Driving the news: Rivian $RIVN ( ▼ 1.79% ) CEO RJ Scaringe says he's stunned by U.S. automakers shifting back toward gas-powered vehicles, calling it "very bad" for the country and auto industry.
The twist: Scaringe also predicts it could create a "vacuum of competition" that benefits EV startups.
For context: Speaking on the InsideEVs podcast, Scaringe expressed disbelief at recent developments like GM's $4 billion investment in American gas-powered production and the elimination of EV incentives.
"Things I never thought would happen a year ago are happening now," Scaringe said, describing the "reprioritization of capital towards internal combustion."
He believes the policy reversal will thin the competitive field, leaving companies like Rivian and Tesla with fewer traditional automaker rivals in the EV space.
Why it matters: For Rivian, losing policy tailwinds at the exact moment it needs scale is a gut punch. Scaringe may welcome less competition, but in reality it means building an EV company in an increasingly complex environment.
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