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As EV deliveries pick up, Rivian’s (RIVN) CEO RJ Scaringe says the company is seeing significant progress in lowering costs. As losses improve, Rivian’s leader explained, “We will see a very clear” set of steps toward profitability.

Scaringe made the comments Tuesday morning in an interview with CNBC’s “Squawk Box,” explaining the EV maker’s production ramp and improving financials.

The interview comes a day after Rivian beat expectations, delivering 15,564 electric vehicles in Q3. Rivian’s Q3 deliveries improved 24% from last quarter’s total of 12,640.

Rivian also produced 16,304 EVs during the quarter, up 17% from 13,992 in Q2. As the startup better leverages its Normal, Illinois facility, Rivian believes it can make a profit on each vehicle made by the end of next year.

Although the company’s growing deliveries are getting all the attention, many want to know when Rivian will turn a profit.

Rivian’s average transaction price is over $80,000 per vehicle, yet the company is still losing money on each car built.

Rivian-profitability
Rivian loss per vehicle

Many reports have been quick to point out that Rivian lost $32,595 on each vehicle it made in Q2, but this is still a 50% improvement from Q1’s loss per vehicle of $67,329.

Is Rivian on the road to profitability?

Scaringe has previously said he sees Rivian reaching a break-even point on each EV built by the end of next year. Reaffirming these comments, Scaringe told CNBC the company is seeing significant progress quarter over quarter.

Rivian-profitability
Rivian quarterly production and deliveries (Source: Rivian)

He added, “What we’re going to see is a very clear staircase or set of steps that get us to profitability as a business.”

Rivian’s production ramp is the foundational piece to achieving profitability. After beating Q3 expectations, Rivian confirmed it’s on track to reach its 52,000 annual production guidance.

The introduction of its in-house Enduro drive units and LFP battery packs have been a key enabler of the recent production ramp.

Rivian-profitability
Rivian Dual-Motor R1T (Source: Rivian)

Rivian ended the second quarter with around $9.2 billion in cash and equivalents, which will help fund its production ramp. When asked if the company will need to raise funds before introducing its next-gen R2 products, Scaringe said Rivian is focused on efficiently deploying capital and is “very comfortable with the fact that we’ve maintained a strong balance sheet.”

Scaringe reiterated that he does not see customer overlap with Tesla’s Cybertruck and the Rivian R1T. Instead, “it’s really important to have choice, to have selection, to have variety,” as Scaringe explained.

Electrek’s Take

With production and deliveries improving again quarter over quarter, Rivian will likely see another gross margin improvement.

Another 50% improvement would be impressive, suggesting an around $16,300 loss per vehicle. However, production and deliveries also grew 50% and 60%, respectively, in Q2.

In the third quarter, Rivian production and deliveries advanced 17% and 24%. Meanwhile, the company is leveraging fixed costs, improving efficiency with in-house components, and working to reduce operation costs.

We’ll learn more about Rivian’s financial situation and when we can expect the EV maker to reach turn profitable on November 7, when Rivian releases its Q3 earnings report.

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Huawei Maextro set to challenge Maybach, Rolls-Royce in China with 852 hp

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Huawei Maextro set to challenge Maybach, Rolls-Royce in China with 852 hp

Packing up to 852 hp and a cutting-edge technology stack developed by Huawei, Chinese luxury brand Maextro just revealed its latest entry into the Mercedes-Maybach EQS and Rolls-Royce Spectre segment of ultra-luxe EVs. Meet the all-new Maextro S800.

Despite a somewhat steady stream of new Chinese EVs that defy expectations and threaten to re-set the global order of performance cars, semi trucks, and just about everything in between, brands like Maybach, Rolls-Royce, and even Bentley have seemed relatively “safe,” in the sense that their value is based on something a bit less objective than lap times or kW/mile.

The new Huawei Maextro S800, first shown as a series of renderings late last year, seems to have found some of Henry Rolls’ secret sauce – and they’ve sprinkled it liberally all over the S800.

Huawei sparkles – literally

The shimmering, sparkly, fiber-optic headliner was pioneered by Rolls-Royce over a decade ago, pushing back against the more open and accessible glass-roofs that were becoming popular in the higher end market. Huawei goes a step further, adding similar, Swarovski-like shimmer to not just the headliner – but the door handles, the headlights, projections dancing around the car as you approach it in the street.

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It looks and feels special, in other words. And these cars are all about making their owners feel special. Different.

When Henry Rolls began work on his first US factory in Springfield, Massachusetts way back in 1919, there was supposedly a mantra that management repeated to the workers. It went, “every time you touch the car, you add cost. Make sure you add value.”

I’m not here to argue that Huawei is living up to the same maxim with the Maextro, but I am here to argue that this car’s bespoke, purpose-built platform doesn’t share any parts with a lesser offering from the Mercedes or BMW or Volkswagen lineup in the way that a Maybach, Rolls-Royce, or Bentley does. That may not mean much to you and me, but the people shopping six- and seven-figure cars, it might.

Those well-heeled buyers will get a choice of EREV or “pure” battery electric powertrains good for between 480 and 852 all-electric horsepower. 32 ADAS sensors including both radar and lidar compliment a suite of cameras analyze the road ahead and feed data to Huawei’s ADS road perception system, which is constantly adjusting torque distribution, suspension compression and rebound, and front and rear steering to deliver a tech-driven chauffeur experience that Huawei insists is second to none.

That digital chauffeur is also pretty handy when the weather goes sideways, too. Huawei says the Maextro’s sensor array can help it to increase the detection distance in rain, fog, and dust by 60% compared to the benchmark, while delay was reduced by 40%.

In the event a collision is unavoidable, the car can adjust its stance, seating position, raise the windows, and unlock the central control lock to enable outside help to open the doors. Following the collision, the Maextro S800 switches the redundant power supply and calls for help, as well.

Finally, reports indicate that the Maextro S800 supports the 800V high-voltage system in some trims, suitable for 6C charging, which means it can be energized with up to 390 kW of charging power, taking just 10.5 minutes to charge the 66 kWh battery in the EREV version (523 hp) from 10% to 80%.

The Maextro S800 will enter the Chinese in May this year with a price range of 1 – 1.5 million yuan (about $135–205,000 US).

SOURCE | IMAGES: Maextro, via CarNewsChina.

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Volvo Penta set to show off its new BESS subsystem at bauma 2025

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Volvo Penta set to show off its new BESS subsystem at bauma 2025

Volvo Penta will debut its latest modular and scalable battery energy storage system (BESS) platform for the off-grid construction and mining industries at the bauma equipment show – here’s what you can expect.

Best-known for its marine engines and gensets, Volvo Penta is the power production arm of the Volvo Group, specializing in putting energy to work. Operating under the tagline, ‘Made to Move You’, Volvo Penta is headed to bauma 2025 with a plan to keep construction, port shipping, and mining operations moving productively and competitively throughout their transitions to battery and (in theory, at least) hydrogen power.

To that end, the company will show off a job site ready version of the scalable and modular BESS subsystem concept shown last year.

Volvo says its new, modular BESS subsystem will enable other OEMs and third party system integrators to seamlessly deploy electric power to meet the ever-exceeding energy needs in construction and mining.

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“Our modular and scalable battery-electric platform is designed to support the electrification ecosystem—combining high-performance drivelines with the crucial energy storage subsystems for efficient charging and operation in construction and mining,” says Hannes Norrgren, President of Volvo Penta Industrial. “We want to meaningfully collaborate with our customers on value-added customization that will enable them to stay productive, efficient, and future-ready.”

The Penta substation at bauma will be built around the company’s “Cube” battery pack, an energy-dense solution with a favorable C-rate designed to make it easy for BESS manufacturers to offer more compact job site solutions capable of charging and discharging energy with high levels of speed and efficiency, enabling both stationary and mobile BESS configurations that can change and grow to meet the evolving needs of a given asset fleet or project.

A Volvo Penta-developed DC/DC unit converts the voltage from the Cube battery packs (600 V) into lower voltage (24 V) for powering auxiliaries and portable offices.

Electrek’s Take

BESS concept packed with Penta Cube batteries; via Volvo.

Volvo Penta has always provided power. Historically that’s been from combustion, but the company is looking ahead, developing products that will bring energy to job sites, tractors, and more long after the last ICE engine shuts down.

SOURCE | IMAGES: Volvo Penta.

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Rivian Upfit Program offers fleet managers custom solutions for its EVs

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Rivian Upfit Program offers fleet managers custom solutions for its EVs

Just days after Rivian announced that it would be making its iconic electric delivery vans available to anyone willing to pay for one, the company launched the new Rivian Upfit Program, offering a “one-stop shop” to help fleet managers put its EVs to work.

Launched in partnership with commercial vehicle heavyweights Ranger Design, Sortimo of North America, Bush Specialty Vehicles, Holman, LEGEND, and EV Sportline, the Rivian Upfit Program helps fleet buyers make the switch to electric by simplifying the ordering process and delivering an experience that more closely reflects the experience fleet managers get at dealerships.

Despite partnering with leading brands and launching into a well-establish market, however, the program’s web page seems largely aimed at people outside the space – even kicking off with an explanation of what upfitting is:

Upfitting is the process of customizing a vehicle in order to meet fleet, business, or individual consumer needs to tackle the job at hand. This work is done after the vehicle has been built and released from the factory, and can include everything from shelving modifications, flooring options, to sirens and flashers and much more.

RIVIAN UPFIT PROGRAM

The program was announced on LinkedIn with a number of photos indicating upfit options for Rivian’s R1T and R1S vehicles focused on lifeguard and roadside assistance duty, and Rivian’s van upfit with a HVAC/telecom style toolbox arrangement.

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No word on pricing or turnaround time.

Electrek’s Take

The general consensus around the Electrek water cooler is that the direct-to-consumer model offered by Rivian, Tesla, and even CarMax deliver a superior customer experience, I’ve consistently drunk the franchise dealer Kool-Aid, arguing that the industry-leading margins enjoyed by these companies actually indicate they’re giving consumers an objectively worse deal than they’d get in a more competitive dealer landscape.

That same competitiveness has led to talented fleet managers at those franchise dealers putting in the effort to get to know the needs of the businesses and buyers in their regions, to understand what upfit options makes sense for their local markets, and – crucially – what to stock for quick turnaround when their customers need it.

Rivian is hoping its upfit partners will do a lot of that heavy lifting for them, but my two cents is that if building cars is hard, building relationships is harder, and Rivian isn’t going to make a good first impression by talking down to its customers. If you think differently, let me know how I got it wrong in the comments.

SOURCE | IMAGES: Rivian, via LinkedIn.

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