September 21, 2024 at 7:54 AM Derek Thompson of The Atlantic (left) and RJ Scaringe onstage at the The Atlantic Festival 2024. Tasos Katopodis/Getty Images Rivian CEO RJ Scaringe spoke on the competitive dynamics among EV brands at the Atlantic Festival. He said there's an "extreme lack of choice" in the EV market, especially for vehicles under $50,000. Scaringe told the audience that for EVs to succeed, there needs to be many thriving brands. Rivian CEO RJ Scaringe thinks people are missing the mark on the competitive dynamics between EV brands. Scaringe discussed what he believes a thriving EV industry should look like and the lack of viable options for consumers at the Atlantic Festival in Washington, DC, on Friday. The CEO lamented headlines that try to crown a single brand or manufacturer as a winner. That's not what he believes a successful EV industry needs. "This is such as big space. We as a planet consume 90 million new cars a year," Scaringe said. "This, by definition, needs many successful companies building many different flavors of what a car might be." "They give customers lots of choices that make customers run toward these new options," he added. Rivian CEO RJ Scaringe on stage with a pair of Rivian R1 EVs. Mike Blake/Reuters Rivian is often compared to and framed as an up-and-coming competitor gunning for the segment leader, Tesla. But the Rivian boss posited that instead of fighting to be king of the hill, the way forward is to draw consumers in with a variety of compelling products. He believes the "extreme lack of choice" for consumers at competitive prices, especially compared to internal combustion models, has contributed to slower-than-expected EV sales growth this year. The lack of strong options is particularly bad for those looking to spend less than $50,000, with Tesla being the only compelling choice, according to Scaringe. "There's not a lot of other great options, and it's precisely why I think it's so important that Rivian exists," he said. "Our next product, the R2, we hope will help solve this, but we need lots of others to come into this space." Tesla's current lineup includes two vehicles that start under $50,000; the compact Model 3 sedan at $39,000 and the Model Y SUV at $45,000. The Rivian R2 SUV