Electric vehicle startup Rivian unveiled Thursday the first major revamp of its two flagship vehicle models, both of which boast updated designs, retooled technology platforms and similar sticker prices to their predecessors.
The second generation of Rivian’s R1S SUV and R1T pickup truck look very similar to their predecessors, but the EVs were completely reengineered and incorporate hundreds of hardware and software improvements, the company said in a news release. Deliveries of both new vehicles will start immediately for customers.
The R1T was Rivian’s introduction to the EV industry and began production in 2021, and the more expensive R1S launched the following year. While expensive to manufacture and so far still sold at a loss, the two models helped garner Rivian attention as a potential rival to EV pioneer Tesla.
California-based Rivian builds the R1 series and its electric delivery vans at its sole factory in Illinois. The company earlier this year put on hold its planned $5 billion plant an hour east of Atlanta as a temporary cost-saving measure. In March, Rivian said it will launch production of its smaller R2 crossover in Illinois instead of Georgia as originally planned.
Rivian CEO RJ Scaringe has said that he remains committed to building the Georgia factory and hiring 7,500 workers, but a timeline for construction to begin has not been released.
The R2 series is expected to launch production in Illinois in 2026 and Rivian has said production of the crossover will expand to Georgia to build scale.
Rivian, which has yet to turn a profit, has said it will lose money again this year, but expects to enter the black during the fourth quarter. Boosting sales and reaching consistent profitability are vital for Rivian’s future.
The EV upstart went public in 2021 and saw its valuation soar as investors recognized the company as a Tesla rival. Though Rivian’s vehicles have generally been well-reviewed, the company has suffered setbacks from supply chain issues and slower-than-expected production. High interest rates and consumer hesitancy to adopting EVs have been other obstacles.
Scaringe said in Thursday’s news release that the “revamped R1S and R1T push the technical boundaries further, creating our most capable products to date.”
The next generation of the R1T and R1S can feature multiple motor configurations, all of which are now designed, engineered and manufactured in-house, the release said. Customers can also opt for larger battery packs that offer an estimated 420 miles of range, a 56% increase over the company’s standard battery packs.
New R1Ts start at $69.900, matching the advertised sticker price of its predecessor. New R1Ss start at $75,900, which is $1,000 more than the prior generation.
Cox Enterprises, which owns The Atlanta Journal-Constitution, also owns about a 3% stake in Rivian.
