Rivian Automotive (NASDAQ: RIVN) stock jumped over 3% on Friday after introducing new affordable battery options for its R1T and R1S models.
Rivian (RIVN) has introduced two new cheaper battery options, Standard and Standard+, for its existing models, the R1T and R1S. These options offer different ranges for driving. The Standard version can go up to 270 miles on a single charge, while the Standard+ can go up to 315 miles. They come with battery packs that hold 106 kilowatt-hours and 121 kWh of energy, respectively.
The company designed the Standard battery pack for the dual-motor variant, while the Standard+ caters to both dual-motor and performance variants.
With the introduction of these new battery packs, the base price of the R1T and R1S is reduced by $3,100 each. Rivian has also indicated that customers may be eligible for a federal tax credit of $3,750 when purchasing vehicles equipped with these new battery options.
Rivian will release its quarterly results on February 21. In addition, anticipation is mounting for its second-generation vehicle, codenamed R2, with a confirmed launch date of March 7.
Rivian (NASDAQ: RIVN) Stock Performance
RIVN stock surged 3.54% to close at $16.68 on Friday. The traders had exchanged hands with 41,574,724 (41.57 million) shares compared to the average daily trading volume of 34.66 million.
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