Rivian CEO says EV market suffers from a lack of choice

Rivian CEO RJ Scaringe on Friday discussed the electric vehicle market with CNBC's Jim Cramer, saying EV automakers need to give consumers a wider variety of models to choose from.

"What I think we're witnessing today is a lack of choice," Scaringe said. "There's not enough vehicles across price points and form factors to give people viable alternatives to their combustion vehicles that they've been buying."

Rivian is trying to broaden its offerings with a new line of R2 vehicles, which Scaringe will be smaller and less expensive than current Rivian models. The company's current vehicles are priced upwards of $70,000.