GM calls off investment talks with Rivian
GM was hoping to gain access to Rivian's EV platform.
General Motors has reportedly called off investment talks with electric vehicle maker Rivian.
GM expressed interest in investing in the Tesla rival following Rivian's successful launch at the 2018 Los Angele auto show. Rivian impressed at the LA show with its battery-powered R1T pickup truck and R1S SUV.
According to reports from the time, GM was interested in using Rivian's all-electric platform to underpin larger SUV and truck models. GM is currently developing its own EV platform, but it's intended to serve as the basis for small and mid-size electric vehicles.
Rivian would have benefited from GM's production know-how and global purchasing power. Without GM's help, it will likely take longer for Rivian to get its products to market.
The exact reason for the talks collapsing remains unknown, but it sounds as if GM wanted to make its deal with Rivian exclusive. According to Bloomberg, Rivan founder R.J. Scaringe wants "to keep his options open.”
But even without GM's help, Rivian is far from sunk. The company has already received a $700 million investment from Amazon and reportedly has a line of suitors wanting to invest.