All posts tagged: Rivian

Rivian loses .45 billion as cost-cutting measures continue

Rivian loses $1.45 billion as cost-cutting measures continue

Published by skeptic

Rivian lost $1.45 billion in the first quarter, showing that its recent company-wide cost-cutting measures have a ways to go before it can approach profitability. The EV-maker brought in $1.2 billion in revenue in the period, coming in just under its record haul from the prior quarter, according to its first-quarter earnings report that was released Tuesday after markets closed. Rivian’s revenue grew 82% from the $661 million it generated in the first quarter in 2023. The Q1 revenue figure, while showing growth year-over-year, reflected a somewhat tepid sales quarter. The company reported in April it produced 13,980 vehicles and delivered 13,588 of them in the first quarter of 2024. Both of those figures are down from the fourth quarter of 2023, where it built 17,541 and shipped 13,972. Rivian reaffirmed on Tuesday that it plans to make around the same number of EVs as it did in 2023. Rivian had an eventful first quarter that included a splashy reveal of its future R2 and R3 EV lineup as well as more belt tightening and …

Rivian (RIVN) Q1 results – revenue beat, earnings miss, Q4 profit reaffirmed

Rivian (RIVN) Q1 results – revenue beat, earnings miss, Q4 profit reaffirmed

Published by skeptic

Rivian production at its Normal, Ill facility (Source: Rivian) Rivian has released its Q1 2024 results, slightly beating analyst estimates on revenue, which grew sharply year-over-year, but with wider losses than expected and only slight gross margin improvement as it still hopes to turn some quarterly profit by the end of the year. Electric truck maker Rivian announced its results after the bell today, capping off a quarter that has seen difficulty for some EV makers. Rivian previously announced that deliveries remained flat between Q4 and Q1 at 13,588 units, but were up 71% since the same quarter last year. Rivian says it achieved 5.1% market share in US EVs in Q1, quite a feat for a company that sells only upmarket vehicles, with the R1S being the best-selling EV over $70k Q1 tends to be a down quarter for vehicle deliveries, so year-over-year numbers are often used – though with EV makers experiencing rapid growth, quarterly numbers can still be useful. Analysts estimated that Rivian would bring in $1.175 billion in revenue this quarter, with …

Report: Apple mulling potential partnership with Rivian

Report: Apple mulling potential partnership with Rivian

Published by skeptic

Earlier this year, Apple canceled its decade-long Project Titan electric car initiative, but a new report from DigiTimes says that Apple’s electric vehicle ambitions might not be over. According to the story, Apple is “assessing the possibility of teaming up with a certain US EV startup, and Rivian is a very likely candidate.” The report says that there is “speculation among supply chains” that Apple is investigating teaming up with an EV startup. DigiTimes suggests that Apple could take its 10 years of EV and autonomous driving research and team up with another company instead of making its own car. While it’s “uncertain what form such a collaboration could take,” this report suggests that Rivian is the leading candidate, based on supply chain sources. There are no other details provided in the DigiTimes report. It’s unclear what a partnership between Apple and Rivian would look like – or whether Rivian would even be interested in such an arrangement. Still, at least based on DigiTimes supply chain sources, it’s something Apple is “studying.” 9to5Mac’s Take As much …

Rivian gets 7m incentives to expand Normal, Illinois factory for R2

Rivian gets $827m incentives to expand Normal, Illinois factory for R2

Published by skeptic

Rivian has secured $827 million worth of incentives from the state of Illinois to expand its main factory in Normal. Rivian’s Normal, Illinois plant is where it builds the R1S and R1T. The plant was purchased from Mitsubishi in 2017. But the plant is also set to produce the R2 SUV, a smaller upcoming EV which is set to release in the first half of 2026. Rivian had originally planned to build the R2 in a new plant in Georgia, but it delayed its plans for its Georgia location in order to bring forward production of the R2, saving $2.25 billion in the short term due to using an existing plant instead of having to build a whole new one. In response, Georgia wondered if Rivian was pulling out of the state, but Rivian recently reaffirmed its commitment to Georgia, just that it’s focusing on Illinois in the short term. In service of that goal, the company has just secured a development package from the State of Illinois Department of Commerce & Economic Opportunity which …

Rivian wins 7 million from Illinois to expand its factory for R2 lineup

Rivian wins $827 million from Illinois to expand its factory for R2 lineup

Published by skeptic

Rivian is getting $827 million in incentives from the state of Illinois to support building its next-generation electric vehicle, known as the R2. The company announced Thursday that the State of Illinois Department of Commerce and Economic Opportunity will dole out the funds to help expand its existing factory in Normal, IL, as well as build out supporting infrastructure and boost job training programs for Rivian’s workforce. Updates to the factory will begin “in the coming months.” The funding announcement comes just two months after Rivian unveiled the mid-size R2 SUV, which is supposed to start at around $45,000 when it goes on sale in 2026. It also plans to make and sell a hatchback called the R3 that is powered by the same EV platform that underpins the R2. Rivian had initially planned to build the R2 at a brand new $5 billion factory in Georgia. But the company announced at the R2 event in March that it had decided instead to build the R2 in Illinois, where it currently makes the R1T pickup, …

Rivian starts shipping NACS adapters for Tesla’s Supercharger network

Rivian starts shipping NACS adapters for Tesla’s Supercharger network

Published by skeptic

Rivian has promised free NACS adapters will be sent out to its owners, and it’s starting that process now. Rivian officially got access to Tesla’s Supercharger network last month, but in order to use it, non-Tesla cars need an adapter. Most other EVs come with a CCS plug, but Tesla’s plug is now called NACS, after it opened its charge standard in 2022. Third party adapters have been available, but several of the automakers that have announced they’re switching to NACS have committed to sending out adapters to owners as soon as they’re available. We saw the Rivian adapter design leaked in February. So far, Ford and Rivian have Supercharger access, with GM, Polestar and Volvo coming this spring, and others coming later. Tesla previously announced that GM would get access in February, so we imagine that is coming imminently (we heard reports on social media today that GM adapters are now available, but GM communications told us that those reports are not accurate, and that they will be available “later this year”). In February, …

Rivian R2 builds off R1S, R1T at a lower price says design boss

Rivian R2 builds off R1S, R1T at a lower price says design boss

Published by skeptic

Rivian wants to shake up the industry with its next-generation R2 electric vehicle. Starting at around $45,000, the R2 is expected to open up a new market of buyers. How does Rivian plan to keep its rugged luxury feel at a lower price? The company’s design boss explains. Rivian R2 design challenges present unique opportunity In less than 24 hours after revealing the smaller, more affordable R2, Rivian’s CEO RJ Scaringe said the new electric SUV earned over 68,000 reservations. Rivian unveiled the R2 last month, with starting prices around $45,000. That’s almost half the current $74,900 R1S and $69,900 R1T starting price. At 4,715 mm long, 1,700 mm tall, with a wheelbase of 2,935, the R2 is undoubtedly smaller than the current R1S ( 5,100 mm x L, 1,873 mm x H, 3,075 x wheelbase). Despite its smaller size and lower price, Rivian insists the R2 will keep the brand’s essence. According to Rivian’s design chief, Jeff Hammoud, the R2’s lower price point was one of the biggest challenges. With R1, Rivian was able …

Rivian targets gas-powered Ford and Toyota trucks and SUVs with ,000 ‘electric upgrade’ discount

Rivian targets gas-powered Ford and Toyota trucks and SUVs with $5,000 ‘electric upgrade’ discount

Published by skeptic

Rivian is offering discounts up to $5,000 on its EVs — and a year of free charging — to customers willing to trade in their gas-powered trucks and SUVs. The deal, which kicked off April 22, is aimed directly at some of the best-selling and most ubiquitous gas-powered trucks and SUVs on the market today, including the Ford F-150, Toyota Tacoma and Jeep Wrangler. Rivian is even going after German automakers Audi and BMW. The price cut varies between $1,000 and $5,000 depending on the model. Rivian is offering discounts on three R1T pickup truck trims and one R1S SUV model. The company promoted Monday the “electric upgrade offer” in an email to prospective customers as well as posts on social media. The discounts come as demand for premium and luxury EVs has softened across the industry, prompting automakers such as Ford, Lucid and Tesla to reduce prices. Faced with uncertain demand, many legacy automakers have also pared down plans to shift their portfolios to only battery-electric vehicles. Gas-powered vehicles and hybrids are back en …

Rivian offers discounts off new R1s when you trade in a gas vehicle

Rivian offers discounts off new R1s when you trade in a gas vehicle

Published by skeptic

In honor of Earth Day, Rivian has introduced a new “Electric Upgrade” offer, where new customers can take advantage of varying discounts on an R1S or R1T EV for trading in certain combustion models. There are other terms to qualify; learn more below. Take advantage of big Rivian discounts, now through June According to Rivian, it has introduced a new demand lever today that offers discounts to new qualifying purchasers/lessees who take delivery of a new R1 EV before June 30, 2024. In addition to gaining a discount on an R1 purchase or lease, as outlined below, customers can also qualify for one year of complementary charging on the Rivian Adventure Network (RAN). Here’s how the discounts break down for R1 customers in the US and Canada: R1T Standard, Standard+ Pack – $3,000 / $4,500 CAD  R1T Large Pack – $4,000 / $6,000 CAD  R1T Max Pack – $5,000 / $7,500 CAD  R1S Large Pack – $1,000 / $1,500 CAD  Additional terms per Rivian: Any Rivian vehicle model and pack combination not listed above is …

Rivian reaffirms GA EV plant commitment as state presses for more

Rivian reaffirms GA EV plant commitment as state presses for more

Published by skeptic

Rivian (RIVN) is still planning to build electric vehicles in Georgia, just not as soon as expected. After delaying construction, Rivian reaffirmed its commitment to an EV manufacturing plant in GA. After unveiling the R2 last month, a smaller and more affordable electric SUV, Rivian announced it would begin production at its Normal, IL facility rather than its new $5B GA plant. Rivian said the move would save $2.25 billion as the EV maker works to turn a profit. More importantly, CEO RJ Scaringe said it will help speed up the R2’s launch. Rivian is expected to begin R2 production in the first half of 2026. However, not everyone is happy about the move. Although Rivian said Georgia remains “an extremely important part of its strategy to scale production of R2 and R3,” the state wants more answers. On March 22, the Joint Development Authority (JDA) and the State of Georgia sent a letter to Rivian stating several concerns. The letter stated that “this change in plans will require Rivian to promptly address issues,” like …