The base R1T starts at $74,800, with shipping, and the base R1S starts at $79,800, with shipping. Higher trims with larger battery packs, four motors and other amenities can push the models closer to $100,000.
Rivian no longer provides the exact number of its order backlog, as it did last year, but Scaringe said orders will take Rivian many months to fulfill at current production rates.
“We feel very confident in the continued backlog we have,” Scaringe said in response to a question about demand, which has weakened at some EV rivals. “We have deep visibility into 2024 with the backlog that’s established.”
One sign of Rivian’s healthy demand, Scaringe added, are residual values for its used vehicles on the market.
“The R1 products within the truck and SUV segments are among the best residual values of any product in those categories, regardless of electric or combustion,” Scaringe said. “Our vehicles are maintaining their value extremely well.”
Rivian raised its production forecast for 2023 to 52,000 vehicle from 50,000 previously as supply-chain constraints ease for the Irvine, Calif., automaker. The forecast includes the EDV electric delivery vans that Rivian makes for Amazon at the startup’s Normal, Ill., plant alongside the R1 consumer products.