Rivian constructed up a stockpile of batteries for its vehicles, SUVs, and industrial vans earlier than and after the election of Donald Trump, a method used to melt the blow of the president’s tariffs, in line with Bloomberg News.
The firm apparently purchased an undisclosed variety of lithium iron phosphate batteries from Chinese agency Gotion earlier than the election. The batteries had been for Rivian’s supply vans, the majority of that are made for Amazon. After the election (though it’s not clear precisely when) Rivian labored with Samsung SDI “to maneuver a considerable amount of battery stock to the U.S. from South Korea,” Bloomberg stories.
The stockpiles ought to assist scale back the pricing stress brought on by Trump’s auto tariffs, that are utilized to elements that automobile firms deliver into the U.S. to make use of in automobiles. Trump altered these tariffs this week, offering some aid in comparison with his unique plan of making use of an across-the-board 25% tax on imported elements; Trump’s revised tariff plan will nonetheless possible result in worth hikes on new automobiles.
