What's New For Rivian's R1T And R1S Next Year? Leaked Documents Hint At Efficiency Boost With Heat Pump, Battery Suprise

Author: Anan Ashraf | May 22, 2024 04:17am

EV maker Rivian Automotive Inc (NASDAQ:RIVN) has reportedly applied to the Environmental Protection Agency (EPA) to certify its 2025 model year R1T and R1S. The application has revealed significant modifications, including a smaller battery and the addition of a heat pump.

What Happened: 2025 model year R1 vehicles will come with a heat pump to aid efficiency in cold weather, Electrek reported, citing the leaked documents.

The company is also looking to introduce new 22-inch aerodynamic wheels and eliminate the 21-inch wheel option, the report added. The company will continue to use the Combined Charging System for its charge port instead of the North American Charging standard on the new model year vehicles.

Rivian might opt to shift to lithium iron phosphate batteries in its Standard battery packs to lower costs, as per the report. The new model year will also introduce a new base trim and relocate the AC compressor to reduce vehicle noise and vibration.

Why It Matters: Rivian’s R1 vehicles are currently the only ones in production besides its electric delivery vans. Both vehicles are at a higher price point, starting at over $70,000. The company will start production of its cheaper R2 SUV expected to start at around $45,000 only in the first half of 2026.

Rivian reported first-quarter revenue of $1.20 billion, beating a Street consensus estimate of $1.16 billion and a loss of $1.48 per share, which missed a Street consensus estimate of a loss of $1.25 per share. The company ended the first quarter with $9.05 billion of total liquidity, including an asset-based revolving credit facility.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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