The maker of electric vehicles and trucks has faced numerous challenges as the EV market has cooled, but its CEO is optimistic about Rivian's future thanks to a joint venture with Volkswagen Group.
Lars Dennert paid $100,000 for a forest green Rivian R1S, an electric SUV he enjoys driving on family road trips to the beach, snow and desert. This year, he raised his wager on Rivian’s future, spending at least $10,000 on Rivian stock, which has hardly been a winner. “I’m hoping for another Tesla, that down the road will prosper and their stock price will reflect that,” said the Pasadena resident, 56, who works in real estate development and property management.
On the chopping block: a $7,500 tax credit for electric vehicle buyers — a move that could benefit Tesla, which is already able to sell its cars at a lower price point and make a profit, but could harm rivals such as Rivian. Elon Musk, who leads Tesla, has been a vocal supporter of Trump and poured millions into his presidential campaign. While Rivian buyers are affluent and generally don’t qualify for the tax credit, drivers who lease the vehicles are more often able to take advantage of it.
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