Written by Cláudio Afonso | LinkedIn | X
Rivian CEO RJ Scaringe attended on Wednesday the Bernstein’s Annual Conference in New York where he revealed that the R3, expected to be launched in early 2026, will be priced at “mid to high $30,000s”.
The chief executive said that the mid-size SUV space is “the largest addressable market” in California right now adding that Rivian believes that it will continue to happen in the future.
“The largest addressable market that we see and we believe will continue is in the midsized SUV space, and that puts us price point-wise below $50,000, north of $40,000, so in the $40,000 to $50,000 range,” the CEO said.
As Rivian prepares to introduce its new lineup of vehicles, including the R2 and R3 models, RJ Scaringe unveiled that the company will be able to price its crossover model at mid the high $30,000.
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“And then linked to that, at a platform level is introducing a crossover product that brings us into the price points to start with the $30,000, mid to high 30s,” he added.
Regarding the first models, the R1S and R1t, Scaringe highlighted the sales performance achieved so far as the company prepares to launch refreshed models later this year.
“With R1, we’re the fourth highest-selling EV brand in the United States,” Scaringe proudly declared. “The R1 is the best-selling EV in the premium segment, and the R1S is the best-selling large SUV EV or non-EV in California.”
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In the same interview, 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.
Regarding cost optimisation, the chief executive disclosed that the company was able to reduce the components in the battery pack from 41 to 16.
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.
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
