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There are two things stopping consumers from buying into battery-electric vehicles (BEVs): (1) the fear of having nowhere to recharge, and (2) the price. Many automakers are trying to fix the first problem. The BMW Group, General Motors, Honda, Hyundai, Kia, Mercedes-Benz Group, Stellantis NV, and Toyota have invested in the joint venture IONNA to build a new nationwide BEV charging network. So, what about the price? The cost to produce BEV batteries is starting to drop, and that will indeed be reflected in how much it costs to buy a BEV. Startups Rivian and Lucid Motor are capitalizing on that to win over the new wave of green consumers entering the market.
BEV startup Rivian is doing super well since it released the RT1 electric pickup truck. Heck, Rivian hit the top of the charts during the 2023 Consumer Reports Auto Survey. It rated better than Tesla, way better. Riding that success, Rivian Automotive has revealed more affordable models are being added to its lineup. Joining the RT1 electric pickup truck is the R1S.
Announced in June 2024, the R1S electric crossover finally got some light shined on it. With an electric motor powered by lithium iron phosphate batteries, Rivian claims these new batteries can provide an all-electric range (AER) of 270 miles. Equipped with a standard four-motor layout - two in the front and two in the rear – the R1S is said to be able to generate a combined 835 horsepower. However, the MSRP for the base model was looking at $77,700 (before shipping).
Doesn’t sound very affordable. That’s why Rivian is adding the midsize R2 crossover to its lineup in 2026, followed by the R3 hatchback later in the decade. For the R2 crossover, the automaker expects a price of around $45,000 (before shipping). Rivian also says the R3 hatchback will be even lower, although no definite number has been released. With the Rt1 pickup truck and R1S crossover already hitting a constant rate of sales, Rivian is making more than enough money on its first two successes to cut costs on new models.
Lucid Motors is also basking in the glory, already working on the launch of its second vehicle. The Lucid Air Dream Edition has already launched, and journalists are already slavering over the BEV. Reporting a total AER of 471 miles, the Lucid Air Dream Edition can generate a full 1111 horsepower. That makes it the most powerful and fastest vehicle on the market. Able to accelerate from 0-60 mph in as little as 2.5 seconds and cover a quarter-mile time in 9.9 seconds, this is the kind of BEV sports car fans are after. It costs about $69,900 (before shipping) to start.
Just like Rivian Automotive, Lucid Motors is also planning the launch of a new vehicle, the Gravity large crossover. This model isn’t looking any cheaper, starting around $8000 (before shipping). However, two new models are also on the horizon – a midsized vehicle starting at $48,000 (before shipping) and a large sedan said to be not more than $9000 (before shipping). Now that’s something we’d really like to see. Hopefully, Lucid Motors can put their money where their mouth is, because that’s a pretty outrageous claim.
More startups are also starting to pop up with new BEVs, but no prices have yet to be released. Either way, the major players of the auto industry are going to have a lot of competition as we get ever closer to 2030. It’s time to cut costs and make BEVs more affordable. Interested? Learn more about Rivian Automotive, Lucid Motors, and other new BEVs when you follow us on NowCar social media.