Rivian CEO says Tesla's market share is shrinking because the market is 'saturated' with the Model Y and Model 3

(Credit: Patrick T. Fallon—AFP)

Tesla’s market share is sinking, and Rivian CEO RJ Scaringe thinks it's because consumers are disinterested in the lack of variety.

In an interview with The Verge’s Decoder show, Scaringe said that while Tesla’s Model Y and Model 3 are excellent, they’ve also “fairly saturated” the market—and buyers want more choices.