Written by Cláudio Afonso | LinkedIn | X
Rivian CEO RJ Scaringe attended on Wednesday the Bernstein’s Annual Conference in New York where he discussed the upcoming refreshed R1S and R1T models, the plant shutdown, charging infrastructure and much more.
The chief executive acknowledged that from an investor’s perspective, the second quarter will appear less favorable due to the plant shutdown in April. The suspension lasted four weeks, significantly impacting production at the plant in Normal, Illinois.
“From an investor perspective, the second quarter is going to be messy because we shut the plant down for approximately a month. We’ll be having delivered just a very small number, a very small percentage of these newer vehicles in terms of price cost in Q2,” the CEO said.
“So you won’t see a lot of those benefits until we get to Q3, but absolutely. And the thing about bill of materials savings is these are contractual,” Scaringe added.
Regarding cost optimisation, the chief executive disclosed that the company was able to reduce the components in the battery pack from 41 to 16.
“We went from 41 components in the battery pack down to 16. We used large, high-pressure die castings in the front and the rear of the pack. Those changes alone took thousands of dollars of costs out of the pack and modules, but we also did that along with renegotiating much more aggressively how those parts were coming in,” Rivian CEO explained.
Rivian‘s factory in Normal, Illinois, is currently filled with the 2025 Rivian R1S in its final form, devoid of any testing wraps. As of today, the official date for the launch of the refreshed R1T and R1S models is still unknown.
Billionaire George Soros’ investment firm, Soros Fund Management LLC, has added $154.16 million in principal amount of Rivian’s 4.625 percent convertible notes due 2029 in the first quarter, equivalent to 191.44 million shares.
The firm maintains the right to convert these notes into Rivian shares at a predetermined price, positioning itself to leverage potential rises in Rivian’s valuation in the future.
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Last week, the electric vehicle maker unveiled a series of incentives to boost sales and clear out inventory of its 2023 and 2024 R1 models, including the R1S SUV and R1T truck.
According to the 3 pictures shared by a Rivian enthusiasts on X, the lot appears to house at least several dozens of these updated models, which feature new stadium headlights and lightbars, 20-inch wheels available in bright and dark finishes.
The EV manufacturer confirmed recently that is partnering with Google on Google Cast and YouTube integration. Drivers will now have the capability to stream high-definition video content with premium sound directly to their vehicle’s screen, using both a native YouTube app and Cast-enabled apps on their phone or tablet.
The company has recently reported 13,980 vehicles produced in the first quarter of the year of which 13,588 were delivered to its customers.
Despite having previously guided a 10-15 percent quarter-over-quarter drop from the fourth quarter, Rivian is on track and reaffirmed its 2024 production guidance of 57,000 vehicles.
Written by Cláudio Afonso | LinkedIn | X
