How RJ Scaringe Is Driving Rivian Straight At Elon Musk

With sales of costlier electric cars cooling, Rivian CEO RJ Scaringe is going to woo consumers with a smaller SUV and a smaller $45,000 price tag.storm is brewing on a chilly, gray winter day in Palo Alto, California. Still, RJ Scaringe is in a great mood as he power walks through Rivian’s leafy Silicon Valley campus, with one “let me show you this — it’ll just take 30 seconds” after another.

Being more competitive on price is essential as the EV market evolves. Recent weeks have seen big cost-cutting moves, including Tesla’s $1,000 reduction for the Model Y and cheaper lease offers from Rivian as well as new “Standard” versions of R1T and R1S starting at just under $70,000 and $75,000 respectively. And Ford CEO Jim Farley recently announced plans for new EVs priced below its Mustang Mach-E crossover and F-150 Lightning pickup.

Rivian will update shareholders on its outlook for 2024 on Feb. 21, when it posts its fourth-quarter and full-year financial results for 2023. Because of a scheduled plant shutdown, analysts like Ben Kallo at Baird Equity Research expect a slower growth pace this year, with deliveries of about 66,000 vehicles. That compares to the 2 million or so EVs Tesla is expected to sell.

“If we were to do this differently, like wind the clock back, we would have created more space between R1 T, R1 S” and the delivery van, Scaringe said. “One vehicle launch is hard. Three vehicle launches in parallel are very hard. And three vehicle launches when the operating challenges of running a team amid the first global pandemic in modern society, that's really hard.”

Rivian is particularly aware of these issues as it deploys mobile service trucks to fix its vehicles. And Scaringe said it’s working to solve them.

Source: Tech Daily Report (techdailyreport.net)

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