Rivian Automotive Inc. (NASDAQ:RIVN) CEO RJ Scaringe hasn't ruled out the automaker entering the Robotaxi race in the future.
Rivian Robotaxis In The Pipeline?
Speaking to Fast Company in an interview released on Monday, Scaringe outlined that the company's focus on "personally owned" vehicles does not mean that Rivian can't do "robotaxis or rideshare," the CEO said.
He added that he was surprised the automaker was able to keep its autonomous driving pursuits under wraps. "Somehow, it didn't leak," Scaringe said.
"Rideshare today is such a small percentage of miles," Scaringe said, before conceding that his stance on rideshare has changed. The CEO said that he thought rideshare would account for 50% of the total miles driven.
"Maybe that happens, but I think it's probably more likely to go from 99% to 90%," Scaringe shared. He also said that customers' preferences were different around the world, with most people in the U.S. preferring to own cars. However, if the industry were to trend toward rideshare, Scaringe shared that Rivian was "equally ready for that."
Seemingly echoing Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk's views about Tesla owners being able to add their vehicles to the company's Robotaxi/autonomous fleet, Scaringe shared the possibility of one vehicle being shared by multiple people. "Maybe the vehicle's mine during the week and another family's during the weekend," he said.
Scaringe also reiterated the need for Level 4 autonomy. "You need level four. So that's what we're focused on," he said, adding that "Robotaxis don't work with level 3 [autonomy]."
Rivian's Autonomous Driving Tech
The news comes as Rivian unveiled its own autonomous driving technology, which would use a combination of cameras and LiDAR sensors, which the company's Autonomy chief hailed as a "no-brainer" for self-driving cars, in contrast to Tesla's vision-only approach.
Rivian's Autonomy+ subscription, which the company unveiled recently, will be available to customers for a one-time payment of $2,500 or a monthly subscription fee of $49.99. The company said it's targeting a 2026 launch for the package.
RJ Scaringe Decries Lack Of Choice
Scaringe had recently also decried the lack of choice in the EV sector in the U.S. domestic market, sharing that there weren't many “highly compelling” EV choices in the price range of under $50,000 other than a Tesla vehicle.
Rivian, on the other hand, is targeting the sub $50,000 segment of cars with the upcoming R2 Crossover SUV, with deliveries scheduled to commence sometime next year. It's worth noting that the R2 would sport LiDAR sensors, as revealed by the automaker during the "AI and Autonomy Day" event.
Rivian scores well on Momentum, while offering satisfactory Growth. It also has a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for Benzinga Edge Stock Rankings today!
Price Action: RIVN slid 1.02% to $18.51 during the After-hours trading session, according to Benzinga Pro data.
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