“This was a difficult decision, but one that is necessary in order to achieve our goal of turning gross profit positive by the end of the year,” Rivian said in an emailed statement. The electric vehicle startup is working to “right-size the company and ensure The business is aligned with our priorities.” Rivian announced the layoff of 10% of its salaried employees in February after releasing its fourth-quarter and full-year 2024 earnings reports.

Rivian CEO RJ Scaringe said on a company’s media call that the move was about “maximizing the impact we can have as a company.” Scaringe explained that Rivian “is not immune to the current economic and geopolitical uncertainties.”

It is noted that although Rivian exceeded expectations by delivering 13,588 vehicles in the first quarter, the company’s factory in Normal, Illinois, halted production earlier this month for upgrades. The upgrade is expected to “significantly reduce” material costs by the end of the year. Scaringe says they will be introducing a series of “significant changes” that will result in a “significant cost reduction” for the R1S and R1T.

Rivian’s loss per vehicle in the fourth quarter was $43,372, which was slightly higher than the $30,500 loss in the third quarter but still well below the more than $124,000 per vehicle loss in the fourth quarter of 2022. Rivian believes it can achieve a modest profit increase in the fourth quarter after upgrading its factory.

Rivian’s layoffs come as Tesla announced this week that it would cut 10% of its global workforce. Rivian’s shares closed Wednesday near an all-time low of around $8.74, which is down more than 58% from 2024 and down 93% from its all-time high of $172 shortly after going public in November 2021.

The post Rivian lays off employees again, aims for gross profit positivity by year’s end appeared first on TechGoing.

The latest production and sales data released by Rivian failed to meet market expectations. The Amazon-backed company produced a total of 13,980 vehicles in the first quarter ended March 31, up about 50% year-on-year but still down from 17,541 vehicles in the previous three months. Analysts had expected production of about 14,250 vehicles. vehicle.

Additionally, Rivian delivered 13,588 vehicles in the first quarter, down about 3% sequentially but below the 10% to 15% decline it forecast in February.

The company said that in addition to the figures above, it has produced several thousand vehicles, but is currently waiting for parts, so these vehicles have not yet been included in this quarter’s production figures. Rivian reiterated its annual production forecast and plans to shut down production for several weeks in the second quarter to upgrade its production lines.

Rivian launched the new mid-size SUV R2 and crossover R3 last month, and said it will produce the Rivian R2 at its existing U.S. factory, priced at US$45,000 (Note: currently about 326,000 RMB), and the new car is expected to be Deliveries will begin in the first half of 2026.

The post Rivian’s 100,000th vehicle has officially rolled off the production line appeared first on TechGoing.

Additionally, Rivian delivered 13,588 vehicles in the first quarter, down about 3% sequentially but below the 10% to 15% decline it forecast in February.

The company said that in addition to the figures above, it has produced several thousand vehicles, but is currently waiting for parts, so these vehicles have not yet been included in this quarter’s production figures. Rivian reiterated its annual production forecast and plans to shut down production for several weeks in the second quarter to upgrade its production lines.

Rivian launched the new mid-size SUV R2 and crossover R3 last month, and said it will produce the Rivian R2 at its existing U.S. factory, priced at US$45,000 (Note: currently about 326,000 RMB), and the new car is expected to be Deliveries will begin in the first half of 2026.

The post Rivian produced 13,980 new vehicles and delivered 13,588 in the first quarter appeared first on TechGoing.

▲ RIVIAN R2

In terms of appearance, RIVIAN R2 still continues the family-style design. The headlights on both sides are highly recognizable, and the rear uses a through-taillight group. The spoiler adopts a design that is integrated with the body and supports the installation of a bicycle hanger. The length, width and height of the new car are 4715/2144/1700mm, and the wheelbase is 2935mm.

In terms of interior, RIVIAN R2 adopts a minimalist design style similar to Tesla, equipped with an in-line LCD instrument panel and a large-size central control screen. It is worth mentioning that all seats in the car can be folded flat, which also provides users with more space.

In terms of power, RIVIAN R2 will be available in three versions: single motor, dual motor, and triple motor (specific parameters have not been disclosed). Officials stated that the new car can accelerate from 0-96km/h in less than 3 seconds and has a cruising range of up to 300 miles (483km). The new car will adopt North American charging standards and use Tesla charging piles.

▲Rivian R3

In addition, Rivian also announced the R3 series of models, which are smaller in size than the R2 and will offer lower prices in the future. The R3X is an enhanced performance version of the R3. The Rivian R3 series models also use a family-style headlight design, but the overall feel is more retro. The current price of this model has not been announced.

The post Rivian R2 model released, starting at US$45,000 appeared first on TechGoing.

The latest trailer shows the rear of the RIVIAN R2. It can be seen that its design is exactly the same as the previously released R1S. The car is expected to use through-type taillights and have similar rear windows.

Spy photos of the car have been exposed before. Although the pictures are not very clear, it can be seen that this car is like a small R1S. It adopts a family-style front face shape, and a through-type light strip connects two oval-shaped Light set. Coming to the side, the car has straight lines, and the roof and some pillars are painted in black. However, due to the lower positioning, the chrome decoration on the R1S was cancelled.

This car uses a simpler electrical architecture than the R1S, and the cost can be further reduced. It is reported that it will be equipped with dual motors and the cruising range is expected to reach 300 miles (483 kilometers). Officials hope that this car can bring “Model 3”-style success to Rivian and bring higher sales at a more affordable price.

The post Latest trailer of Rivian R2 will be released on March 7 appeared first on TechGoing.

RIVIAN is a new car brand in the United States. It has previously launched the electric medium and large SUV RIVIAN R1S and the electric pickup truck RIVIAN R1T. There are currently only photos of the RIVIAN R2 covered with car clothing. It can be seen that the car continues the relatively square shape design of the RIVIAN R1S. The rear of the car that is almost vertical to the ground is full of the flavor of a hardcore off-road vehicle. However, it can be clearly seen that the size of the car is one size smaller than the RIVIAN R1S.

Previously, foreign media drew a hypothetical picture of the RIVIAN R2. It can be seen that the car is expected to be equipped with a RIVIAN family-style front face, equipped with a through-type LED light strip + two oval light rings, and inside the light ring are high and low beam light groups. The car is expected to have an off-road style appearance. It will adopt an ultra-short front and rear overhang design to increase the approach and departure angles. The design of the blackened AB pillar and wide C-pillar is somewhat similar to the Land Rover Discovery series.

In terms of power, the car will be driven by pure electric power. It will use a simpler electrical architecture than the RIVIAN R1S, and the cost will be further reduced. According to foreign media speculation, the car may use a dual-motor four-wheel drive system, and the cruising range is expected to reach 300 miles (483 kilometers).

The post Rivian R2 pure electric SUV will be unveiled on March 7 appeared first on TechGoing.

The agreement stipulates that Rivian will rent land and machinery to operate the factory, for which the company will pay approximately US$300 million in property taxes. The plant is also expected to produce Rivian’s next-generation R2 platform for future models.

▲ Image source: Georgia

Rivian originally announced plans in 2021 to build a $5 billion electric vehicle factory outside Atlanta, Georgia. It is planned that the new factory will employ more than 7,500 people and eventually have an annual production capacity of 400,000 vehicles.

“This is a great day,” JDA and GDECD said in a statement. “Leasing the site to Rivian is a great opportunity to realize this generational opportunity and create jobs for the residents of Jasper, Morgan, Newton and Walton counties in Georgia. The next step of opportunity.”

The plant is located off the I-20 corridor east of Atlanta, near the historic Walton County community of Social Circle and bordering Morgan County. This will be Rivian’s second manufacturing facility, following its first in Normal, Illinois, which builds the R1T pickup truck and R1S SUV.

THIS IS A SPONSOR PROMOTION: >>>>>>>>>>>>>

Geekwills is an online shop that connects consumers with millions of products and brands around the world with the mission to empower them to live their best lives. Geekwills is committed to offering the most affordable quality products to enable consumers and sellers to fulfill their dreams in an inclusive environment.

The post Rivian to invest $5 billion to build electric vehicle factory in Georgia appeared first on TechGoing.

 Revenue: US$1.337 billion, a year-on-year increase of 149%, analysts expected US$1.31 billion

 Net loss: US$1.367 billion, a year-on-year decrease of 21%

 Negative gross profit margin: US$477 million, compared with 917 million CNY in the same period last year

 R&D expenses: US$529 million

 Loss per share was $1.44; third-quarter adjusted loss was $1.19 per share, while analysts expected a loss of $1.32;

 Cash and cash equivalents of $7.94 billion, analysts expected $8.37 billion;

Rivian said that the growth in revenue was mainly driven by increased deliveries. Its Q3 production was 16,304 vehicles and its delivery volume was 15,564 vehicles, an increase of 17% and 23% respectively from the previous quarter.

In addition, the company is no longer bound by the exclusive supply agreement with Amazon and may sell commercial electric vans to third parties; it expects a full-year adjusted EBITDA loss of US$4.0 billion, and the company originally expected a loss of US$4.20 billion.

Rivian expects to produce 54,000 vehicles for the full year, compared with the company’s original forecast of 52,000 vehicles. As of the third quarter, its cumulative production has reached 39,691 vehicles. While raising its production forecast, Rivian also lowered its loss forecast to US$4 billion.

THIS IS A SPONSOR PROMOTION: >>>>>>>>>>>>>

Geekwills is an online shop that connects consumers with millions of products and brands around the world with the mission to empower them to live their best lives. Geekwills is committed to offering the most affordable quality products to enable consumers and sellers to fulfill their dreams in an inclusive environment.

The post Rivian Q3 Revenue of $1.337 Billion Up 149% Y/Y, Deliveries of 15,564 Vehicles Up 23% YoY appeared first on TechGoing.

▲ Pictured is Rivian Forums

According to reports, the vehicle is the pure electric pickup truck with the longest range on the market. When the entire Rivian R1T series came out, the car had a cruising range of 314 miles (approximately 505.33 kilometers). The new cars delivered now are equipped with Max Pack battery packs, and the cruising range can reach 410 miles (Note: Note: Approximately 659.83 km)

▲ Picture source Rivian, the same below

In addition, deliveries of the Max Pack long-range version of Rivian’s R1S SUV model will begin later this fall.

Official website information shows that the Rivian R1T can pass through more than 3 feet (about 91.44 cm) of water and can complete rock climbing and other actions. It has a ground clearance of 14.9 inches (about 378.46 mm). It is said to be able to traverse almost any terrain and has a traction force of up to 11,000 pounds (approximately 4.994 tons). In terms of power, the car can accelerate from 0-60 miles per hour in just 3 seconds.

It was previously reported that Rivian’s third-quarter deliveries reached 15,564 vehicles, higher than Wall Street analysts’ expectations.

Rivian said it is on track to meet its goal of producing 52,000 vehicles in 2023. Currently, Rivian’s models on sale include the R1T pickup truck and R1S SUV.

The post First batch of Rivian R1T Max Pack models delivered, with the range of about 660km appeared first on TechGoing.

The data show that Rivian’s total revenue for the quarter amounted to 1.121 billion U.S. dollars (currently about 8.105 billion yuan), higher than the previous market expectations of 1 billion U.S. dollars (currently about 7.23 billion yuan), compared with 364 million U.S. dollars in the same period a year ago (currently about 2.632 billion yuan), a year-on-year increase of 207.69%. As of June 30, Rivian has generated $1.782 billion (currently about RMB 12.884 billion) in revenue this year.

In terms of production and sales, Rivian produced 23,387 new vehicles and delivered 12,640 new vehicles during the quarter, representing a 59 percent increase in deliveries year-over-year.

In addition, Rivian reported an operating loss of US$285 million (RMB2,061 million) for the quarter, a significant decrease from US$1,708 million (RMB12,349 million) in the same period last year. In terms of capital expenditures, Rivian reported capital expenditures of $255 million (RMB 1.844 billion) for the quarter, down from $359 million (RMB 2.596 billion) for the same period last year, which officials said was due to the company being in the early stages of production ramp-up last year and needing to invest a higher amount in equipment and construction.

Rivian owners will be able to use Tesla Superchargers with adapters starting in 2024 and will make Tesla-style charging ports standard on their vehicles starting in 2025, as well as adopting Tesla’s charging standards. Rivian CEO RJ Scaringe said the deal will give buyers of Rivian’s all-electric pickup trucks and Rivian CEO RJ Scaringe said the deal will allow buyers of Rivian’s all-electric pickup trucks and sport utility vehicles to better “take advantage of Tesla’s vast network of charging stations”.

The company said it will continue to expand its charging network as they build the R1T pickup and R1S SUV. The company has previously said it plans to build more than 3,500 charging stations.

The post Rivian Reports Q2 Results: $1.121 Billion in Revenue for the Quarter appeared first on TechGoing.