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Rivian R1T second gen hero

I drove the next-generation R1S and R1T electric vehicles from Rivian, and my main takeaway is that the company is getting better at making electric vehicles.

Not that it wasn’t good before, but it clearly needs to keep getting better to get to profitability.

Last week, Rivian invited me to Seattle to check out the next-generation of its R1 vehicles: R1T and R1S.

I already shared all the main changes, which are primarily aimed at reducing Rivian’s manufacturing costs, but here I am going to share my first driving impressions.

Electrek’s Seth Weintraub was supposed to go to the drive, and he would have been a better reviewer, considering he owns a first-gen Rivian R1S and has much more experience than I do behind a Rivian wheel to highlight the differences in this new generation.

However, some scheduling conflicts mean you are stuck with me, who has little to no experience with Rivian vehicles. I’ll do my best.

Again, the main goal of this update was clearly cost reduction. Rivian needs to roughly half its production costs in order to turn its gross margin positive and achieve profitability to support its expanding infrastructure, like service centers, charging stations, and more.

As I wrote in my previous post, the concern was that as Rivian cuts costs, it would damage its premium customer experience by making its vehicles “cheaper,” so to speak. I have been reassured on that front.

Most of the changes have to do with improving the manufacturability of Rivian’s vehicles, which will have no direct impact on the driver experience. However, in order to achieve higher manufacturability, Rivian did things like bring more motor engineering and manufacturing in-house.

That has allowed the company to get more out of its many motor and battery combinations – resulting in impressive improvements in specs:

I love all these options. There’s something for everyone… who can afford a $80,000+ vehicle.

You have the same options on the R1S, the SUV version, but it is a bit slower than its pickup counterpart, and has a third-row.

During my day of driving the next-gen R1s, I got to spend a little bit of time in the R1T Quad Max to do a few launches on a drag strip:

I’m not sure why you’d want to bring your pickup truck to the drag strip, but it’s nice to have that power when you can use it.

I couldn’t get the 2.5-second advertised 0 to 60 mph time, but I came close at 2.7-second, and I saw some other media people get it while on the drag strip.

Rivian also brought us to DirtFish to do a bit of rally, in a 6,000-lbs vehicle, yes, and some off-roading.

I was particularly impressed by the ability to control many different levels of traction controls and regenerative braking in rally and off-road modes.

Now, that’s all fun and games, and the R1s are both very capable off-road, but let’s be honest, most people are going to use these vehicles on road, and for good reasons.

Both the R1S and R1T have a great balance of premium luxury experience and utilitarian capabilities.

First off, the interior is absolutely splendid. I love the aesthetics. It’s like a nice compromise between Tesla’s ultra-minimalist software-based approach and the crowded luxury of some of the legacy luxury automakers.

I am a big fan of the new Plaid package in this particular version and the seats are super comfortable both in front and back.

There are a few software features that I’m jealous not to have in my Tesla, like Chromecast from your phone. That’s pretty cool.

On the road, the R1S was a smooth drive. I never drove the previous generation, but I know it was using the same suspension as the R1T tuned differently and that means some compromises. With the second generation, Rivian decided to go with some hardware changes between the R1S and R1T’s suspensions.

I was driving with Quinn from Snazzy Labs, who owns a R1S, and therefore, he was able to note a significant improvement.

Even with this improvement that I can’t quantify, I have to say that I preferred driving the R1T. You don’t feel the weight of either vehicle, thanks to the extremely responsive electric drivetrain, but I liked the slightly more dynamic driving of the pickup.

As a Tesla driver on the highway, I got so used to ADAS that I quickly missed it for any decent-distance travel.

I was happy to see that Rivian has updated its autonomy system with the next-generation R1 platform. The autonomy hardware suite now includes 11 cameras all around the vehicles with 8 times the number of megapixels. There are also 5 radars and ultrasonics all around:

You need a powerful onboard computer to handle all the data coming from all these sensors, and Rivian is partnering with Nvidia on that front. The automaker is now using a much more powerful autonomy computer:

With this suite, Rivian is aiming for level 3 autonomous driving, but the automaker is not sharing a timeline for that goal.

In the meantime, the company plans to release more and better ADAS features through over-the-air software updates.

I got to try the lane change feature on the highway in a R1S and it worked very well:

However, Rivian still has plenty of room to improve when it comes to lane centering, especially at higher speeds and in curves.

With this new next-generation, for the higher-end versions, Rivian is offering a new “Dynamic Glass Roof” that can change color and opacity at the touch of a button:

But the utilitarian aspects of these vehicles is really where Rivian shines. Obviously, you have the 7-seater third row in the R1S with still plenty of storage space thanks to the giant frunk:

Speaking of the frunk, you also have it on the R1T. Frunks are really great for electric pickup trucks since your trunk is replaced by a bed, which you tend not to keep as clean as the rest of the truck.

That means that you run low in clean cargo space, and that’s what a frunk provides. The R1T’s frunk is great for that, but Rivian goes a step further with its gear tunnel:

The gear tunnel is exactly what it sounds like, a tunnel for gear that runs behind the cabin and in front of the rear wheel.

Between that, the frunk, and the bed, I think it makes the R1T the most utilitarian pickup of its size, electric or not.

Electrek’s Take

Rivian is getting better at making electric vehicles without compromising on its owner experience.

Whether it will be enough to get to a positive gross margin, I don’t know. CEO RJ Scaringe warned that Q2 won’t be representative of the changes since the switch to the next-gen happened in the middle of the quarter, but we should have a much better picture of the situation in Q3.

Based on all the changes, I’m sure that it will result in significant improvements in gross margins, but I don’t know if it will be enough to erase completely the $36,000 in losses for every vehicle delivered. We will see.

In the meantime, this next-generation should also help Rivian continue selling its R1 vehicles with enough updates and upgrades to continue making them a unique offering in the premium SUV and pickup segment.

Now with Supercharger access and improving ADAS system, it is increasingly becoming an interesting option.

I’m seriously considering a R1T for my first electric pickup truck. My Cybertruck review is coming soon, and I’ll do a comparison.

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Environment

Oil giant BP is seen as a prime takeover target. Is a blockbuster mega-merger in the cards?

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7 hours ago

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April 15, 2025

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Oil giant BP is seen as a prime takeover target. Is a blockbuster mega-merger in the cards?

BP logo is seen at a gas station in this illustration photo taken in Poland on March 15, 2025.

Nurphoto | Nurphoto | Getty Images

Oil giant BP has been thrust into the spotlight as a prime takeover candidate — but energy analysts question whether any of the likeliest suitors will rise to the occasion.

Britain’s beleaguered energy giant, which holds its annual general meeting on Thursday, has recently sought to resolve something of an identity crisis by launching a fundamental reset.

Seeking to rebuild investor confidence, BP in February pledged to slash renewable spending and boost annual expenditure on its core business of oil and gas. CEO Murray Auchincloss has said that the pivot is starting to attract “significant interest” in the firm’s non-core assets.

BP’s green strategy U-turn follows a protracted period of underperformance relative to its industry peers, with its depressed share price reigniting speculation of a prospective tie-up with domestic rival Shell. U.S. oil giants Exxon Mobil and Chevron have also been touted as possible suitors for the £54.75 billion ($71.61 billion) oil major.

Shell declined to comment on the speculation. Spokespersons for BP, Exxon and Chevron did not respond to a request for comment when contacted by CNBC.

“Certainly, BP is a potential takeover target — no doubt about that,” Maurizio Carulli, energy and materials analyst at Quilter Cheviot, told CNBC by video call.

“I would conceptualize the question of ‘will Shell bid for BP’ in the more general consolidation that it is happening in the resources sector, both oil but also mining — particularly in the past year a lot of companies thought that to buy was better than to build,” he added.

A Shell logo in Austin, Texas.

Brandon Bell | Getty Images News | Getty Images

In the energy sector, for example, Exxon Mobil completed its $60 billion purchase of Pioneer Natural Resources in May last year, while Chevron still seeks to acquire Hess for $53 billion. The latter agreement remains shrouded in legal uncertainty, however, with an arbitration hearing scheduled for next month.

In the mining space, market speculation kicked into overdrive at the start of the year following reports of a potential tie-up between industry giants Rio Tinto and Glencore. Both companies declined to comment at the time.

Never say never, right? I think even Exxon-Chevron in the depth of the pandemic held talks so I think that would have been even wilder to say.

Allen Good

Director of equity research at Morningstar

Quilter Cheviot’s Carulli named Chevron as a potential suitor for BP, particularly if the U.S. energy giant’s pursuit of Hess falls through.

Speculation about a potential merger between Shell and BP, meanwhile, is far from new. Carulli said that while the rumors have some merit, a prospective deal would likely trigger antitrust concerns.

Perhaps more importantly, Carulli added that a move to acquire BP would conflict with Shell’s steadfast commitment to capital discipline under CEO Wael Sawan.

‘An existential crisis’

“Never say never, right? I think even Exxon-Chevron in the depth of the pandemic held talks so I think that would have been even wilder to say,” Allen Good, director of equity research at Morningstar, told CNBC by telephone.

“I wouldn’t take anything off on the table. You know, oil and gas is facing an existential crisis. Now, views differ on how soon that crisis will come to head. I think we’re still decades away,” Good said.

For Shell, Morningstar’s Good said that any pursuit of BP would likely be an attempt to merge the two British peers, as opposed to an outright acquisition — although he said he doesn’t expect such a prospect to materialize in the near term.

The sun sets behind burning gas flares at the Dora (Daura) Oil Refinery Complex in Baghdad on December 22, 2024.

Ahmad Al-rubaye | Afp | Getty Images

Asked about the likelihood of Chevron seeking to purchase BP if a deal to acquire Hess collapses, Morningstar’s Good said he couldn’t rule it out.

“BP certainly doesn’t have the growth prospects that Hess does, but you could get a situation where, again, like I said with Shell, you’d have Chevron acquiring BP, stripping out a lot of costs, certainly the headquarters would no longer be in London … but it doesn’t address the growth concerns ex-Permian for Chevron. So, in that case, I would be a little skeptical,” Good said.

“The issues these companies are facing are to please shareholders, and the two ways to do that really are to reduce costs and return cash to shareholders. So if you can continue to lean into that model somehow, then that’s the probably the way to do it,” he added.

What next for BP?

Michele Della Vigna, head of EMEA natural resources research at Goldman Sachs, described BP’s recent strategic reset as “very wise” and “thoughtful,” but acknowledged that it may not have gone far enough for an activist investor.

U.S. hedge fund Elliott Management has reportedly built a near 5% stake to become one of BP’s largest shareholders. Activist investor Follow This, meanwhile, recently pushed for investors to vote against Helge Lund’s reappointment as chair at BP’s upcoming shareholder meeting in protest over the firm’s recent strategy U-turn. BP has since said that Lund will step down, likely in 2026, kickstarting a succession process.

“I think there are three major optionalities in BP’s portfolio that any activist investor would love to see monetized. The first one is not all in BP’s hands, it’s the monetization of the Rosneft stake,” Della Vigna told CNBC over a video call.

BP announced it was abandoning its 19.75% shareholding in Russian state-owned oil company Rosneft shortly after Moscow’s full-scale invasion of Ukraine in late February 2022. It had marked a costly and abrupt end to more than three decades of activity in the country.

CEO of BP Murray Auchincloss speaks during the CERAWeek oil summit in Houston, Texas, on March 19, 2024. 

Mark Felix | AFP | Getty Images

A second optionality for BP, Della Vigna said, is the firm’s marketing and convenience business.

“I mean, within BP, a company that trades on three times EBITDA, there’s a division that can trade at 10 times EBITDA, right? Amazing. You can make the same point for a lot of the other Big Oils,” Della Vigna said.

EBITDA is a standard metric that refers to a firm’s earnings before interest, tax, depreciation and amortization.

“The third option is BP is a U.S.- centered energy company — and it’s clear, right? BP is the most U.S.- exposed of all the majors, more than Exxon and Chevron,” Della Vigna said, noting that 40% of BP’s cash flow comes from the U.S.

“So, being listed in the U.K., when the U.K. gets you the biggest discount of any other region in Big Oil, doesn’t feel right. I think some form of relocation or transatlantic merger may be worth considering,” he added.

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Idaho Power wants to cut solar pay rate to under 1¢ per kWh and charge 8¢ per kWh for electricity

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12 hours ago

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April 15, 2025

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Idaho Power wants to cut solar pay rate to under 1¢ per kWh and charge 8¢ per kWh for electricity

Idaho solar
Photo by Gustavo Fring on Pexels.com

Utility Idaho Power has asked the Idaho Public Utilities Commission (PUC) to drastically slash the rates it pays rooftop solar customers for excess energy. This move could severely impact solar adoption in Idaho just as electricity rates are climbing.

The utility wants to drop the Export Credit Rates (ECRs) – the amount rooftop solar owners get credited for feeding power back to the grid – by 60%, from the current 6.18 cents per kilowatt-hour to just 2.46 cents. That’s a massive 72% plunge from the previous rate of 8.8 cents per kilowatt-hour, which had stood for over a decade.

If the PUC approves the proposal next Month, the new lower rates will kick in on June 1, right before peak solar-producing months. This shift is part of Idaho Power’s controversial “Net Billing” program approved in December 2023, despite public backlash. Under this new system, ECRs would change every year, making it nearly impossible for residents to calculate the financial returns of their rooftop solar investments – a major deterrent to adopting solar.

The proposed rates would vary seasonally. From October through May, when electricity demand drops, Idaho Power wants to cut solar payments even further by a staggering 80%, paying less than 1 cent per kilowatt-hour. Meanwhile, it plans to charge non-solar customers at least 8 cents per kilowatt-hour for the same electricity, padding its own profits.

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Idaho Power is basing these rate cuts on an internal “Value of Distributed Energy Resources Study” from 2022. However, environmental groups hired independent analysts who argue that Idaho Power’s data selectively undervalues solar power.

“How can our state regulators just let this happen? The PUC is supposed to double-check the utility’s math to make sure Idaho ratepayers aren’t being taken advantage of,” said Lisa Young, director of the Idaho Sierra Club. “Distributed solar is worth more than the retail electricity rate, not less. The PUC needs to stop turning its cheek on corrupted math and letting this monopoly utility pad its pockets even more.”

Idaho Power customers already faced unpopular hikes to their monthly fixed charges from January 2025, when their flat monthly fees rose from $5 to $15. These fixed charges hit low-income residents hardest and discourage energy conservation and rooftop solar.

“People in Idaho go solar because it lowers their power bills, gives them energy freedom and security, and helps the environment,” said Alex McKinley, owner of the local small business Empowered Solar. “Idaho Power is trying to take that opportunity away from people by skewing these rooftop solar rates in its favor. It’s not right.”

Members of the public can submit public comments at puc.idaho.gov/Form/CaseComment and reference Case #IPC-E-25-15.

To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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Global EV sales jump 40% in March despite tariff turmoil

Published

13 hours ago

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April 14, 2025

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Global EV sales jump 40% in March despite tariff turmoil

Global EV sales March 2025 BYD Song

Global EV sales surged to 1.7 million units in March, hitting 4.1 million for Q1 2025 as the EV market continues its robust growth, according to new data from EV research house Rho Motion. Year-over-year sales jumped 29% and marked an impressive 40% month-over-month leap from February.

Europe saw a solid 22% growth in EV sales year-to-date, driven primarily by battery-electric vehicles (BEVs), which climbed 27%. Germany’s BEV market rose 37%, Italy surged by 64%, and the UK hit a milestone with over 100,000 EVs sold in March alone, a first-time record boosted by new vehicle registrations. France’s EV sales dropped 18%, severely impacted by reduced government subsidies, with BEVs down 5% and plug-in hybrids (PHEVs) falling sharply by 47%.

In North America, EV sales increased by 16% in Q1 2025. The market’s outlook remains unclear due to Donald Trump’s recent imposition of substantial tariffs. February’s 25% tariff on auto imports from Canada and Mexico and a broader tariff in March affecting all auto imports are expected to hike consumer prices. With approximately 40% of US EV sales being imported from countries like Japan, Korea, and Mexico, the impact on affordability and market dynamics is likely significant.

China, still the global leader in EV adoption, saw EV sales grow 36% year-over-year in Q1, approaching 1 million units in March alone – a milestone previously reached in August 2024. The US-China tariff crisis will have a minimal impact on China due to the low volume of cross-border EV sales. However, Tesla’s Model X and Model S are exported from the US to China, and the prices for these could nearly double due to tariffs.

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Rho Motion data manager Charles Lester said, “This quarter, while turbulent, has seen a strong rate of growth globally for the EV market. Some countries, such as the UK, had a record-breaking March as drivers continue to go electric.

Meanwhile, in North America, forecasts are struggling to keep up with the rate of policy announcements under the current White House administration. What is sure is that the electric vehicle market is already struggling to compete with ICE on cost, so reductions in subsidies and hefty tariffs for a very international supply chain are guaranteed to have a cooling effect on the industry.”

EV sales in Q1 2025 vs Q1 2024, YTD percentage: 

  • Global: 4.1 million, +29% 
  • China: 2.4 million, +36% 
  • Europe: 0.9 million, +22% 
  • North America: 0.5 million, +16% 
  • Rest of World: 0.3 million, +27% 

The bottom line: EV sales are up month-over-month, quarter-over-quarter, and year-over-year.

Read more: Contrary to popular belief, EV sales grew more in 2024 than 2023

If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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