Rivian (NASDAQ:RIVN) has unveiled updates to its R1 pickup and SUV models, focusing on enhancing performance, reducing costs, and improving manufacturing efficiency.
While maintaining their distinctive exterior design, the R1T pickup and R1S SUV undergo significant changes under the hood and in software. The new electric drive units include Rivian-built motors for a tri-motor setup and a quad-motor drivetrain, with the latter boasting 1,025 horsepower and a remarkable 0-60 mph time of 2.5 seconds.
Rivian CEO RJ Scaringe emphasized the company’s commitment to quality and performance, stating that the revamped R1 vehicles push technical boundaries to deliver their most capable products yet.
In addition to motor upgrades, Rivian introduces redesigned battery packs with enhanced modules and packaging, offering up to 420 miles of range. The company also introduces a cheaper lithium iron phosphate (LFP) standard battery pack, providing an EPA-estimated 270 miles of range.
On the software side, Rivian enhances its self-driving system with advanced features, including 11 cameras, five radar sensors, and AI prediction technology. The system’s computer module is now ten times more powerful, while the number of control units is reduced, resulting in streamlined wiring.
Rivian aims to make its electric vehicles more accessible by offering competitive pricing, with the entry-level dual-motor R1T starting at $69,900 and the R1S at $75,900. Tri-motor and quad-motor configurations will be available at higher price points.
These updates underscore Rivian’s efforts to improve its cost structure and bill of materials, crucial for achieving profitability. Despite anticipated disruptions in second-quarter earnings and deliveries due to factory shutdowns, Rivian remains optimistic about achieving modest gross profit by the end of the year.
Looking ahead, Rivian CFO Claire McDonough is expected to provide further updates on cost structure and gross profit forecasts at the upcoming Deutsche Bank Autos conference in New York City. With a focus on lowering costs and advancing toward its next product release, Rivian aims to strengthen its position in the electric vehicle market.
Featured Image: Megapixl
