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How much did they raise?
Rivian finally went public on November 10th and closed the day at $100.73 per share which raised around $11.9 billion for the company. At its opening price, Rivian was already worth more than automakers Ford and GM and was valued at $86 billion. In honor of them going public, check out the R1T easily climbing Hells Gate in Moab.
Honda’s Not Happy
Congress is still working on passing the “Build Back Better Act” The long-awaited bill includes a restructured federal tax credit for EVs to up to $12,500. The key word part of this is “up to”. There will be a $7,500 federal tax credit for all manufacturers, but the additional $4,500 will only be available for EV’s that are made by union workers and the remaining $500 to manufacturers who use batteries made in the U.S. Basically, the $4,500 will only be available for GM, Ford, and Chrysler EVs and Honda is not happy about this.
In the piece written by Rick Schostek, the EVP of American Honda Motor Co., he argues that this gives an unfair advantage to the Big 3. This will negatively impact non-union manufacturers, which negatively impact the employees of these companies as well as customers down the line. The EVP states that if the goal is truly environmental sustainability, this move would be contradictory and the policy needs to be inclusive of all manufactures regardless of the status of its workers. What do you think? Leave a comment below.
Made in China
Last week, we talked about how most American EVs sell better in China than China’s own EV companies. In October, Tesla’s overall sales hit almost record levels in China. According to the China Passenger Car Association, the total volume (sales and export) increased 348% year over year to 54,391 units. September’s sales were slightly above October’s sales. In China, the only EV company to surpass Tesla’s sales was BYD, with over 80,000 sales and exports. Year-to-date, Tesla has sold around 218,000 electric cars in China. A majority of those cars were exported with a total of 40,666 units. This data proves a new all-time monthly record. In the next couple of months, we recommend watching out for November’s focus on exports. However, in December, Tesla is expected to increase local delivery numbers.
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