Desperate Times -- EV Manufacturers -- Only Those With Deep Pockets Will Survive -- March 3, 2022

Quick connects:

Russia: this is the link to the page where I will follow the implosion of the Russian economy. Right now it's a race against time. Putin needs to have control of Ukraine before his oligarchs say enough is enough. He has less than ten days. Tipping point: today Lukoil has said enough is enough.

Russia: does anyone else find it "interesting" that a rather significant war in Europe has turned into a "war" all about energy? Most folks would agree that if Europe were not dependent on foreign energy, particularly, Russian energy, this war would be playing out very differently. 

EV start-ups: desperate times. We will see one or two EV manufacturers fold.

• EVs: link here. Scorecard.  
• Ford: why Ford did not spin off its EV business. 
• TSLA: down 5%; trading at $836.
• Lucid: down 8%; trading at $23
• NKLA: down 4.3%; trading at $7.22
• RIVN: down 6%; trading at $50.37;
  
• Lordstown Motors: GM sold its stake.
• Lordstown:
• disclosed a widened loss of $80 million or 42 cents / share; 4Q21
• Monday, this week, investors told Lordstown needed to raise another $250 million in order to build the 500 trucks
• statement: During its earnings call on Monday, the startup shared plans to produce and sell up to only 3,000 Endurance trucks through 2023, with 500 of those expected to sell this year. That is, if the company raised more money. On Monday, Lordstown told investors it needed to raise another $250 million in order to build the 500 trucks.
• Back-of-the-envelope: $500,000 more for each truck
• RIDE: down 8% today; down 22 cents; trading at $2.3350; 
  

ARKK: down 7%; trading at $63.

IOC: International Olympic Committee needs to act now to ensure XX and XY stay in their lanes in the Summer Olympics. China's Winter Olympics might have been the end of the winter Olympics as we know it. 

The premier event for the summer Olympics is swimming. If XX and XY don't stay in their lanes, this, too, will be the end of the summer Olympics as we know it.

Pelosi calls for US ban of Russian oil. Why won't it happen? Two words: New England.

US refiners cut Russian oil imports. Link to Charles Kennedy. 

India: will only accept Russian crude after it gets to port and is ready to unload. Link to ArgusMedia. That's exactly how it will work globally. That solves so many problems.

Russian exports:

• already down 2.5 million bopd;
• this may be beyond all remaining spare capacity for OPEC+;
• US Secretary of Energy does not understand that oil could go a lot higher;

US Secretary of Energy: all I need to know to stay long (oil).