EV maker Rivian Automotive Inc RIVN unveiled its electric truck R1T and R1S SUV five years ago in November 2018. The concept vehicles were unveiled at the LA Auto Show.
The Unveil And Subsequent Deliveries: When Rivian first unveiled the concept vehicles, it said that it would start deliveries in 2020. However, this timeline was delayed, and the company eventually started delivering in 2021.
At the time of the unveiling, company CEO RJ Scaringe promised that the vehicles would have remarkable performance and go 0 to 60 mph in 3 seconds. In addition, it would have added storage and great range for the outdoors, enabling adventure, he added.
Rivian has indeed delivered on its promises, as proven by deliveries, which scaled from 920 vehicles in 2021 to 15,564 vehicles in the third quarter of this year despite the higher-end pricing on the vehicles. While the Rivian R1T is presently priced at $73,000, the R1S SUV is priced at $78,000.
For the last quarter, Rivian reported a third-quarter revenue of $1.337 billion and a quarterly loss of $1.19 per share, beating analyst estimates of $1.32 per share.
What Is Ahead: Presently, the company is eyeing positive gross profit by 2024 and working on its R2 platform.
Company CFO Claire McDonough said during the company’s third-quarter earnings call that the company would commence R2 platform production in 2026, with product unveilings anticipated in early 2024.
The R2, while maintaining the brand's essence, will be more compact and available at a lower price point. "There's an extreme vacuum of choice we feel in the sort of $45,000 to $50,000 price range for midsize SUVs," Scaringe then said, adding the lack of choices has left EV giant Tesla Inc. with a highly concentrated market share.
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