Market updates: in light of breaking story below, and with general market in the green, how are the EVs doing?
- RIVN: down 4%
- LCID: down 2%
- RIDE: flat today at $1.35; down 14% past five days
Original Post
New tag: "BiMAGA."
How big is this story? It's the number one story over on CNBC right now.
Rivian - Mercedes-Benz: on hold.
- agreement announced just three months ago;
- Rivian took lead to pause
- Rivian: pursuing “the best risk-adjusted returns” on its capital investments
Some think this may have to do with price of energy in Germany.
But it maybe something else -- Biden making America great again -- BiMAGA:
Monday’s news comes at a time when the European Union has raised concerns about the United States’ Inflation Reduction Act, which was signed into law by President Joe Biden in August.
According to the Department of Energy, the IRA “represents a historic, $369 billion investment in the modernization of the American energy system.”
Among other things, the IRA contains a tax credit for electric vehicles whose final assembly takes place in North America, which could represent a big challenge to European carmakers in the years ahead.
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