Rivian CEO: 'blows my mind' to see US auto makers shifting back to ICE vehicles
6 days ago
- #Sustainability
- #Electric Vehicles
- #Auto Industry
- Rivian CEO RJ Scaringe criticizes the US auto industry's shift back to gas-powered engines, calling it 'very bad' for the industry and future generations.
- General Motors announced a $4 billion investment in gas-powered vehicle production, while the US government reduced EV incentives like the tax credit.
- Scaringe believes the reprioritization of capital towards internal combustion engines will reduce competition in the EV market, benefiting Rivian and Tesla.
- EV sales growth has slowed, with BMW CEO Oliver Zipse urging the EU to relax its 2035 gas-powered vehicle phaseout plan.
- Scaringe notes the lack of compelling EV options in the US has stalled adoption at around 8% of new vehicle sales.
- Despite the challenges, Scaringe sees an opportunity for Rivian and Tesla due to fewer competitors in the EV space.