Rivian’s early years have gathered massive interest in their company, and as a startup, it had two top car companies interested in its future, where a rivalry may have also been brought to their name. It is American companies Ford and General Motors who have been interested in investing in the EV company.
Ford and GM are not necessarily rivals, but Chevrolet (owned by GM) is somewhat a long-time competitor of the former company in the market.
Rivian’s Early Years: Ford and GM Rivalry
(Photo : Rivian )
The Wall Street Journal has reported on how Ford and GM were initially rivals on getting the investment with this new startup, some new company that is aiming to bring its EV blueprints to the market. The company is Rivian, and it had the classic American car rivalry of Ford and GM on its hands when it first started.
The report said that Rivian had been skeptical about dealing with GM, especially as Ford was the first in line when it made its debut to the market as a startup. Ford had missed the chance for investments in 2018 due to its shortcomings in its earnings.
However, in 2019, after Amazon’s $700 million pledge to the company, it secured a deal with Ford for $500 million, having $1.2 billion from two top US companies. GM was dropped shortly despite initial talks.
Read Also: Is Rivian Copying Tesla FSD? New Filings Suggest Autonomous Driving, Elon Musk Reacts
Who Won the Rivalry in Investments?
(Photo : JEFF KOWALSKY/AFP via Getty Images)
Ford got the better hand of GM in this investment, as the latter company has not been able to buy their stocks from Rivian. The electric startup has been one of the top names in the EV industry now, with a massive focus on their R1T pickups and R1S SUVs focusing on electric mobility.
The stakes that Ford has will help in their growth as a company, despite Rivian being a rival to its electric focus now.
Rivian, Ford, GM on Electric Cars
Rivian’s early stages in 2019 made it one startup that ICE car companies have been looking at investing on, especially as the growing Tesla is looking at rising popularity in electric mobility. This was the time when Ford and GM are not yet that big on electric cars as much as now, and investing in the car is what they have looked into.
(Photo : Justin Sullivan/Getty Images)
However, fast forward to 2020 and 2021, both these rivals are now looking into EVs, having a few models for themselves to debut in the electric market. The world is shifting now, and EVs are the thing, with Ford having its Mustang Mach-E and Ford F-150 Lightning to be its showrunners, while GM has its Hummer EV, Cadillac Lyriq, Chevrolet Bolt EV, and more.
Rivian is known to be one of the first companies to deliver the first-ever electric pickup truck in the market, and it is a massive thing for the company, especially as they beat Tesla to it with its Cybertruck. The Rivian R1T is slowly rolling out now, and it would not be possible if not for Ford’s massive investment in the company, along with other top companies like Amazon and more.
Related Article: GM Chevy Bolts Production To Resume This November | Some Parking Facilities Still Banning the EV Model?
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Written by Isaiah Richard
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