According to the CEO, there are currently “very few truly compelling” EVs available for under $50,000
Despite recent setbacks, Tesla still dominates the EV market. But according to Rivian CEO RJ Scaringe, that lead has less to do with loyalty and more with a lack of compelling alternatives—especially for buyers under the $50K mark.
That could soon change with Rivian’s upcoming R2 and R3 models, which aim to bring high-quality EVs into more affordable territory. In an interview with Fox Business, Scaringe emphasized that expanding consumer choice—across styles, features, and price points—is critical to accelerating EV adoption.
“If you’re shopping for an EV under $50,000 today, there are very few compelling options,” he said. “That’s why Tesla has had such a strong market share.”
Rivian’s strategy mirrors Tesla’s early days: start high-end, then scale down. Scaringe believes that broader offerings will help EVs grow from 8% of U.S. vehicle sales to eventually dominate the market.
The conversation also touched on trade issues. Scaringe acknowledged that tariffs and supply chain complexity—especially around rare earth materials largely processed in China—pose real challenges. While Rivian manufactures much of its vehicles domestically, the company still relies on global suppliers across multiple tiers.
