Rivian’s recently filed Form S-1 prior to its initial public offering (IPO) indicates that the car manufacturer will charge $10,000 for its vehicles’ fully-autonomous capability.
The electric startup’s Driver+ system consists of 11 cameras, 12 ultrasonic sensors, five radars, and a high-precision GPS antenna. Coincidentally (?), its $10k price is exactly the same as rival Tesla’s Full Self Driving system.
The document also reveals that there will be a subscription service costing $5,500 over a 10-year period. This subscription is expected to incorporate membership fees for infotainment and other connectivity-based services. It is also reported that it will include free access to the Rivian charging network, unlimited LTE connectivity and off-Roadside Assistance if you ever need help while in a remote area.
As we reported earlier, the same document also revealed that Rivian reported a net loss of $426 million in 2019. In 2020, losses more than doubled to $1.01 billion and have continued to increase and hit $994 million in the first half of 2021. Most of Rivian’s losses come through research and development expenses, as it spent $766 million on R&D throughout 2020 and $683 million in the first half of 2021 alone.
Fortunately, Rivian has secured more than $10 billion from private investors and had about $3.7 billion in cash and cash equivalents on hand as of June 30, 2021, as well as a touch over 48,000 reservations for the R1T and R1S.