Rivian Unveils New Cheaper Battery Options For R1 Electric Truck And SUV
Portfolio Pulse from Anan Ashraf
Rivian Automotive Inc (NASDAQ:RIVN) introduced two new, more affordable battery options for its R1 electric truck and SUV, aiming to make these vehicles more accessible. The Standard battery offers 270 miles, and the Standard+ battery provides 315 miles of range. The Standard+ is priced at $3,100, lower than the existing Large and Max packs. These options could reduce the cost of ownership for the R1T and R1S, which start at $69,900 and $74,900 respectively. Rivian also plans to introduce a Lithium iron phosphate battery later this year. Additionally, Rivian mentioned that customers might qualify for a federal tax credit of $3,750 with these new battery options.
February 09, 2024 | 3:17 am
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Rivian introduced more affordable battery options for its R1 series, potentially lowering ownership costs and making its vehicles more accessible. This move could attract more customers and positively impact sales.
Introducing more affordable battery options could significantly increase the appeal of Rivian's vehicles to a broader market segment. This strategy not only makes the R1 series more accessible but also positions Rivian competitively in the EV market. The potential for customers to qualify for a federal tax credit further enhances the attractiveness of Rivian's offer, potentially boosting sales and, by extension, the company's stock price in the short term.
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