US EditionHow the Musk-Tesla backlash is opening doors for EV startups like Rivian
- According to Edmunds auto analysts, EV registrations and web searches for Teslas have dipped, and Tesla's shares have plunged nearly 50% since December, with the analysts noting the dip in February.
- This decline is attributed to a growing Musk-Tesla backlash, potentially linked to Elon Musk's new role in Trump's White House and his acquisition of Twitter in October 2022 for $44 billion.
- Tesla has seen record levels of trade-ins between January 1 and March 16, a drop in Model 3 sales by 36% in California, and waves of protests at Tesla facilities, while Polestar is offering $5,000 incentives to lure Tesla owners.
- Tesla's 2024 profit was $7.13 billion, but this represented a 52.4% decline from 2023, and Musk joked about Teslas burning, stating, 'I understand if you don't want to buy our product, but you don't have to burn it down.'
- This situation is creating opportunities for EV startups like Rivian, led by RJ Scaringe, which is increasing production at its Illinois plant, beginning work on a second facility in Georgia, receiving billions in loans and investments, and planning to launch a $45,000 R2 vehicle in 2026, with Rivian also spinning off its micromobility division into Also Inc.
21 Articles
21 Articles
Rivian Spins Off 'Micromobility' Startup Also
Electric vehicle maker Rivian is spinning out a startup focused on small EVs designed for short trips, with investment from venture capital firm Eclipse. Rivian CEO RJ Scaringe and Eclipse partner Jiten Behl speak with Caroline Hyde on “Bloomberg Technology.” (Source: Bloomberg)
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How the Musk-Tesla backlash is opening doors for EV startups like Rivian
Dan Kurland strolled out of the Rivian entertainment center in Laguna Beach, wearing a baseball cap with “Canada is not for sale” just above the bill. The Aliso Viejo resident and his wife, Sue, were kicking tires on a recent Saturday, looking to replace each of their Prius models. On this day, the couple was considering the R1S SUV built by Rivian, the electric-vehicle startup based in Irvine. When asked if Elon Musk’s Teslas were under conside…
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