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Rivian Gets Hurt Again – Darlinez News.

<p> &lbrack;ad&lowbar;1&rsqb;<br &sol;>&NewLine;<&sol;p>&NewLine;<div>&NewLine;<p>The front page of The Wall Street Journal carried a story that said Rivian’s chief lobbyist Jim Chen is leaving&period; Rivian might be able to replace him&comma; but it will be hard&period; For starters&comma; who would want a job that involves an uphill climb&quest; &lpar;Click here for the least reliable cars in America&period;&rpar;<&sol;p>&NewLine;<p>One of Chen’s jobs was to get states to allow direct sales of cars to buyers&period; This bypasses traditional car dealers&period; These dealers have feverishly lobbied state capitals&comma; and in some cases they have been successful&period; Rivian needs every state to allow the direct sales avenue&period; Chen also was working in Washington to get Rivian vehicles critical tax credits&comma; which are a significant incentive to buyers&period;<&sol;p>&NewLine;<p>Rivian itself has severe problems without the Chen issue&period; Rivian lost &dollar;1&period;77 billion in its most recent quarter on revenue of &dollar;536 million&period; For the year&comma; it produced 24&comma;337 vehicles&comma; against a target of 25&comma;000&period; The miss is too small to matter&period; However&comma; one distinction is important&period; This was the number of vehicles produced&comma; not delivered&period;<&sol;p>&NewLine;<p>One of Rivian’s most important claims is that it has 114&comma;000 preorders&period; What it does not say is that any or all of those can be canceled&period;<&sol;p>&NewLine;<section id&equals;"email-subscribe" class&equals;"section section-email-sub single-email-sub"><&excl;-- div&period;svg-icon --><&sol;p>&NewLine;<div class&equals;"container">&NewLine;<div class&equals;"subscribe-message" style&equals;"line-height&colon; 1&period;3&semi;">&NewLine;<p>Get Our Free Investment Newsletter<&sol;p>&NewLine;<&sol;p><&sol;div>&NewLine;<&sol;p><&sol;div>&NewLine;<&sol;section>&NewLine;<p>Rivian’s highest hurdle is the success of Tesla and the global car companies that have or will invest hundreds of billions of dollars into electric vehicle &lpar;EV&rpar; fleets of their own&period; These large corporations have huge dealer networks and huge marketing&comma; R&&num;038&semi;D and production budgets&period;<&sol;p>&NewLine;<p>There also appears to be a price war brewing in the EV market&period; Tesla has just dropped prices&period; Its current and future competitors may have to as well&period; This will squeeze margins&period;<&sol;p>&NewLine;<p>Even without Chen&comma; Rivian has a mountain of problems&period;<&sol;p>&NewLine;<p>&Tab;&Tab;&Tab;&Tab;<&excl;-- &num;post-footer--><&sol;p><&sol;div>&NewLine;

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