#production-decline

#production-decline

After seeing a strong beat for GDP in June, surprisingly strong retail sales figures and upbeat survey data over the summer, optimists would be forgiven for thinking the UK economy was defying the doubters. That wasn't to be this month, the UK economy is firmly back in the slow lane. Stagflation remains the key challenge for policy makers. With anaemic growth and inflation running at 3.8%, the Bank of England may feel its hands are tied.

Rivian recently said it would come to market with its R2 SUV, which is priced at about $44,000. It arrives too late for a company that has overpriced its current products. Its R1T pickup and R1S SUV, its only other products, have starting prices of $70,990 and $76,900, respectively. With extra features, those prices rise closer to $100,000. That is a huge disadvantage in a market that is waiting for EVs priced below $25,000, which many Chinese EVs are already.

The industry is on a cliff edge, clinging by its fingernails.