Rivian constructed up a stockpile of batteries for its vehicles, SUVs, and business vans earlier than and after the election of Donald Trump, a technique used to melt the blow of the president’s tariffs, in accordance with Bloomberg News.
The corporate apparently purchased an undisclosed variety of lithium iron phosphate batteries from Chinese language agency Gotion earlier than the election. The batteries have 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 studies.
The stockpiles ought to assist scale back the pricing stress brought on by Trump’s auto tariffs, that are utilized to elements that automotive corporations deliver into the U.S. to make use of in autos. Trump altered these tariffs this week, offering some reduction in comparison with his authentic plan of making use of an across-the-board 25% tax on imported elements; Trump’s revised tariff plan will still likely lead to price hikes on new cars.