Britain's battery hopes dashed by chemical giant

The latest news from the world of EVs

Hello and welcome back to The Fast Charge, a British EV newsletter.

In today’s edition… COP26 auto deal snubbed, Rivian stock is stonking, and Britain’s battery hopes take a hit as chemical giant Johnson Matthey bows out.

As ever, if you have any questions or thoughts, please do contact me at tomrileylondon@gmail.com.

In the last week…

RIVIAN IPO: When Arrival, a little known British EV start-up, exploded on the scene with a $13bn valuation, I’m sure many people thought the ‘EV investment mayhem’ had peaked. And it hadn’t, not by a long shot. Because last week, Rivian, the American EV start-up that is backed by Amazon and Ford amongst others, hit the market with gusto. Many had anticipated the IPO of Rivian to be big, but the surge in buying (and the stock price) has been wild. Rivian shares were first listed at $78 before opening to a price of $106.75. The current price is around $150. That puts the value of Rivian, a start-up with no revenue, at $110 billion. The reason for the magnitud…