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After delay, Trump signs agreement with Biden White House to begin formal transition handoff
Trump is named Time's Person of the Year and rings the New York Stock Exchange's opening bell NEW YORK (AP) — President-elect Donald Trump rang the opening bell at the New York Stock Exchange after being recognized by Time magazine as its person of the year. The honors Thursday for the businessman-turned-politician are a measure of Trump’s remarkable comeback from an ostracized former president who refused to accept his election loss four years ago to a president-elect who won the White House decisively in November. At the stock exchange, Trump was accompanied by his wife, Melania Trump, daughters Ivanka and Tiffany and Vice President-elect JD Vance. Trump grinned as people chanted “USA” before he opened the trading day and raised his fist. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.None
ATLANTA (AP) — President Joe Biden's administration announced Tuesday that the U.S. Department of Energy will make a $6.6 billion loan to Rivian Automotive to build a factory in Georgia that had stalled as the startup electric vehicle maker struggled to become profitable. It's unclear whether the administration can complete the loan before Donald Trump becomes president again in less than two months, or whether the Trump administration might try to claw the money back. Trump previously vowed to end federal electric vehicle tax credits , which are worth up to $7,500 for new zero-emission vehicles and $4,000 for used ones. Rivian made a splash when it went public and began producing large electric R1 SUVs, pickup trucks and delivery vans at a former Mitsubishi factory in Normal, Illinois, in 2021. Months later, the California-based company announced it would build a second, larger, $5 billion plant about 40 miles (64 kilometers) east of Atlanta, near the town of Social Circle. The R1 vehicles cost $70,000 or more. The company plans to produce R2 vehicles, a smaller SUV, in Georgia with lower price tags aimed at a mass market. The first phase of Rivian’s Georgia factory is projected to make 200,000 vehicles a year, with a second phase capable of another 200,000 a year. Eventually, the plant is projected to employ 7,500 workers. But Rivian was unable to meet production and sales targets and rapidly burned through cash. In March, the company said it would pause construction of the Georgia plant. The company said it would begin assembling its R2 SUV in Illinois instead. CEO RJ Scaringe said the move would allow Rivian to start selling the R2 sooner and save $2.25 billion in capital spending. Since then, German automaker Volkswagen AG said in June it would invest $5 billion in Rivian in a joint venture in which Rivian would share software and electrical technology with Volkswagen. The money eased Rivian's cash crunch. Tuesday's announcement throws a lifeline to Rivian's grander plans. The company said its plans to make the R2 and the smaller R3 in Georgia are back on and that production will begin in 2028. “This loan would enable Rivian to more aggressively scale our U.S. manufacturing footprint for our competitively priced R2 and R3 vehicles that emphasize both capability and affordability,” Scaringe said in a statement. The Energy Department said the loan would substantially boost electric vehicles made in the United States and support Biden’s goal of having zero-emission vehicles make up half of all new U.S. sales by 2030. “As one of a few American EV startups with light duty vehicles already on the road, Rivian’s Georgia facility will allow the company to reach production volumes that make its products more cost competitive and accelerate access to international markets,” the department said in a statement. The loan includes $6 billion, plus $600 million in interest that will be rolled into the principal. The money would come from the Advanced Technology Vehicles Manufacturing Loan Program, which provides low-interest loans to make fuel-efficient vehicles and components. The program has focused mostly on loans to new battery factories for electric vehicles under Biden, but earlier helped finance initial production of the Tesla Model S and Nissan Leaf, two pioneering electric vehicles. The loan program, created in 2007, requires a "reasonable prospect of repayment" of the loan. Under Biden, the program has announced deals totaling $33.3 billion, including $9.2 billion for massive battery plants in Tennessee and Kentucky for Ford’s electric vehicles. Democratic U.S. Sen. Jon Ossoff , who has been a vocal supporter of electric vehicle and solar manufacturing in Georgia, hailed Tuesday's announcement as “yet another historic federal investment in Georgia electric vehicle manufacturing.” Ossoff had asked Energy Secretary Jennifer Granholm to support the loan in July. “Our federal manufacturing incentives are driving economic development across the state of Georgia,” Ossoff said in a statement. Georgia Gov. Brian Kemp says his goal is to make Georgia a center of the electric vehicle industry. But the Republican has had a strained relationship with the Biden administration over its industrial policy, even as some studies have found Georgia has netted more electric vehicle investment than any other state. Kemp has long claimed that manufacturers were picking Georgia before Biden's signature climate law, the Inflation Reduction Act, was passed. Efforts to bring Rivian to Georgia predated the Biden administration and "our shared vision to bring opportunity to Georgia will remain no matter who resides in the White House or what party controls Congress,” Kemp spokesperson Garrison Douglas said Tuesday. The loan to Rivian could rescue one of the Kemp administration's signature economic development projects even as Biden leaves office. That could put Rivian and Kemp in the position of defending the loan if Trump tries to quash it. State and local governments offered Rivian an incentive package worth an estimated $1.5 billion in 2022. Neighbors opposed to development of the Georgia site mounted legal challenges. State and local governments spent around $125 million to buy and prepare the nearly 2,000-acre (810-hectare) site. The state also has completed most of $50 million in roadwork that it pledged. The pause at Rivian contrasts with rapid construction at Hyundai Motor Group’s $7.6 billion electric vehicle and battery complex near Savannah. The Korean automaker said in October that it had begun production in Ellabell, where it plans to eventually employ 8,500. Associated Press writer Matthew Daly in Washington contributed to this story.
Substitute Dejan Kulusevski rescued a point for injury-hit Tottenham in a 1-1 draw with Rangers at Ibrox. The Swede’s well-taken finish ensured Ange Postecoglou’s side avoided a third straight defeat but have work to do to finish in the top eight in the Europa League and avoid an unwanted two-legged play-off in February. Hamza Igamane’s clinical first-time finish from James Tavernier’s cross broke the deadlock at the start of the second half but Kulusevski levelled the game with 15 minutes remaining. Here’s how we rated the Spurs players at Ibrox... Fraser Forster 9 Bailed Spurs out with a brilliant late save to deny Cyriel Dessers a certain winner. Also made a string of sharp stops in the first half. Powerless to keep out Igamane’s cool strike. Pedro Porro 4 Allowed Igamane to escape behind him for the opening goal. Forced a low save from Butland in the second half but looks some way from his best and probably needs a rest. Radu Dragusin 5 His scatty passing invited pressure on the patched-up back four. Has rarely looked assured in this competition and arguably lucky to avoid picking up two yellow cards. Archie Gray 5 Made a smart block on Vaclav Cerny’s shot but was beaten by Dessers for the sub’s golden late chance. Guilty of a few careless passes when stepping out with the ball. Sterner tests lie ahead. Destiny Udogie 6 Allowed James Tavernier to cross for Igamane’s well-taken goal. Another player who is probably due a proper rest. Yves Bissouma 6 Tidy but safe in possession at the base of midfield. Lacked the dynamism to make a real impact on the game. Rodrigo Bentancur 6 Brought a calmness to Spurs’ midfield in the first half but faded after the break, and was replaced on the hour. James Maddison 6 Involved in the equaliser, cannily stepping over Dominic Solanke’s cutback. Won a couple of free-kicks in dangerous areas but drifted in and out of the game. Brennan Johnson 4 Lost a series of 50:50s and turned down opportunities to take on his full-back. Timo Werner 3 Really poor in possession and blazed over an early chance from a good position. Hooked at half-time on another difficult night for the German. Heung-min Son 4 Rarely looks at his best as a No9 any more and offered little in the way of focal point, before switching to the wing for the final half-hour. Dejan Kulusevski (Werner 45’) 7 Underlined his importance again with a crucial equaliser. Added some much-needed fight and thrust to a limp Spurs performance. Dominic Solanke (Johnson 60’) 7 Set up Kulusevski’s goal and provided Spurs with a focal point in attack, unsettling Rangers. Pape Matar Sarr (Bentancur 60’) 6 Added energy to the midfield but had little impact with the ball. Lucas Bergvall (Bissouma 60’) 6 Another tidy cameo from the Swede, who is starting to look more comfortable at this level. Not used: Austin, Whiteman, Dorrington, Hardy, Lankshear, Olusesi, Williams-Barnett.Sporting CP 1-5 Arsenal: Gunners deliver statement display to end Champions League away day blues
Analysis: After pardoning son, Biden returns home to a credibility problem
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