Rivian CEO Says Transportation Needs More 'Winners' Amid Tesla Competition: 'Our Success Doesn't Require Someone Else's Failure'

Rivian (NASDAQ:RIVN) CEO, RJ Scaringe, opened up about the electric vehicle (EV) market and the future of charging networks amid competition with Tesla (NASDAQ:TSLA) in a recent interview.

In a recent discussion with The Verge, Scaringe expressed that there is room for multiple winners in the EV market. He expressed appreciation for the variety of products available, highlighting the need for different choices for consumers.

“Transportation, by definition, there needs to be many winners. So, there needs to be 20 to 25 successful auto manufacturers building electric-connected vehicles. And so, our success doesn't require someone else's failure and vice versa,” he said.

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Known for its high-end electric pickup trucks, Rivian holds a notable market share in vehicles over $70,000. Scaringe emphasized the company’s success with its flagship product and the importance of multiple successful auto manufacturers in the EV sector.

The conversation also touched upon the recent industry shift toward using Tesla’s charging connector. Scaringe explained Rivian’s decision to follow suit, citing Tesla’s elegantly designed charging connector. The switch to the North American Charging Standard (NACS) allows Rivian to utilize Tesla’s charging network and vice versa.

Scaringe expects a small number of primary or dominant charging networks to emerge over the next five years, with Tesla and Rivian among them. Despite the huge investment required to build such a network, Scaringe believes it can quickly become profitable by attracting vehicles from different manufacturers.

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Photo by TechCrunch on Flickr