Although Rivian (RIVN) and Tesla have different products, they are more alike than you may think. Rivian’s CEO RJ Scaringe said its upcoming R2 model will be its version of the Tesla Model 3.
It may not look like a Tesla Model 3, but Rivian’s R2 will help shape the EV startup’s future. Like Tesla, Rivian started with more expensive flagship models.
Tesla released the Roadster in 2008, which led to the Model S in 2012. Several years later, Tesla announced its first mass-market electric car, the Model 3.
Although Tesla went through what CEO Elon Musk described as “production hell” ramping up the Model 3, the work paid off. In 2018, Tesla’s Model 3 became the best-selling EV globally, holding the title until the Model Y topped it in 2020.
Tesla’s Model 3 will be among the top-selling vehicles globally (gas or electric) in 2023 as it…