This week, Rivian revealed that it had moved forwards the launch date of its more compact, cost-effective R2 model line from 2025 to 2026. Rivian has stated that it intends to begin manufacturing at the $5 billion Georgia facility as early as 2024, with a capacity of 400,000 vehicles per year. It also stated in May that although the R2 family would not be the first model created in the Georgia plant, the R2 would be created in that facility. The R2 family will be positioned for affordability. The decision may be an effort to rein in some spending as the well-funded company's cash balance decreased in the quarter from $15.4 billion to $13.8 billion.
The factory, which appears to be more expensive considering recent events, may also be a point of leverage for the corporation. A Georgia judge rejected a proposed tax break for Rivian last month, saying the project's development authority had not demonstrated that the factory was sound, reasonable, or feasible. The judge also said that Rivian should pay regular property taxes due to its level of control over the property because it had not demonstrated these elements.
Rivian's Factory in Georgia
Rivian has also alluded to its potential for global use. The business floated the idea of a potential European facility and the capacity to produce its own batteries in 2021. It declared its intention to create a joint venture with Mercedes-Benz in September to produce electrified vans for Europe. Amazon is set to receive 100,000 of the electric vans made by Rivian in the future. Amazon is also one of the company's customers and investors.
Through the third quarter of 2022, the company produced 14,317 vehicles at its Illinois plant (vans and R1 models combined), but it stayed on track to meet its 25,000-vehicle production goal for the year. Given that it will be necessary to produce 10,683 vehicles merely in the fourth quarter of the year, this shows a great deal of faith in the production ramp.
As seen by expanding reservation banks, demand is still very robust. In addition, Rivian stated in its quarterly update that as of November 7, it has received more than 114,000 orders for its R1S and R1T combined.
The Volvo EX90 of 2024 will be the model that firmly establishes the Swedish manufacturer's shift towards electric vehicles in North America. This new seven-seat crossover, which was shown last week in Stockholm, complements the design and functionality of the gasoline-powered XC90 SUV that revolutionized the company while pointing to Volvo's electric future.
The Volvo EX90 2024
The big new EV is Volvo's signature vehicle in the United States. It has three rows of seats and an estimated range of up to 300 miles. It will be followed by smaller siblings that sell for less money and in greater numbers, much like the Volvo XC90, which will still be produced concurrently with the EX90. However, the EX90 sets the standard for what will come after. By 2030, Volvo claims it will only sell EVs and will introduce one new battery-electric vehicle year.
The Volvo Concept Recharge "brand manifesto" design exercise that was shown last year summer does not represent the high-end electric vehicle that the EX90 represents. The 2024 model, however, is immediately recognizable as a large Volvo SUV in the style of the XC90.
The EX90 is one of the first automobiles in the world to come standard with a Lidar scanner, even though it is nearly invisible inside a black box at the top of the windshield. Volvo refers to this combination of safety features as a surrounding shield, which combines radar and camera sensors.
Lidar is considered to be necessary for high-level automated driver assistance systems that allow for hands-free driving on highways and other routes. Pilot Assist is the name of Volvo's assisted-driving feature, and in the EX90, automated lane-changing complements other features available in prior models, such as active lane-keeping and adaptive cruise control. The technology will issue alerts of increasing frequency if it detects distracted driving. Cameras within the cabin track the driver's eyes. The vehicle will automatically stop and ask for assistance if the driver simply does not reply (the driver heart-attack scenario).