tech
‘Fork in the road’: CEO of Amazon-backed Rivian on why carmakers need to invest in EVs
RJ Scaringe says firms focused on selling fossil fuel engines risk being ‘woefully behind’ on technology by end of decade
TL;DR
- Carmakers focused on fossil fuel engines risk being technologically outdated by the end of the decade.
- The automotive industry is at a 'fork in the road,' choosing between short-term profits and essential EV investment.
- Many companies are increasing production of profitable petrol and hybrid vehicles, lobbying to slow EV transition.
- US automakers have written off over $70 billion in EV investments.
- Failure to develop vehicle software is seen as more damaging than a slow transition to batteries.
- Rivian is investing heavily in digital technology and software, partnering with Volkswagen and Uber.
- Rivian's R2 SUV is considered 'make or break' for the company's profitability.
- Scaringe suggests the US EV market is 'starved for great choices,' not uninterested in EVs.