quite concerning but also reflective of broader industry trends. The EV market is evidently facing a significant demand fluctuation after initial enthusiasm. Both companies are now forced into substantial layoffs and cost-cutting measures, which is quite a pivot from their rapid expansion phases. Rivian's approach to halt a major construction project and reduce prices indicates a strategic shift to stay financially viable. Tesla’s layoffs, despite being a market leader, underscore the harsh realities of maintaining growth trajectories in the face of declining sales. It’s a critical reminder of the volatile nature of the tech and automotive industries, especially as they intersect with evolving consumer interests and global economic conditions.

In other words, EV's aren't exactly what was promised. I don't think the EV future will happen as it is envisioned at this time.

I certainly wouldn't sign up for something like this guy:

 

[SubieRubyRoo]

Things do not look to good for EV makers, not they say the bubble has burst.

Jeff Bezos-backed Rivian plans second round of layoffs

Jeff Bezos-backed EV-maker Rivian has cut more of its workforce following 10 percent of its employees laid off earlier this year. The company's shares dropped to one percent on Thursday.

www.dailymail.co.uk

It’s crazy when you can’t even support an idea while giving away other peoples’ money to incentivize it…

 

[alarmguy]

It’s crazy when you can’t even support an idea while giving away other peoples’ money to incentivize it…

Man do you have that right, it's pathetic.

 

[Invisible]

It’s crazy when you can’t even support an idea while giving away other peoples’ money to incentivize it…

I guess an electric passenger plane ain't gonna happen ... after all. Flying around with near-empty batteries that are just as heavy as when they're charged doesn't make a lot of sense now, does it? Neither does burning coal to charge EVs.

 

[atikovi]

How get more people to buy? Just make recharging as fast or nearly as fast as filling a gas car. Like maybe 5 minutes tops. You might need a 5,000 volt system, but the engineers can figure that out in due time.

 

[demarpaint]

It’s crazy when you can’t even support an idea while giving away other peoples’ money to incentivize it…

+1 I say let nature take it's course, and let the EV live or die based on it's own merits, not using taxpayer's hard earned cash to coax people to buy them. Flame suit on, for the attack on the oil and gas industry soon to follow.

 

[Invisible]

One of the issues that none of the Domestic and European EV makers like to talk about is how fast and how much cheaper China is cranking out EVs and ICE vehicles.

China has already flooded Europe with both, and it's a matter of time until they get a foothold in the US market.

And China is also a major EV battery manufacturer. From a business perspective, things aren't working out for US manufacturers as well as they hoped. Never mind that we don't have the infrastructure and resources to support the EV Fantasy.

I think that in the end EVs will stick around, but mass adoption will never happen.

 

[cptbarkey]

Rich tech bro's are learning that people are fickle with what they want, when they want it, and why they want it. Oh, and some people are publicly mad learning the downsides of EVs and continued lack of infrastructure as a result of what I am now thinking is failed government policy and subsidies.

 

[Invisible]

failed government policy and subsidies

The very definition of moral hazard.

 

[SC Maintenance]

This "tech" really gives us no benefit. Even Pong in the 1970's gave owners something they didn't have before.

Reliable automobiles have been around for a very long time. So I plug this one in instead of going to the gas pump. Who cares?

Registrations are down in the Euro zone also. https://www.barrons.com/news/european-car-market-shrank-in-march-as-share-of-evs-falls-eed6af53

 

[JavierH19]

They're still losing huge bucks on every vehicle they sell and the new r2 looks to cost them even more in losses.

 

[Invisible]

What's going to happen with all the government mandates and banning of ICE vehicles by twenty-thirty-something in California and certain European countries?

 

[97prizm]

It’s crazy when you can’t even support an idea while giving away other peoples’ money to incentivize it…

It doesn't help that Europe and to some extent US lawmakers thought that if you demand it, it will happen. In 1990 lawmakers wanted 50% of new sales to be electric. This isn't happening now.

 

[wemay]

Chinese auto makers are cranking out the EV equivalent to this 1974 Civic.
Back then the opinion on these was, "it will never work here in the US".

The EV furor beginning at the high$ end of the Consumer scale is turning out to be a mistake.

 

[97prizm]

One of the issues that none of the Domestic and European EV makers like to talk about is how fast and how much cheaper China is cranking out EVs and ICE vehicles.

China has already flooded Europe with both, and it's a matter of time until they get a foothold in the US market.

And China is also a major EV battery manufacturer. From a business perspective, things aren't working out for US manufacturers as well as they hoped. Never mind that we don't have the infrastructure and resources to support the EV Fantasy.

I think that in the end EVs will stick around, but mass adoption will never happen.

It's interesting that you say that, as some publications have said the sun has set on China selling in the USA. Is I've read it the two biggest vehicle manufacturers in China Geely and cherry or Landwind? Supposedly purchased a dozen locations for dealerships back in 2005 or so and planned on selling within a few years.

 

[14.1 Grms]

People keep pointing to this as microeconomics and ignoring what sort of macroeconomic precursor it is. Something about the canary in the coal mine.

What's going to happen with all the government mandates and banning of ICE vehicles by twenty-thirty-something in California and certain European countries?

Simple, you just ride your bike everywhere! /s

I'd hazard some of the more "ideas and dreams" countries won't change those regulations, intentionally.

 

[RedSpider]

Mass adoption will never happen? HAHAHAHA!! Unfortunately, I'm old enough to remember the same thing being said about personal computers ("nobody will be able to afford these"), the internet ("What would the average person need or use this for?"), and buying groceries online and having them delivered to your house ("Nobody is going to buy food over the internet").

I would urge you to print out a copy of that "will never happen" statement and shove it in a desk drawer, and pull it back out and read it about 10-15 years from now.

I'm neither for nor against electric vehicles, probably wouldnt work too well with my current situation but life, and the world, changes. I think these almost daily curmudgeonly anti-electric vehicle threads here are going to look quite foolish in a decade or so. Maybe longer, this isnt going to happen fast. But.......it IS going to happen.

 

[PWMDMD]

Mass adoption will never happen? HAHAHAHA!! Unfortunately, I'm old enough to remember the same thing being said about personal computers ("nobody will be able to afford these"), the internet ("What would the average person need or use this for?"), and buying groceries online and having them delivered to your house ("Nobody is going to buy food over the internet").

I would urge you to print out a copy of that "will never happen" statement and shove it in a desk drawer, and pull it back out and read it about 10-15 years from now.

I'm neither for nor against electric vehicles, probably wouldnt work too well with my current situation but life, and the world, changes. I think these almost daily curmudgeonly anti-electric vehicle threads here are going to look quite foolish in a decade or so. Maybe longer, this isnt going to happen fast. But.......it IS going to happen.

Yup...paradigm shifts are never 100% predictable, they happen in starts and stops, and ultimately end up being different than most people thought, even though they still happen.

 

[Invisible]

Mass adoption will never happen? HAHAHAHA!! Unfortunately, I'm old enough to remember the same thing being said about personal computers ("nobody will be able to afford these"), the internet ("What would the average person need or use this for?"), and buying groceries online and having them delivered to your house ("Nobody is going to buy food over the internet").

I would urge you to print out a copy of that "will never happen" statement and shove it in a desk drawer, and pull it back out and read it about 10-15 years from now.

I'm neither for nor against electric vehicles, probably wouldnt work too well with my current situation but life, and the world, changes. I think these almost daily curmudgeonly anti-electric vehicle threads here are going to look quite foolish in a decade or so. Maybe longer, this isnt going to happen fast. But.......it IS going to happen.

The mass adoption of personal computers and the internet was driven by tangible benefits and technological synergies. Personal computers not only facilitated connectivity but also propelled the growth of the internet as commodity PC technology was integrated into servers. AMD's development of x86-64 and its support for 64-bit Linux and Microsoft's 64-bit Windows played crucial roles, while Intel, heavily invested in the less successful Itanium technology, appeared to obstruct AMD's progress.

However, the main hurdle for BEVs lies not in the 'EV' (Electric Vehicle) part, but in the 'B' (Battery) aspect. The challenges of battery weight, charging times, and the reliance on non-renewable energy sources must be addressed before widespread adoption is feasible. This situation differs markedly from the rapid acceptance of technologies such as personal computers, the internet, or smartphones, which offered immediate, substantial benefits. For example, smartphones effectively put a powerful computer in every pocket, appealing to mass consumer desires for accessibility and connectivity.

In contrast, expecting quick and broad acceptance of BEVs—considering current limitations like lengthy charging times and limited range, especially under load like towing—is unrealistic. This scenario can be likened to a hypothetical mandate from the 1960s requiring everyone to use mainframe computers for everyday transactions like banking or shopping, a proposition that would have been as impractical then as certain expectations around BEVs are today.