The EV battery supply shortage might be even worse than the chip shortage

Huge issue in years to come

The ongoing global chip crunch has made consumer electronics tougher to track down. The electric vehicle industry faces a similar conundrum, but instead of semiconductors, companies are staring down a shortage of materials to make batteries. Rivian CEO RJ Scaringe predicted that the supply of EV batteries would become a huge issue in years to come.

The chip crunch, Scaringe said, would look like a “small appetizer to what we are about to feel on battery cells over the next two decades,” according to the Wall Street Journal. While giving press a tour of the company’s factory in Normal, Ill., last week, Scaringe said that building enough batteries to keep up with demand for EVs would be a major hurdle for the industry. He anticipates shortages in every part of the battery building process, including mining raw materials like cobalt, lithium and nickel, processing materials and building the battery cells themselves.

https://www.protocol.com/

Billionaire Soros buys stake in EV startup Rivian

Soros Fund Management is now among the most prominent investors in the company

Billionaire investor George Soros bought nearly 20 million shares of electric truck startup Rivian Automotive Inc (RIVN.O) in the quarter ended Dec. 31, securities filings showed Friday.

The 19,835,761 shares, worth about $2 billion at the time, makes Soros Fund Management among the most prominent investors in the company. Rivian, which is 20% owned by Amazon.com Inc , is expected to provide the e-commerce company with more than 100,000 electric trucks. Irvine, California-based Rivian said in December it expected production to fall “a few hundred vehicles short” of its 2021 target of 1,200 due to supply chain constraints, highlighting the likely challenges in ramping up production to take on EV leader Tesla Inc (TSLA.O).

https://www.reuters.com/

First Rivian R1T Electric Pick-up Truck Rolls Out of Plant

Coming IPO will value Rivian around $70-80 billion

Amazon-backed Rivian’s first electric pickup truck has rolled off off the production line, the company’s chief executive officer said. This makes Rivian the first to bring an electric pickup to the market, ahead of Tesla Inc, General Motors and others.

Rivian has received regulatory approvals from the National Highway Traffic Safety Administration, the U.S. Environmental Protection Agency and the California Air Resources Board, and its debut EVs are ready for sale in all 50 U.S. states, a company spokesperson said.

Tesla boss Elon Musk in July offered no timeframe for when the automaker would start mass production of its much-anticipated Cybertruck.

In August, the company said it has confidentially filed paperwork with regulators for an initial public offering. Two sources had told Reuters that Rivian will seek a valuation of around $70-80 billion at the time of its IPO.

https://www.news18.com/