Electric vehicle sales continue breaking records as automakers ramp production. Compared to other EV startups like Lucid (LCID) and VinFast (VFS), Rivian (RIVN) is outpacing the pack as registrations continue rising.
Rivian’s EV registrations rise through July
Rivian placed eighth in terms of US registrations from January through July, with 2.8% of the overall EV market, according to recent Experian data (via Automotive News).
The EV maker recorded 2,750 registrations in July for its R1T and R1S electric SUV, a slight improvement over its monthly average of 2,596 through the first half of the year.
From January to July, Rivian’s new registrations reached 18,359 (not including EDVs). Rivian’s R1T electric truck had 7,611 of those registrations, while the R1S had 10,748. The company is transitioning to produce more R1S models to meet the higher backlog. R1S models represented 70% of units of R1 series models built in Q2.
After crushing second-quarter estimates with production rising 50% from Q1 (13,992 units), Rivian raised its guidance for the year to 52,000. According to CEO RJ Scaringe, ramping up its in-house Eduro drive units is a “key enabler” to near-term production performance.
Speaking at Morgan Stanley’s 11th annual Laguna Conference Thursday, Scaringe says the company has “rounded the corner.”
Rivian production at its Normal, Ill facility (Source: Rivian)
As the EV maker utilizes its Normal, Ill production facility more efficiently, Rivian’s margins are improving. Gross profit per vehicle delivered improved by $35,000 in the most recent quarter.
Despite the progress, the R1T was beat out by Ford’s F-150 Lightning with 11,883 registrations through July. Ford slashed prices in July by up to $10,000, which the automaker says is helping to drive up demand.
Ford’s lowest-priced F-150 Lightning Pro model now starts at $51,990 (with shipping) with 240 miles EPA range. Meanwhile, the Rivian R1T starts at $74,800 (including shipping) with an estimated 270 miles of range.
Rivian R1T (Source: Rivian)
Outpacing other startups
Despite the strong growth in EV sales in the US, many startups like Lucid, VinFast, and Fisker are struggling to find their market.
Lucid had 348 registrations for its luxury Air EV in July, bringing its yearly total to 3,789 through July. The luxury EV maker dropped prices by up to $12,400 last month, with the 2023 Air electric sedan starting at $82,400.
Lucid Air electric sedan (Source: Lucid Motors)
Production has slipped after peaking in the fourth quarter of 2022, with 4,487 EVs built through the first half of the year. Lucid fell behind Porsche, Cadillac, and Subaru in July’s EV rankings, placing 18th.
Porsche’s sole electric vehicle, the Taycan, recorded 3,935 registrations from January through July, surpassing the Lucid Air.
Analysts point to Lucid’s competition with Tesla, which has slashed prices all year, as the reason for the struggles. Tesla’s Model S now starts at $74,990 with a 405-mile estimated range.
VinFast VF 8 models (Source: VinFast)
Meanwhile, Vietnamese newcomer VinFast had 19 new VF 8 electric SUV registrations in July, bringing the seven-month total to 170.
VinFast debuted on the Nasdaq stock exchange last month, with its value quickly surpassing that of Ford and GM. However, the EV maker’s value has fallen significantly over the past month, with share prices down over 80% from their peak.
Fisker Ocean (Source: Fisker)
After delivering its first EV in the US in June, Fisker’s Ocean had 30 new registrations in July, bringing the total to 37 for the year. Due to its recent launch, Fisker ranked last among the 26 brands in July.
With Rivian outpacing the group, Wedbush analyst Dan Ives said he sees the company as “one of the core EV players over the next decade” last month. He added, “Demand looks strong” and “visibility is improving into 2024.”
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Chinese EV brand ZEEKR has announced a new design refresh to its flagship 001 EV model – the second in as many years. This latest upgrade to the 001 features ZEEKR’s 900V architecture, enabling better performance and some of the fastest charging speeds we’ve seen. The interior also appears quite cozy, allowing for a starry night setting on the panoramic roof.
If you know anything about the EV brand ZEEKR, you’ve probably heard of the 001 shooting brake EV. The flagship EV initially debuted in April 2021 and found early success in China before expanding its availability to new markets in Europe.
By 2023, the 001 has contributed to 64% of Zeekr’s annual global sales, including a high-performance quad motor variant called the 001 FR that was introduced in 2023. However, ZEEKR began selling a new model called the 007 in January 2024, which immediately overtook the 001 in popularity.
As a result, ZEEKR introduced a 001 refresh in February 2024, which offered customers new, lower-priced trims, plus improved performance. Even after the refresh, ZEEKR’s other models, like the 007 GT (which features newer tech at a lower price), continue to outsell the 001. So, ZEEKR has gone back to its design lab and introduced yet another 001 refresh for 2025, a much bigger overhaul.
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Source: ZEEKR/WeChat
ZEEKR 001 refresh will hit the market on October 11
Although most of China is currently on holiday to celebrate the Mid-Autumn Festival, ZEEKR’s marketing team was hard at work, sharing numerous images, videos, and performance specs of the new 001 refresh on social media channels like Weibo and WeChat.
According to the company, the 2025 001 refresh EVs are already making their way to ZEEKR showrooms around China before the official launch and start of deliveries on October 11. Those pre-order holders will be some of the first to experience the new 001 upgrades, which are centered around ZEEKR’s new E-Powertrain technology – a full-stack 900V architecture.
This is a significant upgrade from the 001’s previous 800V system. The result is significantly faster 12C charging, enabling 10-80% SOC in just seven minutes. Variants include an AWD version that offers 925 hp (680kW), accelerating from 0 to 100 km/h (0 to 62 mph) in 2.83 seconds to a top speed of 280 km/h (174 mph).
ZEEKR is also selling a RWD variant powered by CATL’s Qilin battery technology, offering notable (CLTC) range improvement of up to 810 km (503 miles). This version was equipped with a larger pack (113 kWh) compared to the 100 kWh in the 2024 model, which achieved a CLTC range of 750 km (466 miles).
Source: ZEEKR/Weibo
The 2025 ZEEKR 001 refresh also features plenty of upgrades to the interior. As showcased by the automaker in a video on Weibo, a new interior design theme called “Starry Sky Concert Hall” features premium textiles and an immersive display that can be activated across the EV’s interior roof. As you can see in the video here, stars and constellations twinkle amidst the glow of the moon, while shooting stars occasionally fly across the ceiling.
Other upgrades in the 001 refresh include a new chassis and “CCD Electromagnetic Damping System,” inclusion of ZEEKR’s G-AES (General Obstacle Avoidance) emergency active safety technology, which enables automatic avoidance at speeds up to 130 km/h (81 mph), and all-scenario tire blowout protection which can keep the shooting brake stable at speeds up to 120 km/h (75 mph) after a tire fails.
As mentioned above, the ZEEKR 001 refresh is expected to reach customers in China this weekend; however, there is no word yet on whether or when it will become available in other markets, such as Europe.
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California is taking significant enforcement action against Tesla Insurance, alleging the company has been systematically failing to handle claims properly and harming its customers in the state. The California Department of Insurance announced the action, threatening to revoke Tesla’s license to operate in the state and impose significant fines.
This isn’t the first time we’ve seen Tesla’s insurance arm in hot water, but this action from a major market like California represents a serious escalation.
According to the press release, the California Department of Insurance has issued “Accusations” and “Notices of Orders to Show Cause” against Tesla Insurance Services, Inc., Tesla Insurance Company, and their partner, State National Insurance Company. The Department alleges that these companies have repeatedly failed to comply with California’s claims handling laws, leading to significant harm for policyholders – most of whom are Tesla drivers.
The Department of Insurance laid out some of the core allegations:
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Egregious delays in responding to policyholder claims in all steps of the claims handling process, causing financial harm, out-of-pocket expenses, potential third-party liability exposure, and distress to policyholders.
Unreasonable denials and delays in fully paying valid claims to consumers. Failure to conduct thorough, fair, and objective investigations of claims, thus denying consumers the insurance benefits they expect.
Failure to advise policyholders of their rights to have their claims denials reviewed by the Department – a major consumer protection in California to make sure insurers are held accountable by their regulator.
The state claims that despite numerous warnings and meetings where Tesla and its partners promised to improve, “the number of justified consumer complaints and violations continued to mount.”
The companies now face potential penalties of up to $5,000 for each unlawful, unfair, or deceptive act, or up to $10,000 for each act determined to be willful. Given the Department alleges “hundreds” of mishandled claims, the fines could quickly add up into the millions.
The companies have 15 days to respond to the allegations. If the issues are not resolved, the case will go before an administrative law judge to determine if Tesla can continue to sell insurance in California.
Electrek’s Take
That does sound like Tesla, especially the part where they are ignoring the notices.
This might be more important than it sounds, as insurance is critical to Tesla’s future, particularly if it is to be an autonomous one.
Tesla first started its insurance arm to lower cost to customers and “better account for how its autonomous driver assistance features improve safety.”
However, ultimately, Tesla drivers would find it hard to insure vehicles with level 3-5 autonomous driving technology, and Tesla planned to offer those services whenever it actually achieves these levels of autonomy.
Based on these statements by the California Department of Insurance, it doesn’t sound like Tesla is ready to take on that responsibility.
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Due to Tesla still referring to them as “new, more affordable models”, many people believed that Tesla would still bring to market new, cheaper models.
In fact, the automaker initially stated that it would arrive in the “first half of 2025.”
The new stripped-down Model Y is codenamed E41 and is expected to feature cheaper materials and fewer features than the normal Model Y, which starts at $45,000 in the US.
It is expected to be equipped with more affordable materials, such as a textile interior, and to lose the Model Y’s glass roof, as well as features like the rear screen and more.
Electrek’s Take
The problem with this program is that, rather than launching a brand-new model, it will mostly cannibalize Tesla’s existing Model Y sales.
At best, it will boost Model Y demand by ~10-15% when Tesla’s production capacity is operating at ~60%.
And to achieve that, I think the variant needs to be closer to $35,000 than the $40,000 we have seen in leaks earlier.
If that’s the case, I think it will do the same thing at the Cybertruck RWD that only lasted a few months because people felt they lost too many features for the $10,000 price difference.
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