Fast Technology, October 21 news, on October 19th local time, Tesla CEO Musk was asked why he did not acquire Rivian at an event in Pennsylvania.

In response, Musk said that although the industry competition is fierce, he hopes Rivian can succeed and survive the difficult times, and Tesla will focus on its own business development.

At the same time, Musk stressed that Rivian would have a hard time, and competition in the automotive industry is very difficult.

The US auto industry is very difficult, leaving only Ford and Tesla that have not gone bankrupt; if it weren't for the technological breakthroughs in electrification and autonomous driving, I don't think Tesla could succeed.

It is reported that Rivian is a representative automaker of the new forces in American auto manufacturing. It has received billions of dollars in investment from German automaker Volkswagen, Amazon, Ford, etc. Currently, the cumulative fundraising amount has exceeded $10.5 billion.

However, some analysts pointed out that Rivian's models are not affordable and are difficult for ordinary consumers to afford, resulting in poor sales.

Earlier this month, Rivian announced that its third-quarter deliveries fell short of expectations and lowered its full-year production guidance due to "component shortages." The company delivered 10,018 vehicles and produced 13,157 vehicles in the third quarter, both below FactSet's estimate of 12,670.

In addition, Rivian's share price has fallen 57% this year, approaching historical lows, with a current market capitalization of $10.123 billion, and its share price continues to decline.