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Rivian Automotive (NASDAQ:RIVN) unveiled its second-generation of flagship vehicles on Thursday. The electric vehicle maker said the new R1S SUV and R1T pickup have been completely reengineered through hundreds of hardware improvements, performance upgrades, a fully redesigned software experience, and evolved in-house drive systems. The changes are aimed at lowering manufacturing costs ahead of the R2 and R3 lines in the future.
The new R1 platform offers more power, performance, and range, thanks to a Rivian-designed and built drive unit offered in Tri-Motor and Quad-Motor configurations. The 1,025 horsepower Quad-Motor R1T delivers 0-60 mph in less than 2.5 seconds and a 1,198lb ft of torque when using Launch Mode. A Rivian-built Dual-Motor is available as well. New battery packs have redesigned modules and more efficient packaging, making them easier to manufacture and service, while offering up to an estimated 420 miles of range. Rivian (RIVN) said that customers looking to maximize value can opt for a new lithium iron phosphate-based Standard pack with up to an EPA-estimated 270 miles of range.
The second generation R1 vehicles feature an entirely new electrical architecture and compute platform, as well as a new in-house developed autonomy system, called Rivian Autonomy Platform. The autonomous platform was noted to be a significant leap forward in capability, and is powered by 11 cameras, five radars, and AI prediction technology.
Pricing for the second generation R1S will start at $75,900, while the R1T will start at $69,900. Production is still based out of Normal, Illinois. Deliveries of the second generation R1S and R1T are available immediately.
Shares of Rivian Automotive (RIVN) rose 2.26% in afternoon trading.
