Rivian CEO said the Tesla Model Y is the best EV under $50,000

Rivian CEO RJ Scaringe has said the Tesla Model Y is the best electric car on the market for under $50,000. 

There’s no questioning the popularity of the Model Y – the EV was the best-selling car in the world last year. 

Not only is it the first electric car to claim that title, but it’s also the most popular EV of all time. 

So it should probably come as little surprise to learn that the CEO of fellow EV manufacturer Rivian is impressed by the car. 

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Rivian CEO said there are ‘less than five compelling’ budget EVs

Speaking during a roundtable at the LA Auto Show, Scaringe was asked to share his thoughts on Tesla and its enduring success in the EV market. 

“The world doesn’t need another one of those,” he said referring to Tesla.

Which sounds a little harsh, but he quickly followed up by praising the company. 

“We think Tesla has done an amazing job. It’s a great brand; they have great products,” he added.

It’s no secret that when it comes to EVs there are few truly budget options – even Hollywood star Danny DeVito has previously called for an affordable American-made EV. 

“I know you can [buy a Tesla], but it’s a very expensive car,” he said. “When that comes down to $25,000 or $26,000, maybe I’ll think about it.”

And it seems Scaringe is inclined to agree. He said there were ‘less than five highly compelling choices’ when it came to EVs under $50,000. 

He then went on to conclude that the Tesla Model Y is the bar-setter amongst that small group, according to Inside EVs. 

The EV manufacturer is set to launch its own lower-priced SUV

However, it seems likely Scaringe may change his answer when the Rivian R2 begins landing with customers in 2026. 

Back in May, Rivian unveiled three new SUVs, including the R2, which is basically a smaller and cheaper version of its R1. 

The mid-sized SUV is rumored to have a price tag of $45,000 putting it slap bang in the price range of the Tesla Model Y. 

It is set to go into production in 2026 – and will presumably see Scaringe change his mind about the best EV under $50,000.