Rivian (RIVN) talks R2, cost-cutting, and more during 2024 Investor Day: Here’s the latest
At its first Investor Day on Thursday, Rivian gave several insights into the EV maker’s future. CEO RJ Scaringe explained how Rivian’s software-defined EVs, built from the ground up, and other in-house tech are evolving for its next-gen vehicles.
Check out the latest from Rivian’s 2024 Investor Day below.
The next growth stage
Rivian held its first Investor Day on Thursday. In a Tesla-like presentation, Scaringe outlined Rivian’s roadmap to profitability.
A Rivian is not just any other vehicle. Rivian’s Adventure Vehicles were built from day one to improve over time. “On day 300, it’s a better vehicle,” Rivian’s CEO said during the event.
Perhaps, more importantly, Rivian is learning to build them at a “significantly” lower cost, passing the savings onto buyers.
After building an authentic luxury EV brand, Rivian is making its vehicles more accessible. Rivian shut down its Normal, IL plant in April to improve efficiency. Scaringe said the updates and supplier negotiations have resulted in “significant cost improvements.”
The company cut out 100 steps from its battery-making process, over 50 components from the body shop, and 500 parts from the design.
Its focus on a scalable, flexible platform, built from the ground up, is paving the way for its future EVs.
Rivian outlines R2, future plans during 2024 Investor Day
Rivian introduced its smaller, cheaper R2 electric vehicle in March. Starting at $45,000, Rivian’s R2 is nearly half the cost of the R1S and R1T models.
After scoring over 68,000 reservations in less than 24 hours, Rivian’s R2 is expected to significantly expand its market.
Rivian’s R1S is already one of the top-selling EVs. Through the first three months of 2024, Rivian’s R1S was the fourth top-selling EV in the US, behind only Tesla’s Model Y, Model 3, and Ford’s Mustang Mach-E.
According to Scaringe, it’s also the top-selling large vehicle in California, electric or gas. The tech and features driving demand will translate to a lower price point in the R2, R3, and beyond.
Rivian is consolidating ECUs, harness length, and electrical parts to cut costs. In addition to supplier negotiations and more efficient manufacturing, Rivian is confident R2 will help drive profits.
Rivian plans to begin R2 production in Normal in early 2026. Although initially Rivian planned to build R2 at its new GA plant, the move will help save $2.25 billion. More importantly, it will help get R2 to market earlier.
The new partnership with Volkswagen shows the flexibility of Rivian’s platform. Rivian’s head of software, Wassym Bensaid, said the platform can be scaled up or down for more variants.
Bensaid explained how Rivian is focused on getting its software and hardware into more EVs globally. With software at the heart, Rivian’s vehicles will continue improving over time.
Since launching, Rivian has rolled out more than 30 OTA updates, adding over 500 features. It continues to take feedback to add new features like Snow Mode and Launch Mode.
Rivian’s platform enables continuous improvement and can be used for new functions, like autonomy. Using AI and machine learning, the software constantly takes in information, analyzes it, and improves via OTA updates.
Scaringe explained how Rivian’s new Enduro and Ascend drive units, built in-house, are driving down costs while improving performance.
The new Ascend motor is paving the way for future improvements for the R2 and further generation vehicles.
Maximus, or “Enduro Gen 2,” the drive R2 and R3 drive units, is focused on cost savings with less labor and parts. The side-mounted inverter optimizes packaging.
Rivian has also significantly reduced the number of parts to support lower costs. For example, the R2 has 65% fewer parts than the R1S.
Despite its cheaper price point, the EV maker promises that R2 will still have the essence of a Rivian.
Check back for more updates from Rivian’s 2024 Investor Day.
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Environment
Baidu- and Geely-backed JiYue brand unveils ROBO X EV that goes 0-100 km/h in under 1.9 sec
JiYue, a Chinese EV brand focused on delivering all-electric “robocars” to the masses, has unveiled its latest model, and it’s quite a deviation from its previous EVs—but in the best way. Earlier today, JiYue launched the ROBO X supercar, designed for high-speed racing. By high speed, we mean 0-100 km/h acceleration in under 1.9 seconds. My mouth is watering.
JiYue has only existed since 2021, when parent tech company Baidu announced it was expanding from software development into physical EV production, joining forces with multinational automotive manufacturer Geely.
The new “robotic EV” marque initially launched as JIDU with $300 million in startup capital before garnering an additional $400 million in Series A funding, led by Baidu, in January 2022.
In August 2023, Geely took on a larger role in JIDU alongside a greater financial stake as the brand reimagined itself as JiYue, inheriting the JIDU logo and its flagship model, the 01 ROBOCAR.
In December 2023, Baidu and Geely unveiled a second model called the JiYue 07. It was born from JIDU’s ROBO-02 concept, which debuted in 2023 and was designed to compete against the Tesla Model 3 in China.
The 07 finally launched in China earlier this year with 545 miles of range. With an all-electric SUV and sedan on the market, JiYue has unveiled an exciting new entry in the form of a performance supercar called the ROBO X. Check it out:
JiYue’s new ROBO X EV is available for pre-order now
JiYue showcased its new ROBO X hypercar in front of the crowd at the 2024 Guangzhou Auto Show earlier today. Similar to previous models but with a unique spin, JiYue described the ROBO X as an AI smart-driving supercar that, for the first time, blends artificial intelligence and autonomous driving into a high-performance, race-ready EV.
When we say “high performance,” we mean a quad motor liquid-cooled drive system that can propel the ROBO X from 0 to 100 km/h (0 to 62 mph) in under 1.9 seconds. JiYue called the new ROBO X a “performance beast” with “the perfect balance of excellent aerodynamic performance and high downforce.” JiYue CEO Joe Xia was even bolder in his statements about the ROBO X:
For the next 20 years, the design of supercars will bear the shadow of Robo X. This is the best design in the history of Chinese automobiles today, and it is a landmark presence.
Fighter-style airflow ducts bolster the EV’s aerodynamics, efficiency, and overall posture. Per JiYue, the two-seater ROBO X is expected to deliver a maximum range of over 650 km (404 miles).
The new supercar features falcon-wing doors, a carbon fiber integrated frame, and a professional racing HALO safety system offering 360° of support. The interior features an AI smart cockpit with SIMO real-time feedback to give drivers an immersive racing experience.
Furthermore, JiYue said the vehicle will utilize parent company Baidu’s Apollo self-driving technology, which could make it the first electric supercar to apply pure-vision ADAS technology that enables track-level autonomous driving.
Following today’s unveiling of the ROBO X, JiYue has officially opened up pre-orders in China for RMB 49,999 ($6,915). That said, reservation holders will need to be patient as JiYue shared that it doesn’t expect to begin mass production of the ROBO X until 2027.
What do you think? Will people be talking about the ROBO X for the next 20 years?
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This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes the launch of the Lectric XPedition 2.0, Yamaha e-bikes pulling out of North America, LiveWire unveils an electric scooter concept, PNY readying its cargo e-scooters for pilot testing, Royal Enfield’s first electric motorcycle, and more.
The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends, the video will be archived on YouTube and the audio on all your favorite podcast apps:
We also have a Patreon if you want to help us to avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.
Here are a few of the articles that we will discuss during the Wheel-E podcast today:
Here’s the live stream for today’s episode starting at 9:30 a.m. ET (or the video after 10:30 a.m. ET):
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Crude oil futures were on pace Friday for loss for the week, as a supply gut and a strong dollar depresses the market.
U.S. crude oil is down more than 2% this week, while Brent has shed nearly 2%.
Here are Friday’s energy prices:
- West Texas Intermediate December contract: $68.56 per barrel, down 14 cents, or 0.2%. Year to date, U.S. crude oil has shed about 4%.
- Brent January contract: $72.36 per barrel, down 20 cents, or 0.28%. Year to date, the global benchmark has lost nearly 6%.
- RBOB Gasoline December contract: $1.99 per gallon, up 0.46%. Year to date, gasoline has fallen more than 1%.
- Natural Gas December contract: $2.70 per thousand cubic feet, down 2.98%. Year to date, gas has gained more than 4%.
The International Energy Agency has forecast a surplus of more than 1 million barrels per day in 2025 on robust production in the U.S. OPEC revised down its demand forecast for the fourth consecutive month as demand in China remains soft.
A strong dollar also hangs over the market, as the greenback has surged in the wake of President-elect Donald Trump’s election victory.
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