One of the biggest hurdles for consumers who want to buy a Rivian is the price. Despite lowering prices with new configuration options, the company’s electric truck and SUV still cost over $80,000 or $90,000, depending on the options you choose.
In fact, the company’s electric vehicles have never cost less than $70,000. Even the launch edition of the Rivian R1T, which was the cheapest offering the company had until it added new battery options, was priced at over $74,000 when the truck was released back in 2021. However, with a new battery option, we finally have an R1T that has broken the $70,000 price barrier.
The company launched a new battery option called Standard+ in the configurator. The Standard battery is included in the base cost of the truck and provides drivers with 270 miles of range. The new Standard+ battery option costs $3,100 and gives up to an additional 45 miles of range for the vehicle. That’s, of course, if you stick with the Dual-Motor AWD drive system and you don’t opt for the All-Terrain Upgrade.
So, why is the new Standard+ battery pack notable? Well, in addition to having another option to increase range affordably compared to the Large (352 miles of range for $9,100) and Max (410 miles of range for $19,100) battery packs, it also lowers the price of a base R1T.
The base price of the R1T now costs $69,900, finally breaking the $70,000 price barrier that none of the company’s vehicles have been able to get under yet. Okay, I know it’s BARELY made it under, but it’s still noteworthy. The most recent base price, before the change, was $73,000, so we’re making some good progress for those who want to make the leap.
For everyone else who can’t swing a $69,000 truck (myself included), we’ll have to see what Rivian announces at its R2 event on March 7th. Per previous reports, the Rivian R2 is expected to launch in 2026 at a starting price of $40,000. In a recent interview with Mad Money’s Jim Cramer, Rivian CEO RJ Scaringe also confirmed that the vehicle is expected to qualify for the full $7,500 federal EV tax credit.
Rivian also confirmed in its recent environmental impact report that the R2 will be a lower-priced midsize vehicle, coming in smaller and more affordable than the R1T and R1S.
Our next-generation product line, R2, is being developed to bring the essence of our current products into a midsize form factor and lower price point. From its design, to the integration of hardware and software, to the engineering of the manufacturing process, we plan to leverage our many learnings from R1 to drive down costs while delivering performance features and capabilities that will inspire customers.
The design of the new vehicle might have actually been leaked already. In a recent patent application for a new lighting accessory, an image depicted an SUV with different headlamps and a more compact design than the 3-row SUV we know and love.
We’ll find out if the company really blows away that $70,000 price barrier in less than a month!