""That's not a reflection of a healthy market with lots of choice," Scaringe said. "If you think of it as a consumer, you have 300 different internal combustion engine choices at that price or lower, and you have maybe one highly compelling EV choice.""
""We see, with R2, an opportunity to really bring a whole host of new customers that haven't had a choice that's electric that really appealed to them yet," Scaringe said."
U.S. electric vehicle adoption remains low, representing about 5% of new car sales, while China exceeds 50% and the EU sits around 16%. Tesla holds roughly 50% of the U.S. EV market, leaving limited midprice options for consumers. Rivian offers the R1 starting near $70,000 and plans the R2 at about $45,000 to attract new buyers. Ford announced a $19.5 billion charge and a refocus on gasoline and hybrid vehicles, citing weak U.S. demand. Price sensitivity and a lack of compelling midprice EV choices are central barriers to broader U.S. EV uptake.
Read at Fortune
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