Rivian CEO Does Not See Customer Overlap with Tesla's Cybertruck

Rivian CEO RJ Scaringe expresses his views on Tesla's Cybertruck and its impact on Rivian's models.

Rivian CEO says customers for Rivian’s truck and Tesla’s Cybertruck won’t overlap.

Would you agree?

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— Herbert Ong (@herbertong) September 27, 2023

Rivian CEO RJ Scaringe recently addressed the audience at the Code Conference 2023, where he discussed the upcoming competition from Tesla's Cybertruck. Despite the buzz surrounding Tesla's highly anticipated electric pickup truck, Scaringe stated that there is not much overlap between Rivian's current models, the R1T and R1S, and the Cybertruck. However, he expressed his contentment with the Cybertruck's existence, as it provides customers with diverse choices.

Tesla Cybertruck sighting in Palo Alto

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During the conference, Scaringe dismissed the notion that Tesla's Cybertruck directly competes with Rivian's offerings. He mentioned, "If you were to think of like the Venn diagrams of customers, there's probably not a lot of overlap." However, he also emphasized the importance of having such products in the market, stating, "But, I think it's great that a product like that exists in the world." Scaringe's perspective reflects his belief that healthy competition drives the electrification of the automotive industry, offering customers a wider range of options.

Scaringe further elaborated on the significance of multiple winners in the transportation sector. Unlike the tech industry, where one or two dominant players often emerge, Scaringe believes that transportation requires a more diverse landscape. He emphasized that Rivian's success does not solely depend on the performance of other automakers, and vice versa. Rivian has already positioned itself as a leading EV startup in the US, surpassing several competitors and capturing 2.8% of the market.

With Rivian's positive second-quarter results and high hopes for Q3 deliveries, Scaringe expressed confidence in the company's progress. During a Morgan Stanley conference earlier this month, he stated that Rivian has "rounded the corner" in terms of growth and performance.

While Scaringe's comments are primarily based on the design of Tesla's Cybertruck, it is essential to consider the potential impact of its specifications and pricing. Currently, Tesla has not released full details regarding range and pricing, leaving room for uncertainty. With approximately two million reservations for the Cybertruck, according to customer tallies, there is significant anticipation surrounding its release.

Recent sightings of new Cybertruck prototypes at Gigafactory Texas have further fueled speculation about production and delivery timelines. If these reports are accurate, production deliveries could commence within the next month, potentially influencing the market dynamics for electric trucks.

In conclusion, Rivian's CEO acknowledges the presence of Tesla's Cybertruck but believes it does not directly compete with Rivian's current models. Scaringe embraces the existence of diverse choices in the market, emphasizing the importance of healthy competition in driving the electrification of transportation. As the electric vehicle industry continues to evolve, customers can expect a broader range of options, ultimately benefiting the overall growth of the sector.

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