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DAILY ENERGY NEWS | 08/12/2024
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** Rivian shutting down plants, hemorrhaging cash, and losing over $30k for each EV they sell. And yet, the media is simply riveted by them...
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Bloomberg ([link removed]) (8/7/24) reports: "As Tesla Inc. has become more difficult to stomach for a number of reasons, political and otherwise, Rivian Automotive Inc. has emerged as a viable alternative. The Irvine, California-based company has been in the news of late, most notably for plant shutdowns and disappointing quarterly losses, postponing plans to build an electric-vehicle plant in Georgia and a cash infusion from Volkswagen AG, which committed $5 billion in June to start a joint venture with the 15-year-old company. The investment spells salvation for Rivian, which loses about $32,705 per vehicle it sells. I drove a Rivian R1T truck in 2021. It was an exciting if overpriced new offering with a cool design and some kinks to work out. Introducing a pickup as its first production vehicle was a canny, though audacious and possibly naive, move to plunge
into the highly profitable truck segment but also take on the likes of Ford Motor Co., which has owned the segment with its bestselling F-150 for four decades running. The R1S is the truck’s SUV counterpart that started deliveries in 2022. It’s aimed at wealthy families and upwardly mobile Patagonia wearers who require a large rig for their athletic and recreational activities (aka running errands and sitting in traffic, if we’re honest). If not also to enhance their do-gooder image. Rivian revealed the second generation of both the R1T and R1S in June. While the exterior design of its flagship vehicles remains largely unchanged, they now come with hundreds of hardware improvements, performance optimizations, a redesigned software system and new drive calibrations. Compared with their first-generation forebears, Rivian’s second-gen vehicles are well-improved."
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"As governor, Walz copied California’s green-at-all-costs energy policy, and he would do the same as VP. The result? Higher prices, more green mandates, and a less reliable electricity grid."
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–T ([link removed]) he Empowerment Alliance ([link removed])
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It turns out shareholders still do care about a return on their investment.
** Wall Street Journal ([link removed])
(7/30/24) reports: "Glencore abandoned a plan to spin off its coal business after shareholders encouraged it to keep mining the fossil fuel, in the latest signal that the finance world’s sustainable-investing craze is fizzling out. London-listed Glencore, one of the world’s biggest producers of electricity-generating thermal coal, said Wednesday it asked investors with two-thirds of voting shares for their views on the spin off. Of those who expressed a preference, more than 95% wanted Glencore to retain coal, the company said."
Those pesky readers!
** Gov. Gavin Newsom ([link removed])
(8/11/24) tweet:
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It looks like Shawn "Eat the Rich" Fain and Vice President Harris have a lot in common. Both of them are actively killing UAW jobs.
** Wall Street Journal ([link removed])
(8/11/24) editorial: "Stellantis is showing what the real green-energy transition looks like: On Friday the auto maker announced plans to lay off 2,450 workers in Michigan as it ramps up electric-vehicle production. As consolation, the laid-off workers will receive a generous parting gift. Car makers are struggling to sell higher-priced cars as consumers pull back after three years of inflation. At the same time, the rich labor agreement that Stellantis, Ford and GM struck last autumn with the United Auto Workers is raising costs. The companies need healthy profits from gas-powered trucks to subsidize their money-losing EV production. Hence Stellantis’s scramble to slash costs. The company last month announced buyouts for salaried workers in the U.S. On Friday it said it will lay off as many as 2,450 production workers in Warren, Mich., where it produces its classic Ram 1500 pickup, as it rolls out a new electric model. Workers can send a thank you card to UAW president Shawn Fain."
Energy Markets
WTI Crude Oil: ↑ $77.64
Natural Gas: ↑ $2.23
Gasoline: ↓ $3.44
Diesel: ↓ $3.75
Heating Oil: ↑ $236.48
Brent Crude Oil: ↑ $80.38
** US Rig Count ([link removed])
: ↓ 626
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