Summary

• Rivian’s success in the EV market is not just luck – it has secured major investments from Ford and Amazon, making it a threat to big players in the industry.
• The company has ambitious plans for expansion, including four assembly plants worldwide and targeting an annual production rate of 1 million electric vehicles by 2030.
• Rivian is also working on more budget-friendly models, with the upcoming R2 platform targeting a $40,000 to $60,000 price range and aiming to compete with popular EVs like the Ioniq 5 and Model Y.

12 years after its birth, Rivian is now asserting itself as a prominent automaker in a nascent market, with the potential to become a legacy automaker in the future. This success is due to no stroke of luck, unless you count the $500 million investment from Ford, and the $700 million investment from Amazon as a blessing from the sky, which they very well might be. Today, Rivian Automotive is worth no less than $100 billion, and is shaping up to become a major threat to the big players in the game.

With international expansion in mind and new cost-saving technologies up its sleeve, the company seems destined to become a permanent fixture in the EV world. The secured partnerships and diverse ventures definitely help as well. Amazon, for example, has placed an order for 100,000 Rivian delivery vans by 2030, as part of its Climate Pledge. As of now, Rivian is already redefining electric off-roading with the R1T, which is the most efficient pickup truck in the EV market, with 360 miles of range. The Rivian R1S, on the other hand, is a high-end SUV that directly rivals the pricier Tesla Model X. If the company plays its cards right it could very well end up becoming the Jeep of electric vehicles. We can already read into the company’s future through the latest announcements and developments, so we’ve decided to give you a deep look at what’s next for Rivian, the rising EV maker.

Related: Here’s How Rivian Will Make Its Future R2 Models More Affordable

Rivian Is Growing From Strength To Strength

In the long run, Rivian plans on having a total of four assembly plants around the world, including additional factories in the US, and possibly one in Europe and one in China. The decision to step foot in the PRC might pay dividends, considering the country represents the largest EV market in the world, and accounts for one-third of global EV sales. The decision definitely worked out for Tesla, which is the second-best-selling electric automaker in the country.

The forgotten legacy automaker, Buick, also owes a lot to its transition to the Chinese market, as it is the only thing keeping it afloat nowadays. At the same time, the competition in China is rather fierce, especially amid the ongoing price war. It will thus be interesting to see how Rivian will handle such a decisive move.

In any case, the growing EV company is ambitiously aiming to reach an annual production rate of 1 million electric vehicles by 2030. The current results definitely seem encouraging, as the novel carmaker managed to produce over 13,992 vehicles in Q2 of 2023, which represented a 218-percent YoY increase, combined with a 183-percent YoY increase in deliveries. In the process, the company will diversify its panoply, with multiple platforms and vehicle sizes to reach that number by the end of the decade. These vehicles will notably reap the rewards of certain partnerships, which have played a key part in the company’s growth.

In June 2023, Rivian confirmed to Reuters that it will adopt Tesla’s charging standard in the near future. This move will add a sizable appeal to Rivian’s vehicles, as it gives customers access to about 12,000 Tesla Superchargers in the United States and Canada. These changes could come into effect as early as spring of 2024. Furthermore, the company will also proceed to implement a Tesla-like charging port standard into its vehicles in 2025.

Related: Here’s Why Rivian Might Be The ‘Jeep’ Of The EV World

Rivian Vehicles Are Entering The Budget-Friendly Fray

While Rivian is releasing high-end SUVs and off-roaders, companies such as Fisker, Tesla are racing towards the budget-friendly end of the market. As EV prices keep on decreasing, automakers will naturally have to adapt, which is what Rivian seems to be doing.

The California-based manufacturer is currently working on a new set of R2 models. The latter will be meant for lower-cost vehicles, Rivian’s CFO Claire McDonough clarified at a Deutsche Bank conference that the company would target a $40,000 to $60,000 bracket for the upcoming R2 vehicles. The first vehicle to be pinned on the R2 platform will likely come in the form of a compact SUV, with a $40,000 price tag. This would put it in direct contention with the Ioniq 5, and the Model Y, which has become the best-selling EV on the planet Of course, these price cuts would involve some trade-offs in terms of interior features, performance, and overall comfort. We’d possibly be a long way from the premium vibe of the R1T and R1S, which has been a core component of the company’s identity.

Provided there are no delays, the more affordable R2 SUV will be presented to the public for the first time in 2024, before going on sale in 2026. The Rivian R2 will aim to hit the roads in large amounts, with 200,000 units targeted for its first year. The goal would then be to double that number afterward, although we don’t exactly know when. Being a volume seller, the Rivian R2 will most likely go beyond the confines of its homeland, possibly to Europe and Asia, where the new factories will be built.

During the Q2 2022 earnings call, Rivian CEO RJ Scaringe explained that the company has been working on localizing its supply chain, in regard to the R2 platform. This strategy could help the Rivian R2 SUV become eligible for the Inflation Reduction Act, which grants up to $7,500 in tax credits on certain vehicles. Such a discount would give the R2 an undeniable advantage over the competition, as only a few EVs enjoy such privileges.

Related: What Makes The Rivian R1T Such An Irresistible Electric Pickup Truck

The Enduro Setup Is Here To Make Off-Roading More Affordable

Do you want a Rivian pickup truck, but aren’t necessarily willing to shell out a minimum of $87,000 for the quad-motor R1T? Well, the company recently accounted for that, with a less expensive, dual-motor version of the R1T. A first sample was presented to a select group of reservation holders. The beastly quad-motor setup churns out 835 horsepower for 908 pound-feet of torque, which translates into a 0-60 mph time of around three seconds, putting it on the equal floor with the Model 3, and even the MG Cyberster. It’s honestly pretty impressive, considering we’re talking about a heavy electric SUV.

Rivian R1T Specs

Although less potent, the dual-motor R1T is still quite the juggernaut, with an output of 533 horsepower, and 610 pound-feet of torque. In consistency with the rest of the panoply, this trim will offer respectable efficiency, with 270 to 400 miles of range on a full charge. These specs come courtesy of Rivian’s in-house developed Enduro Drive units, which first entered production in February 2023.

Initially, the powertrain was used on the company’s electric vans. The automaker has now started using the Enduro-motor system on its regular vehicles as a cost-saving method. The Enduro system will notably be a core component of the upcoming R2 vehicles. The company is also relying on its LFP batteries to reduce 20 percent of manufacturing costs. The R1T Dual Motor version appeared on the official website in July, with an MSRP of $80,750, so we can already see it bearing its fruits.

A performance version of the Dual Motor variant was also introduced. The latter touts a peak output of 665 horsepower and 829 pound-feet of torque. This combo makes for a 0 to 60 acceleration time of 3.5 seconds. Under this setup, the R1T can tow up to 11,000 pounds, while the R1S can tow 7,700 pounds.