But company executives said the EV maker will continue to make big investments as it rolls out a long-term business plan. For example, new versions of the R1T and R1S are now available to order, although some of the recently added configurations won't be available until 2024.
While the launch versions of the R1T and R1S only came with quad motors and the automaker's large battery pack, Rivian is now taking orders on dual-motor versions with battery options that are both bigger and smaller. That creates a broader range of starting prices, Rivian said, from $67,500 to $95,000.
The smaller, standard battery uses lithium-iron phosphate chemistry, which is different from traditional EV batteries that use mostly nickel. Tesla also is moving toward so-called LFP batteries to save on cost, since nickel was already getting more expensive before the recent jump in commodity prices.
"With our portfolio of three different battery packs and two different drive configurations, we have a really nice mix of options for customers," Scaringe said. "When you take a step back and look at the product at the new pricing levels, it is very competitively priced."
Scaringe also said Rivian is developing a propriety 800-volt battery architecture, which has advantages over the current 400-volt system. And the company plans to build its own motors in-house in the near future, rather than rely on outside suppliers.
Scaringe said Rivian also is looking to build its own batteries in the future.
Rivian forecast capital expenditures of $2.6 billion this year, including additional investments to expand capacity at its Illinois factory.
"In addition, we expect to realize increased capital spend associated with tooling for current vehicle platforms, future vehicle manufacturing lines, battery technology and supply, our service network, digital offering and general technology," the company said in its shareholder letter last week.