Regardless of massive losses, Rivian pushes on with massive plans

However firm executives mentioned the EV maker will proceed to make massive investments because it rolls out a long-term marketing strategy. For instance, new variations of the R1T and R1S are actually accessible to order, though a few of the lately added configurations will not be accessible till 2024.

Whereas the launch variations of the R1T and R1S solely got here with quad motors and the automaker’s giant battery pack, Rivian is now taking orders on dual-motor variations with battery choices which might be each greater and smaller. That creates a broader vary of beginning costs, Rivian mentioned, from $67,500 to $95,000.

The smaller, normal battery makes use of lithium-iron phosphate chemistry, which is completely different from conventional EV batteries that use principally nickel. Tesla is also transferring towards so-called LFP batteries to avoid wasting on value, since nickel was already getting costlier earlier than the latest soar in commodity costs.

“With our portfolio of three completely different battery packs and two completely different drive configurations, we now have a very nice mixture of choices for purchasers,” Scaringe mentioned. “Whenever you take a step again and take a look at the product on the new pricing ranges, it is rather competitively priced.”

Scaringe additionally mentioned Rivian is growing a propriety 800-volt battery structure, which has benefits over the present 400-volt system. And the corporate plans to construct its personal motors in-house within the close to future, slightly than depend on outdoors suppliers.

Scaringe mentioned Rivian is also trying to construct its personal batteries sooner or later.

Rivian forecast capital expenditures of $2.6 billion this 12 months, together with further investments to increase capability at its Illinois manufacturing unit.

“As well as, we anticipate to comprehend elevated capital spend related to tooling for present car platforms, future car manufacturing strains, battery expertise and provide, our service community, digital providing and basic expertise,” the corporate mentioned in its shareholder letter final week.