EV maker Rivian Automotive Inc (NASDAQ:RIVN) on Friday said that it has a few upgrades in store for its first generation R1 owners in its latest software update, including suspension software enhancements and a redesigned user interface.

What Happened: The company said on Friday that its latest software update has several improvements in store, including improved proximity lock and unlock tuning for the iPhone 15 Pro Max.

The company refreshed its visual interface, updated the in-vehicle display with Rivian proprietary "Adventure" font, made enhancements to its vehicle suspension software, and fixed a rare issue that prevented the charge port from opening, the company said in a statement.

The upgrades come on the heels of the company launching the second generation of its R1 vehicles aimed at cost efficiency. While the new R1S starts at $75,900, the new R1T starts at $69,900, placing them in the pricier EV bracket among Tesla's Model X SUV and Tesla's Cybertruck which currently start at $77,990 and $79,990, respectively.

Why It Matters: The company is looking to start production of its cheaper R2, priced at around $45,000 and in the same range as Tesla's best-selling Model Y SUV, in the first half of 2026. Rivian received a strong initial response to the R2, with over 68,000 reservations within 24 hours of its unveiling in March.

Rivian, which accumulated a loss of nearly $39,000 for every vehicle it delivered in the first quarter, is looking to post its first quarterly gross profit in the fourth quarter.

Earlier this week, German automaker Volkswagen said that it will invest up to $5 billion in Rivian as part of a joint venture to create next-generation software-defined vehicle (SDV) platforms for both the companies' future EVs.

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Image Courtesy: Rivian