Amazon and Ford reported this week they lost a combined $12.3 billion in the last three months due to their investments in electric vehicle company Rivian. The losses dampened hopes that any EV company will inevitably turn into gold.
Washington, DC Amazon and Ford reported this week they lost a combined $12.3 billion in the last three months due to their investments in electric vehicle company Rivian. The losses dampened hopes that any electric vehicle company will inevitably turn into gold.
Even Rivian, which many automotive experts view as the most promising Western electric vehicles startup, isn't immune from the boom-and-bust cycle that's playing out in the electric vehicles market. But experts say this is typical of when new industries arise. Workers lower an R1T truck body onto a chassis in the assembly line, April 11, 2022, at the Rivian electric vehicle plant in Normal, Illinois. Rivian's stock has fallen 75% since its initial public offering last year.
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