Over the last weeks, the electric vehicle (EV) manufacturer led by RJ Scaringe has been spotted multiple times testing its highly awaited updated versions in Palo Alto, California.
Following its unveiling event in early March unveiling the next-generation R2, R3, and R3x models, Rivian is now dedicated to road tests of its R1S and R1T models which are expected to be launched in the second half of the year.
Images and videos of these prototypes have emerged on forums and social media platforms, with recent footage shared by user @klwtts capturing the camouflaged R1S in Palo Alto on Thursday.
Rivian’s recent update to the NHTSA’s VIN database reveals preparations for the introduction of a Tri-Motor variant and a new “Premium” trim level for the upcoming version of its model R1S and R1T.
Earlier this month, when another covered R1T was seen driving in California, many users on Reddit have rumored that the vehicle belongs to the company’s CEO RJ Scaringe.
The anticipated 2024 iterations of both models are poised to introduce enhancements such as upgraded cameras, a next-generation Autonomous Experience Module (AEM), revised wheel designs, and improved cold weather range performance.
Earlier today, Barclays analyst Dan Levy has revised Rivian Automotive’s price target down to $10 from $12 while maintaining an Equal Weight rating on the shares.
The updated target represents an upside potential of 13.25% based on the Thursday’s closing price of $8.83 per share.
Rivian’s plant in Illinois is currently temporary closed until the end of the month for the implementation of new technologies and production methods aimed at substantial cost reduction.
As initially reported by EV, the company started on Wednesday a new round of layoffs to “support our goal to be gross margin positive by the end of the year,” as said in an email to Reuters.
The company recently announced that until the end of April, Rivian‘s R1T and R1S vehicles ordered from the automaker’s inventory will include a complimentary XPEL Stealth paint protective film (PPF) valued at $5,000.
Last week, the company 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% quarter over quarter drop from the fourth quarter, Rivian is on track and reaffirmed its 2024 production guidance of 57,000 vehicles.
