Redwood Materials on track to hit $200M revenue
11/30/2024 03:06 PM
Redwood Materials is on track to hit $200 million in revenue, according to the company's CEO, JB Straubel.
Straubel recently talked with the people behind the Bold Names Podcast and shared his thoughts on Trump, electric vehicle (EV) incentives in the United States, and the future of Redwood Materials.
The Tesla founder remains optimistic about Redwood Materials’ future despite Preside-elect Donald Trump criticizing the Biden administration's EV incentives. Straubel's recycling company depends on the global car market completely transitioning to electric vehicles.
Redwood Materials main goal is to provide resources for batteries, and the company is doing it like no other. As more automakers produce battery electric vehicles (BEVs), the demand for essential battery components has risen. As a result, the mining business has also boomed. Straubel's company extracts critical battery ingredients from used batteries, making Redwood Materials more affordable and eco-friendly than mining.
Trump's alleged plans to kill EV incentives in the United States doesn't worry Straubel. He believes the global car market will eventually transition to EVs, and Redwood Materials will support it. The Tesla exec also believes Redwood Materials' goals to localize battery component resources aligns with Trump's goals.
President-elect Donald Trump has been vocal about his thoughts on the Biden Administration’s $7,500 tax credits for EVs. Automakers who invested in building EV supply chains in the United States under President Biden are worried that Trump will repeal the Inflation Reduction Act, upending their plans. However, Straubel points out that Trump wants to build out supply chains in the United States. Redwood Materials would significantly contribute to the United States auto supply chain, which relies heavily on battery materials from Asia.
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