RIVN - Rivian's Next Battle Is One You Wouldn't Expect
2024-06-23 10:15:00 ET
Rivian Automotive (NASDAQ: RIVN) has plenty on its plate already. It's battling with slowing demand, refreshing its current R1 vehicles, preparing to launch its upcoming R2 crossover -- and eventually the R3 -- and if that wasn't enough, the company's next battle will be with tech companies.
Here's what's happening and why it's important for automakers.
A recent survey from McKinsey & Co. found that 30% of global electric vehicle (EV) buyers and 35% of global combustion engine consumers said a lack of smartphone integration is a deal breaker. The data was much the same for the U.S. specifically, with 25% of EV buyers and 38% of gasoline-powered consumers saying they would not purchase a vehicle without apps such as Apple CarPlay and Android Auto to mirror their smartphones.
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Rivian's Next Battle Is One You Wouldn't Expect