Category: EV production costs

American Taxpayers Will ‘Fund Lucrative Tax Credits’ Worth $136 Billion For Biden’s Electric Car Agenda

February 8, 2023
Business & MarketseconomyElectric vehicle tax creditsenergyEV battery rebatesEV production costsExecutive BranchNEV subsidyPolicies & ImpactsPoliticsScienceScience NewsUSUS News
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The Biden administration’s tax credits for electric vehicles (EV) could end up costing taxpayers four times more than earlier estimates, with multiple manufacturers set to collect billions in such credits over upcoming years. Among the many tax rebates in the Inflation Reduction Act (IRA) passed last year, one is specifically aimed at electric battery manufacturing….

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Rivian Plans 6 Percent Workforce Reduction, Business ‘Bleeding Cash’

February 2, 2023
Business & MarketsCompanieseconomyelectric vehicle (EV)EV problemsEV production costsRivianteslaUS
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American electric vehicle manufacturer Rivian plans to cut down its workforce in an attempt to control costs as the company battles falling cash reserves and a potential price war with competitors. Rivian intends to lay off 6 percent of its workforce, CEO R.J. Scaringe said in an email to employees on Wednesday. Rivian is estimated…

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Rising Electric Vehicle Production Costs May Lead to 1,350 Layoffs at Illinois Plant

December 11, 2022
Business & MarketsCompanieseconomyelectric vehicle supply chainenergyEV problemsEV production costsIllinoisInvestmentLocal NewsMarketsRegional-Local NewsStellantisUSUS News
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Over a thousand employees at Stellantis’s assembly plant in Illinois are potentially set to lose their jobs as the company struggles with rising manufacturing costs. The Belvidere plant employs around 1,350 workers and is a site that manufactures the Jeep Cherokee SUV. Stellantis plans to indefinitely halt operations at the plant, which will result in…

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Automaker Stellantis to Idle Illinois Plant, Citing Rising Electric Vehicle Production Costs

December 11, 2022
Business & MarketsCompanieseconomyelectric vehicle supply chainenergyEV problemsEV production costsIllinoisInvestmentLocal NewsMarketsRegional-Local NewsStellantisUSUS News
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Automaker Stellantis will indefinitely idle an assembly plant in Illinois that employs around 1,350 workers, the company said, citing the challenge of rising costs related to the electric vehicle (EV) market and other factors. The site, which will be idled beginning in February 2023, manufactures the Jeep Cherokee SUV. Stellantis, the parent company of Chrysler, Dodge,…

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