Rivian CEO Says US Needs More Under $50K EVs To Catch Up To China: 'You Have To Have The Plumbing Right'

Core Insights - Rivian CEO RJ Scaringe expressed concerns about the U.S. falling behind China in electric vehicle (EV) market share, with China at 45% of new car sales being EVs compared to only 8% in the U.S. [2][3] - Scaringe emphasized the need for more affordable EV options in the U.S. market, particularly models priced under $50,000, to stimulate growth [5][6] Group 1: Market Comparison - China is innovating in the EV sector at "lightning speed," advancing battery technology and continuously adding new models, while the U.S. market lacks similar technological advancements [2][3] - Rivian's current offerings, the R1S SUV and R1T electric pickup truck, are priced over $50,000, limiting their customer base [4] Group 2: Future Models and Pricing Strategy - The upcoming Rivian R2 model is expected to broaden the customer base with a starting price around $45,000, which Scaringe believes will significantly increase accessibility [4][5] - Scaringe stated that the U.S. EV market requires an additional "10, 15, 20 other options" under $50,000 to foster true growth [5] Group 3: Technological Integration - Rivian is focusing on vertical integration and has a joint venture with Volkswagen to utilize its software in future EVs, which is crucial for the company's strategy [6] - The company aims to redefine network architecture with integrated technology, which is essential for the success of its models [5][6] Group 4: Stock Performance - Rivian's stock closed up 6.67% to $13.28, with a 52-week trading range of $8.26 to $18.86, indicating positive market sentiment [7]