California-based EV startup Rivian Automotive Inc RIVN supersedes legacy players like BMW BMWYY and Porsche POAHF in consumer satisfaction, as per a recent survey.
What Happened: Consumer Reports ranked Rivian at the top in owner satisfaction among 29 vehicle brands with 86% of owners saying in a survey that they would purchase a vehicle from the company again. The top position was previously occupied by EV giant Tesla Inc TSLA who has now slipped to the 5th position with only 74% of owners expressing willingness to buy a Tesla car again.
Rivian also scored well in specific areas including driving dynamics, vehicle comfort, cabin storage, and ownership costs.
Others to feature in the top five most loved auto brands include Mini, BMW, and Porsche. Interestingly, Mini jumped 11 spots to get to number 2.
The least owner satisfaction is from owners of Infiniti, Volkswagen, Nissan, Jeep, and Audi vehicles, the report noted.
Rivian CEO RJ Scaringe responded to the report and said, “Great work team!!”
Why It Matters: Rivian currently has two electric vehicles in its lineup- the R1T truck and the R1S SUV, both priced at over $70,000. The company is currently working on its lower-priced R2 platform.
During the third-quarter earnings call, CFO Claire McDonough announced that R2 platform production would commence in 2026, with product unveilings expected in early 2024. The R2, while retaining the brand’s essence, will be more compact and available at a lower price point.
“There’s an extreme vacuum of choice we feel in the sort of $45,000 to $50,000 price range for midsize SUVs,” Scaringe then said, highlighting the limited options and concentrated market share held by Tesla, whose Model 3 starts at $38,990, while the Model Y begins at $43,990.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
Rivian Shares. Photo via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
