Rivian R1S and R1T Dual-Motor will be shipping soon, some versions will have to wait a while
Rivian reported Friday that as a result of continued ramping up production, the wait time for new orders on its R1T is now down to 14 days or less in some cases.
The electric truck maker is clearing a production backlog that once seemed like years to clear, and it’s made significant strides—to the point that some might wonder whether the price could be corrected down soon or not.
Rivian discount coming?
Based on comments made last week to Reuters, by Rivian CEO RJ Scaringe, that is unlikely and Rivian has no plans to follow through with the EV price cuts from Tesla And Ford.
“We will offer a lower price variant, but not necessarily a discount on what we are offering today,” Scaringe told Reuters. “These (R1S and R1T) are our branding products. They are not intended to sell hundreds of thousands of units.”
Rivian plans to introduce a R2 series for mass market, more affordabledue to be done at a new factory in Georgiaand certainly hundreds of thousands annually, but that number won’t come until 2026.
“Our long-term success as a business will be determined by our ability to produce profitable large numbers of vehicles,” it said last week, as part of a quarterly update to the company. shareholders.
Rivian R1T 2023
Rivian production exceeds delivery
During the first quarter of the year, Rivian announced it had produced 9,395 vehicles and delivered 7,946 vehicles. “We expect to continue to see the difference between production and delivery volumes as we expand our manufacturing facility,” it said.
The R1T currently starts at $74,800, including a mandatory $1,800 destination fee, while the R1S starts at $79,800. That is for Dual-Motor and LFP battery packs. Quad-Motor versions with the Large package (328 miles for the R1T, 321 miles for the R1S) cost $19,000 more—although the Dual-Motor models with the Large Pack, which have yet to be delivered, are pegged at the corresponding price. are 350 and 340 miles .
Neither Rivian R1S nor R1T are eligible for full receipts $7,500 clean car credit, according to the IRS, but both are eligible for a $3,750 credit if their MSRP (excluding destination) is $80,000 or less. Those claiming it will also need to match adjusted gross income up to $150,000 for single filers ($300,000 for joint filers).
Rivian also last year ditch the most affordable Discover editions of R1T and R1S, causing the base price to increase further.
In addition, the company has a solution to increase volume without cutting prices on those flagship versions: It directs price-conscious buyers to the Dual Engine versions of the truck with the Standard package and lithium-iron phosphate (LFP) battery chemistry.
Rivian Dual Engine Components
Rivian Dual Engine Components
Long-range Rivian Dual-Motor deliveries will begin soon
Perhaps rather than slashing prices, Rivian has dramatically accelerated the time it takes to offer lower-priced Dual-Engine versions, something as recent as last year wasn’t anticipated until late 2023. In the first quarter of the year, Rivian launched its own in-house production of Enduro engines. While those engines have already made their way into Rivian trucks, in an update last week the company confirmed that these engines will be included in the dual-engine R1 models starting later this month.
Rivian Enduro Actuator
Rivian last week reported that as of March 31, it has produced about 35,000 vehicles since R1T production began. It also reaffirmed its 50,000 production target for the calendar year 2023. It was an initial target for 2022, but last March it halved that target to 25,000, pointing to problems on persistent supply.
As part of the update, it said it is completing the implementation of the “cryptobase by March 2022.” It was a time of a Poor communication raises prices on its trucks, resulting in the company keeping prices earlier, significantly lower, for those who had deposited before that point.
2023 Rivius R1S
In its most recent quarterly update, the company said that its order backlog runs through 2024, but given the current short delivery deadlines it seems to include simple build combinations. is not going to be implemented this year.
At first, getting a drive in Rivian was a problem for potential buyers, but now the company is also making it clear that test drives are now open to everyone, not just reservation person. According to the company, Rivian Service Centers will also have ready-to-go configurations that can be ready for delivery.
