Intermarkets' Privacy Policy Support
Donate to Ace of Spades HQ! Recent Entries
FOOD THREAD – Sunday 12/01/2024
First-World Problems... The NCAA And Its Conferences Have Been Co-opted By Transgender Inc. Leave The Heavy Lifting To The Women! Sunday Morning Book Thread - 12-01-2024 ["Perfessor" Squirrel] Daily Tech News 1 December 2024 Open Thread Saturday Evening Movie Thread - 11/30/2024 Hobby Thread - November 30, 2024 [TRex] Ace of Spades Pet Thread, November 30 Gardening, Puttering and Adventure Thread, Nov. 30 Absent Friends
Bandersnatch 2024
GnuBreed 2024 Captain Hate 2023 moon_over_vermont 2023 westminsterdogshow 2023 Ann Wilson(Empire1) 2022 Dave In Texas 2022 Jesse in D.C. 2022 OregonMuse 2022 redc1c4 2021 Tami 2021 Chavez the Hugo 2020 Ibguy 2020 Rickl 2019 Joffen 2014 AoSHQ Writers Group
A site for members of the Horde to post their stories seeking beta readers, editing help, brainstorming, and story ideas. Also to share links to potential publishing outlets, writing help sites, and videos posting tips to get published.
Contact OrangeEnt for info:
maildrop62 at proton dot me Cutting The Cord And Email Security
Moron Meet-Ups
|
« Mid-Morning Art Thread |
Main
| Supreme Court Unanimously Strikes Down the Colorado Supreme Court's Juvenile Internet Trolling Disguised as a "Judicial Decision" »
March 04, 2024
THE MORNING RANT: Rivian’s Trajectory Has Hit Its ‘Gradually, Then Suddenly’ Moment; Other EV Follies and FailuresWell, I didn’t plan to do another EV roundup so soon, but the collapse of everything EV - other than Tesla’s boutique niche - has accelerated since my last roundup a couple weeks ago. Above all else, Gov. Brian Kemp’s billion-dollar taxpayer boondoggle in Georgia has apparently hit its ”gradually, then suddenly” moment. I’ve been discussing Rivian’s hype and struggles for a couple years. The excuse of “supply chain issues” can no longer mask the consumer rejection and failed business plan of Rivian. As I’ve written about previously, Gov. Kemp (R) committed $1.5 billion of Georgia taxpayer money in 2021 to persuade Rivian to build a plant east of Atlanta that would allegedly create 7,500 new jobs and manufacture up to 400,000 EVs per year. Construction on the plant was supposed to commence in 2023, but it has been pushed back and has still not begun. The state, however, has spent a great deal of taxpayer money doing grading and roadwork for this plant that almost certainly won’t be built. The most recent news from Rivian has been horrific. The failing EV manufacturer lost another $5.4 billion in 2023, including $1.5 billion in just the 4th quarter. That comes out to a loss per unit sold of $108k on both an annual and quarterly basis. Rivian is reporting a lower “gross” loss of $43k per vehicle, which doesn’t include all the overhead expenses that are also consuming its cash, but that is even worse because it means that there is no sales volume for Rivian that is profitable, and that each incremental sale means another $43k of cash gets burned. Rivian is now slashing employment, which is not what a company in growth mode does. It’s interesting that the headlines are parroting Rivian’s announcement that its Q4 loss “narrowed” to $1.52 billion, when the loss actually increased from a $1.37 billion loss in Q3. The “narrowing” is compared to the loss in Q4 of the prior-year. Electric vehicle startup Rivian Automotive reported a fourth-quarter net loss of $1.52 billion compared with a $1.72 billion loss in the same quarter a year earlier. Rivian’s existing plant in Normal, IL has a manufacturing capacity of 150k units per year, but it manufactured just 57k vehicles in 2023, which was 7k more than there was demand for, since it only delivered 50k EVs. The company was expected to produce 81,700 vehicles in 2024, according to eight analysts polled by Visible Alpha, Reuters said. Rivian produced 57,232 vehicles last year. At these sales and manufacturing volumes, there is zero need for a new factory in Georgia. Of course, at these sales volumes and losses per unit, there won’t be a going concern named Rivian that could even occupy a factory in Georgia. Cash and cash equivalents at the end of the September quarter were $7.94 billion, compared with $9.26 billion in the preceding three-month period. $7.9 billion won’t go far when you’re losing $5.4 billion per year. Unsurprisingly, Rivian’s stock price is hitting all time lows. It has plunged 91% since Rivian’s IPO in 2021. Elon Musk is helpfully offering his thoughts on Rivian’s death spiral… There is a lot of chatter about Rivian needing to be acquired by Tesla or a legacy automaker before it goes bankrupt, but Tesla doesn’t need a money-losing EV line, and GM and Ford are already proficient at losing money on EVs without Rivian in their stable of marques. Ford Has Stopped Shipments of its Slow Selling EV Pickup Truck Meanwhile, with Ford’s F150 “Headlight issues.” Uh huh. I believe that Ford’s failed Edsel venture was also due to “headlight issues.” Likewise, when Ford killed off the Mercury brand a few years ago it was due to “headlight issues.” Ford spokeswoman Emma Bergg told the Free Press that Ford stopped shipping the Lightning on Feb. 9 as part of quality control protocols, after beginning delivery in January on schedule. Ford may be stopping shipments of its electric truck due to “headlight issues,” but strangely enough, the ones on the lot have not been recalled to have their “headlight issues” fixed. In fact, although there is a “stop ship” in place, there is not a “stop sale.” You are still welcome to buy an F150 Lightning that is already on a dealer lot, irrespective of its “headlight issues.” "This is not a stop sale," [Ford Spokesman Emma] Bergg said. "Stop ship is part of the built-in manufacturing process. It's all quality control." Call me cynical, but it almost sounds like Ford is drowning in a glut of unsellable electric pickups, and “headlight issues” is a euphemism for consumer rejection. And speaking of Ford’s explosively exciting electric pickup, the National Highway Transportation Safety Administration just issued a new recall on 2023 model F-150 Lightnings, due to – what else – a risk of battery fires. Mercedes Backing Off Its All-EV Pledge Mercedes had announced, to much praise and acclaim a few years ago, that it would sell only electric vehicles by 2030. I know of at least one sale it lost because of that announcement. When it was time to replace my wife’s Alabama-built Mercedes not too long ago, we ruled out another Mercedes, in part because of Mercedes’ all-EV pronouncement. Mercedes is now backtracking on that promise… “Mercedes-Benz Walks Back 2030 Deadline for Full Electrification” [Edmunds – 02/28/2024] Three years ago, Mercedes-Benz said that by 2030, the brand with the three-pointed star would only sell EVs or PHEVs. I wonder how many other loyal customers Mercedes ran off with that ridiculous, virtue-signaling promise to stop selling the product that its loyal customers were buying. The EV Manufacturer Dead Pool While Rivian’s impending demise is the most prominent EV failure with the most political baggage, there are a few other once-high-flying EV manufacturers which may fail first… Fisker’s stock traded at $29 per share just 3 years ago but it’s now trading at just 50 cents per share, as it has seemingly hit the end of the road. “EV Maker Fisker Reports Bleak Outlook in 2023 Earnings Call” [Car & Driver – 3/02/2024] The electric-vehicle startup manufacturer Fisker announced a bleak outlook in an earnings call, with the company citing "substantial doubt about Fisker's ability to continue as a going concern." Meanwhile, luxury EV manufacturer Lucid’s stock has dropped from $55 per share to $3 per share as it is laying off employees and seeing its very low sales volume trend even lower. “Lucid Motors sold just 6,001 cars in 2023” [Tech Crunch – 01/11/2024] Lucid Motors delivered only 6,001 of the 8,428 cars it built last year, as it continues to struggle to generate demand for its luxury electric sedans. The Saudi-backed company limped to the finish of 2023, building just 2,391 cars and delivering 1,734 in the fourth quarter — down 31% and 10%, respectively, from the fourth quarter of 2022. With the bloom off the EV rose, Apple has learned that electric vehicles occupy a lane in which it cannot compete. As I discussed in my most recent article at The Pipeline, Apple is pulling the plug on its EV project, having wasted billions of dollars learning that a self-driving, electric vehicle is not just another electronic device. “Apple to Wind Down Electric Car Effort After Decadelong Odyssey” [MSN – 02/28/2024] Apple Inc. is canceling a decadelong effort to build an electric car, according to people with knowledge of the matter, abandoning one of the most ambitious projects in the history of the company. Buy a Car, Get a Enough about EVs for today. Let’s close with a great auto dealership sales promotion. When I was kid, Joe Garagiola was all over the TV pushing Chrysler products with the “Buy a car, get a check” promotion. Burnsville Toyota in Minnesota has a similar promotion for the large Hmong population it serves…
| Recent Comments
Mark Andrew Edwards, buy ammo, food, water:
"261 Note that most of the known Epstein clients li ..."
Hour of the Wolf - Remember Vic and VNN!: "You should see how much smoking has stunted Weasel ..." Duncanthrax: "[i]You should see how much smoking has stunted Wea ..." fd: "You should see how much smoking has stunted Weasel ..." JackStraw: ">>My take on Epstein was that he was working for B ..." Tom Servo: "The first thing Kash should release are all the fi ..." BurtTC: "Note that most of the known Epstein clients like C ..." Accomac: "And, like Michigan ..." zombie Sir Isaac Newton: "[i] inertia has a power all its own... Posted by: ..." Mark Andrew Edwards, buy ammo, food, water: "249 >>>Kennedy was killed by 'our side' by the IC, ..." Hour of the Wolf - Remember Vic and VNN!: "Imagine if you will, two teams playing to lose... ..." Braenyard - some absent friends are more equal than others: "Dead he is less of a distraction than alive. ..." Recent Entries
FOOD THREAD – Sunday 12/01/2024
First-World Problems... The NCAA And Its Conferences Have Been Co-opted By Transgender Inc. Leave The Heavy Lifting To The Women! Sunday Morning Book Thread - 12-01-2024 ["Perfessor" Squirrel] Daily Tech News 1 December 2024 Open Thread Saturday Evening Movie Thread - 11/30/2024 Hobby Thread - November 30, 2024 [TRex] Ace of Spades Pet Thread, November 30 Gardening, Puttering and Adventure Thread, Nov. 30 Search
Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Primary Document: The Audio
Paul Anka Haiku Contest Announcement Integrity SAT's: Entrance Exam for Paul Anka's Band AllahPundit's Paul Anka 45's Collection AnkaPundit: Paul Anka Takes Over the Site for a Weekend (Continues through to Monday's postings) George Bush Slices Don Rumsfeld Like an F*ckin' Hammer Top Top Tens
Democratic Forays into Erotica New Shows On Gore's DNC/MTV Network Nicknames for Potatoes, By People Who Really Hate Potatoes Star Wars Euphemisms for Self-Abuse Signs You're at an Iraqi "Wedding Party" Signs Your Clown Has Gone Bad Signs That You, Geroge Michael, Should Probably Just Give It Up Signs of Hip-Hop Influence on John Kerry NYT Headlines Spinning Bush's Jobs Boom Things People Are More Likely to Say Than "Did You Hear What Al Franken Said Yesterday?" Signs that Paul Krugman Has Lost His Frickin' Mind All-Time Best NBA Players, According to Senator Robert Byrd Other Bad Things About the Jews, According to the Koran Signs That David Letterman Just Doesn't Care Anymore Examples of Bob Kerrey's Insufferable Racial Jackassery Signs Andy Rooney Is Going Senile Other Judgments Dick Clarke Made About Condi Rice Based on Her Appearance Collective Names for Groups of People John Kerry's Other Vietnam Super-Pets Cool Things About the XM8 Assault Rifle Media-Approved Facts About the Democrat Spy Changes to Make Christianity More "Inclusive" Secret John Kerry Senatorial Accomplishments John Edwards Campaign Excuses John Kerry Pick-Up Lines Changes Liberal Senator George Michell Will Make at Disney Torments in Dog-Hell Greatest Hitjobs
The Ace of Spades HQ Sex-for-Money Skankathon A D&D Guide to the Democratic Candidates Margaret Cho: Just Not Funny More Margaret Cho Abuse Margaret Cho: Still Not Funny Iraqi Prisoner Claims He Was Raped... By Woman Wonkette Announces "Morning Zoo" Format John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia World Muslim Leaders Apologize for Nick Berg's Beheading Michael Moore Goes on Lunchtime Manhattan Death-Spree Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears Liberal Economists Rue a "New Decade of Greed" Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility Intelligence Officials Eye Blogs for Tips They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq Leather-Clad Biker Freaks Terrorize Australian Town When Clinton Was President, Torture Was Cool What Wonkette Means When She Explains What Tina Brown Means Wonkette's Stand-Up Act Wankette HQ Gay-Rumors Du Jour Here's What's Bugging Me: Goose and Slider My Own Micah Wright Style Confession of Dishonesty Outraged "Conservatives" React to the FMA An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear The Story the Rightwing Media Refuses to Report! Our Lunch with David "Glengarry Glen Ross" Mamet The House of Love: Paul Krugman A Michael Moore Mystery (TM) The Dowd-O-Matic! Liberal Consistency and Other Myths Kepler's Laws of Liberal Media Bias John Kerry-- The Splunge! Candidate "Divisive" Politics & "Attacks on Patriotism" (very long) The Donkey ("The Raven" parody) |