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Transportation

Amazon-Backed Rivian Surges 13% After Announcing Cheaper New SUV (theverge.com) 62

Posted by EditorDavid from the car-talk dept.
"Shares of Rivian Automotive surged 13% on Thursday," reports CNBC, "as the EV maker unveiled three new vehicles and announced more than $2 billion in savings related to pausing construction on a plant in Georgia."

CNBC notes that Rivian's current vehicles "start at roughly $70,000 and can top $100,000," so the new cheaper R2 midsize SUV (starting at $45,000) could be more appealing.

"Especially if it qualifies for the $7,500 EV tax credit," adds the Verge: "Seven percent of new vehicle sales are electric," [Rivian founder and CEO RJ] Scaringe notes.... "The reality is that Tesla continues to be wildly successful, and we want to pull from that 93 percent that haven't made the jump to pure EV, because the form factor didn't fit their lifestyle."
The article adds that Rivian "will use Tesla's NACS connectors for its future vehicles starting in 2025, which will allow Rivian owners to use the company's Supercharger Network. Both the R2 and R3 will have the NACS ports built natively into the vehicle..."

"I would say with absolute and complete certainty that the entire world is going to convert to electric vehicles," Scaringe tells The Verge. "I've never been more bullish on electrification. I've never been more bullish on Rivian."

More from CNBC: The announcements come at a crucial time for Rivian as it attempts to expand its customer base amid slower-than-expected EV sales in the U.S. after automakers flooded the first-adopter market with pricey all-electric vehicles in recent years. Rivian's sales pace has slowed in recent quarters, and the company widely disappointed investors last month by missing quarterly estimates and forecasting slightly lower production this year compared to 2023 due to plant downtime. The Amazon-backed company has been burning through cash to improve current EV production and narrow losses...

It will be capable of more than 300 miles of all-electric range on a single charge and 0-60 mph time in under3 seconds, the company said.
"Its battery will be capable of charging from 10 to 80 percent in under 30 minutes," notes Car and Driver.

UPDATE: The Verge reports that less than 24 hours after launching the R2, Rivian has already received more than 68,000 reservations.

It will go into production in the first half of 2026.
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Amazon-Backed Rivian Surges 13% After Announcing Cheaper New SUV More

Amazon-Backed Rivian Surges 13% After Announcing Cheaper New SUV

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  • The lower cost option comes in 2026 (sometime in 2026). I hope they can float until then. Rivian was also making the electric delivery vans for Amazon, I don't know if that is still happening, but maybe that will keep some cash inflow for them.

    I wish them luck and if I'm in the market in 2026 or later, I will check them out.

    • Inside Amazon’s Rivian electric van: A greener, quieter ride — and a sliding door fit for Star Trek [geekwire.com]

      They are, I have seen them in the mix of vans I see driving around town and from what I have read they've been quite successful with drivers preferring them over the usual gas models like the Mercedes van's they were driving.

      Amazon now has more than 10,000 Rivian vans on the road across 1,800 U.S. cities, and has delivered more than 260 million packages

    • As far as I know, the deal with Amazon is going strong, in my area it looks like 50% of Amazon vehicles are the Rivian electrics.

      Plus, well, maybe they can get a deal with USPS/Fedex/UPS. USPS might want smaller trucks, and Fedex/UPS bigger, but it should be doable with Amazon demonstrating the economics.

  • Anyone think the R2 looks any good? The sloping back is kind of ugly.

    • Oops it's the R3 not R2 that has the sloping back .. my bad. Well my comment still applies, but to the R3.

    • Anyone think the R2 looks any good? The sloping back is kind of ugly.

      As opposed to this [imgur.com]?

    • Re: (Score:2)

      by ichthus ( 72442 )
      I like the R3, but don't want to wait for it. I reserved an R2 and, according to Rivian, they'll start delivery in the first half of 2026.

      I have a 2020 Model 3, which I love everything about, except the tight suspension and how fast I eat through tires. I'm due for my third set at 52k miles, which is probably mostly my fault -- I'm... zippy.

      I was waiting to see if the 2024 Model 3 would, at some point, qualify for the Federal tax rebate, but would probably have ordered one either way. Now, I don't ca

    • I think it's pretty sharp, at least it's somewhat distinct in the current sea of pretty samey-same crossovers.

      I think the "pill" headlights that Rivian has as their trademark feature are a little polarizing but overall I think their designs are pretty well executed.

    • R2 looks like a regular boxy SUV though? The R3 is basically a lifted Golf so that's pretty cool at least.

    • I do think the R2 looks like a great car, except the front. I think the front of Rivian cars is fugly, with only those 2 oval shaped headlights. But the R2 looks great and would really be a contender for me to replace my '96 Jeep Cherokee, if it would cost a bit less, as $45.000 will be around 70.000+ euro's here after taxes.

    • To be honest I think every Rivian is butt-ugly. But they aren't alone. There are a lot of truly weird and messed up looking cars on the road these days from across the board. Somehow the front of Audi's premium line-up looks cheap. Tesla's model 3 looks so incredibly mundane. The Mustang E looks like like a toy car. The dodge charger looks like a Japanese 4cyl turbo wannabe rather than the American muscle of its heritage. Toyota Camrys look like those little yapping dogs in the park trying to pretend they a

      • Yup, that was my reaction as well, "someone actually did this on purpose"? Pity Clarkson isn't still on Top Gear, he'd have some real fun with it.

  • Have a VW Trends magazine from 90's that has a VW Golf Country in it that the Rivian looks like.

    • Car designs all converge on the most optimal aerodynamic design. Any deviation for looks purposes comes at the price of energy efficiency.

      • Aerodynamics is a high priority only when efficiency is a concern. The other approach is to just ignore aerodynamics and add more battery to compensate for the resulting inefficiency, as seen in behemoths like the CyberTruck and Hummer EV.

  • In the meantime ... (Score:3)

    by AlanObject ( 3603453 ) on Saturday March 09, 2024 @12:04PM (#64302529)

    In other news, TSLA slumps to $175 while its visionary CEO is spending his time on X/Twitter boosting right wing conspiracy bilge.

    Elon, WTF happened to you.

    • He was always like this, but before he was famous and SpaceX was doing really well (if you didn't pay attention to how he was having the employees treated) we didn't notice.

    • Elon, WTF happened to you.

      Drugs. It's always drugs [fortune.com].

      • Re: (Score:2)

        by skam240 ( 789197 )

        OMG, he's doing the "drugs"? What is this a bad 80's drug awareness post?

        I'm no Musk fan but this just strikes me as gossip rag nonsense. They can't even name what drugs he was supposedly doing or how often.

        • OMG, he's doing the "drugs"? What is this a bad 80's drug awareness post?

          I'm no Musk fan but this just strikes me as gossip rag nonsense. They can't even name what drugs he was supposedly doing or how often.

          Here ya go: [yahoo.com]

          On Saturday, the newspaper published a bombshell article claiming witnesses had seen the tycoon take mind-altering substances like ecstasy, LSD, and even psychedelic mushrooms alongside cocaine in front of them, not once but repeatedly over several years. One case even included the supposed participation of a SpaceX board director, Steve Jurvetson.

          Musk denies this claim.

          “People close to Musk, who is now 52, said his drug use is ongoing, especially his consumption of ketamine,” it wro

      • Re:In the meantime ... (Score:4, Insightful)

        by quantaman ( 517394 ) on Saturday March 09, 2024 @01:03PM (#64302649)

        Elon, WTF happened to you.

        Drugs. It's always drugs [fortune.com].

        Partly drugs, but he's also going too far outside of his skill set.

        No doubt he was integral to the success of Tesla and SpaceX. But what's he been doing since? He spent years throwing tons of resources into self-driving, constantly claiming it was just around the corner, only to end up with a mid-pack self-driving solution. A tunnelling company that mistakenly thought the hard part was tunnelling and not safety and regulation. A robot with questionable utility, a brain implant startup that doesn't seem noteworthy expect that it's a bit more reckless.

        I think Musk does have a real talent, big engineering projects that need a leader willing to go all-in on a big innovation and a willingness to push his teams really, really hard.

        I don't think he has a great grasp of how AI works, and he definitely doesn't get social networks. I just don't think he's that good outside of cars and rockets.

        The other possibility is he's past his peak, he started with enough confidence to take bold risks but that has grown to hubris and his risky decisions have gone from bold to dumb.

        Honestly, if I was on the Tesla board I'd fire him. He's done great things for the company and profited handsomely, but he's no longer an asset. He's no longer taking smart risks and not only is he killing the Tesla brand with his politics but he's actually having Tesla make questionable business decisions based on his politics.

        Turf him before he destroys what he built.

        • Re: (Score:2)

          by mjwx ( 966435 )

          Elon, WTF happened to you.

          Drugs. It's always drugs [fortune.com].

          Partly drugs, but he's also going too far outside of his skill set.

          More likely that he was always like this, it's just that he's hidden it well enough that most people never realised.

          My theory with alcohol but can really be expanded to any substance or condition that makes you less inhibited, is that getting drunk does not really change you. You're the same person drunk as you are sober, being drunk just lowers your inhibitions to the point where the real you gets out of the bag. Now if the "real you" is a genuine and nice person, you'll still be the same drunk. If the

  • And now, a word from our sponsor. (Score:1)

    by Anonymous Coward

    "I would say with absolute and complete certainty that the entire world is going to convert to electric vehicles," Scaringe tells The Verge. "I've never been more bullish on electrification. I've never been more bullish on Rivian."

    And I’ve never been more certain of a CEOs stock options.

    A tobacco exec and defense contractor CEO walk into a bar telling interview jokes. The punchline goes with absolute and complete certainty that the entire world is going to keep warmongering to protect the necessary bullish investments in tobacco farming needed to defend the Liberty of cigarettes and the Free State of the Defense Industrial Complex.

    Shocking response.

  • The form factor didn't fit their lifestyle? Is there a bunch of pent up demand for EVs by people driving around in McTrucks?

    • Re: (Score:2)

      by XXongo ( 3986865 )
      Cybertruck wouldn't fit in my garage (or, maybe it would fit, but I'd have quite a squeeze to get in and out), so I'm a customer for whom the form factor doesn't fit my lifestyle.

    • I would love an all-electric pickup if I could get it in the 1995 For Ranger or perhaps a 1992 Toyota Pickup/Hilux form factor. Right now, I drive a 2019 Honda Insight and need to return a pre-hung door I ordered online from Home Depot that was the wrong size. (I know, measure once, cut twice.) A tiny pickup truck would be perfect for this and a lot of other stuff. They don't make those anymore though, thanks EPA.

      The main consideration that I have, though, which is preventing me from going to all-electric i

      • You didn't mention why not a ford Maverick hybrid?

        • Because I was not aware this amazingness existed? Blame the Ford marketing department. Off to Truecar with me, now.

      • 230 miles is in range of most electric vehicles these days, no need for a charger at all and certainly not 240v 80a. At work you're not in a rush to charge, it's going to be there all day. A Tesla gets 2-3 miles per kWh, so your one way trip is roughly 50kwh. Over an 8 hour day that's an average charge rate of 5kw, roughly 20a at 240v.

  • Charger port fail (Score:3)

    by RobXiii ( 685386 ) on Saturday March 09, 2024 @12:18PM (#64302567)
    So they know going into it, before a vehicle is even made, that they will be using Tesla's superchargers, but STILL put the charge port on the passenger side? Each Rivian will take up 2 charger spots unless they increase the supercharger cable length QQ
    • Depends on how you park. But I agree, with normal petrolcars you'll want the nozzle on the drivers side, so I would gather with an EV it would be the same, so as a driver you don't have to walk all the way around your car.

      • But I agree, with normal petrolcars you'll want the nozzle on the drivers side

        Why? I've never seen a petrol station that didn't have a double sided bowser. Precisely the layout of petrol stations is the reasons car manufacturers never bothered standardising it.

        so as a driver you don't have to walk all the way around your car

        It is a uniquely American problem to be afraid of adding 4 steps to your fitbit.

        • It's all about efficiency, if the driver doesn't have to walk around their car, it takes seconds off their time at the pump, and over a whole busy day, that could mean a lot more cars can be serviced and means more money for the station.

          • It's all about efficiency, if the driver doesn't have to walk around their car, it takes seconds off their time at the pump, and over a whole busy day, that could mean a lot more cars can be serviced and means more money for the station.

            +1 Funny

        • But I agree, with normal petrolcars you'll want the nozzle on the drivers side

          Why? I've never seen a petrol station that didn't have a double sided bowser. Precisely the layout of petrol stations is the reasons car manufacturers never bothered standardising it.

          The lack of standardization is precisely the reason gas stations were forced to build a universal setup. And there is a finite amount of room wasted accommodating that.

    • You expect them to design a car that actually works? They wouldn't drive the car they built, so of course it will be engineered nonsensically. "Duh, let's make the charge port match the same side as the gas fill port on American vehicles to make it easier for dumb Americans to not think."

      Foreign cars have been a significant portion of the American market since the 1980s. Utter morons.

  • Why is it such a a problem for an EV maker to make normal looking vehicles? Despite a strong dislike of Musk Tesla's cars are some of the only EVs I have any interest in specifically because they look like normal cars. While it's not all EVs so many are designed with just bizarre aesthetics just like this one.

    And no I don't care if you like the unusual designs of any of these vehicles

  • Although I don't love the dopey face or the 2005 Land Rover Freelander tug boat aesthetics, I'm praying the NVH build quality is better than my 2021 Model Y.

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