The Latest Breaking News from RJ Scaringe

Rivian is focused on launching the newer, smaller, and cheaper R2 in 2026. CEO RJ Scaringe anticipates that producing the vehicle will have Tesla Model 3-esque growing pains.

Startup EV companies have fallen out of favor with investors amid concerns over demand and margin compression. However, the long-term forecast for Amazon-backed RIVN looks positive, and it might join the ranks of major EV producers by 2030.

Rivian CEO Unfazed by Tesla's Cybertruck, Focusing on Scaling EV Production

Speaking about the IRA’s application, the car manufacturer’s boss said that “it works great for leasing,” adding that “$7,500 does work.”

The decision, which was announced by the EV startup on Friday, comes after Gruner made an abrupt exit “at his own request” in July.

Since launching the R1T in 2021, the California-based EV manufacturer has pushed 22 major software updates.

After posting its Q2 results, Rivian bumped its production guidance to 52,000 units for this year, up by 2,000 units from the previous estimate.

Rivian CEO RJ Scaringe said the company has plenty of orders for the R1T and R1S that will take "deep into 2024" to fulfill at the current production rates.

Rivian's CEO said that, typically, a vehicle is a person's second-largest asset, so buying an ICE-powered one “absolutely has no future in our society.”