On this charming article, we delve into Rivian CFO teases a brand new cheaper, simplified battery pack coming, a masterpiece crafted by Scooter Doll and printed on 2023-12-05 01:21:59. Discover the world of Auto Excellence and uncover what units Autoxyon aside.
Rivian’s chief monetary officer Claire McDonough shared some very fascinating tidbit and wonderful perception to the American automaker’s finish of 12 months objectives and the place it’s headed in 2024. One juicy piece of data she gave the general public throughout a current interview is that Rivian is creating a brand new simplified battery pack construction completely different from the Commonplace pack, that can finally make its manner into new R1 EVs. Right here’s the most recent.
Rivian ($RIVN) is among the lucky EV automakers gaining momentum coming into This fall, following a 12 months that was nonetheless feeling repercussions of provide chain delays and fewer demand for all Electrical Autos… or extra demand… it relies upon who you ask.
The automaker’s Q3 report provided better-than-expected manufacturing numbers, alongside continued curiosity from US customers. In consequence, Rivian has been in a position to keep is value factors whereas taking in gross sales to assist proceed to ramp up manufacturing of EDVs and R1 EVs at its plant in Regular, IL.
Rivian is at present contribution margin constructive on each its EDVs and R1 Autos and its CFO expects the automaker to develop into gross margin constructive in 2024. This perception, in addition to numerous different fascinating updates, got here from Rivian CFO Claire McDonough throughout a current interview with Dan Levy throughout Barclays’ 2023 International Automotive & Mobility Tech Convention.
Rivian creating a brand new battery easier than its Commonplace
We implore you to observe the complete 40-minute interview with Rivian’s CFO, however will share a number of the key objects talked about as a result of we all know you’re busy hitting the sofa at 4:30PM as a result of the solar is already down.
McDonough spoke to how Rivian received to the place it’s at this time, particularly after beginning the 12 months on shaky floor, halting its meeting traces to regroup and optimize. These traces seem like buzzing now, as Rivian has hits its stride in manufacturing of each its business and passenger EVs, introducing new applied sciences like its new Enduro drive unit – designed and engineered in home particularly for its dual-motor Autos.
The CFO additionally talked about present and upcoming applied sciences that can assist decrease manufacturing prices and assist attain gross margin profitability. For instance, Rivian’s Commonplace battery pack is anticipated to start deliveries to clients in 2024. Per the interview:
We’re introducing our Commonplace battery pack in R1 and that permits us to open up a bigger addressable market of customers for R1 Autos, on condition that it’s at a beginning promoting value within the low $70,000 space. In order that’s one other essential new expertise we’ll be introducing into R1 that’s not obtainable at this time.
That is the place it will get good (the 14-minute mark for these watching at house). McDonough continues on, mentioning a brand new battery within the works that doesn’t seem to have been spoken of publicly prior to now. Right here’s what she mentioned:
After which we’re introducing a brand new battery as effectively, for the R1 Autos. That very closely simplifies the battery pack and module construction that we are going to be constructing and takes hundreds of {dollars} of prices out, further mass out, is way simpler to producer and construct as effectively, inside the Autos. In order that’s one other instance of a number of the new applied sciences that will probably be coming into place subsequent 12 months that could be a key enabler for the operational effectivity, together with price effectivity, that can get unlocked with these introductions.
What do you assume? Sounds fairly promising. With Rivian R1 EVs with the Commonplace battery pack beginning within the low $70k vary and a “simplified” pack decreasing prices additional, might we see a shiny new R1S or R1T within the $60,000s? Mix that with federal tax credit and look out, Rivian might have a greatest vendor on its palms.
When requested a couple of cadence in 2024, McDonough relayed that Rivian’s meeting traces will go darkish for “a number of weeks” in Q2 to arrange. The CFO says EDV manufacturing ought to ramp again up pretty shortly, however R1 meeting traces will take extra time as a result of the variety of obtainable choices the automaker intends to supply its clients is considerably rising. Per McDonough:
We’re taking a really methodical method as to how we’re reintroducing every of the respective variants of R1. I spoke just a little bit about the truth that it’s not only one battery pack or one drive unit. We’re introducing three battery packs, two completely different drive items, a model new community structure. So there’s a part method and ramp related to every of these respective variants that can impression not solely Q2 volumes, but in addition Q3 volumes, as every of these new variants are feathered into our manufacturing course of as an entire.
Concurrently, Rivian’s CFO says the corporate will probably be ramping up new provide chains to help these new introductions inside the plant. It’s fascinating that McDonough mentions Rivian’s new simplified battery pack, then seconds later, says the automaker is introducing three packs on its meeting traces.
Commonplace Pack, Giant Pack, Max Pack – that’s already three by our rely? The place does this new Rivian battery pack slot in and is it changing one of many different choices? Time will inform, however we’re actually going to study extra in Q1 2024 earlier than Rivian shuts down its meeting traces to arrange for these new tech integrations. Keep tuned!
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