Rivian Automotive's stock soared 13% after the electric vehicle manufacturer announced it was rolling out three new models and hitting cost savings of $2.25 billion, thanks in part to halting construction on a plant in Georgia. The big reveal included the R2, a compact electric SUV with an "around" $45,000 starting price, and two more unexpected crossovers - the R3 and its speedier counterpart, the R3X.
In a bold pivot from a troubling trend of missed sales targets and financial pressures, Rivian's CEO RJ Scaringe took the stage in Laguna Beach, California, to present these latest ventures. With a planned launch date in the first half of 2026 for the R2, Rivian anticipates expanding its vehicle lineup, which currently starts at approximately $70,000 for its upscale R1 models, as reported by CNBC. Although specifics about the R3 crossovers were scant, Scaringe assured that the R3 would come with a price tag lower than its R1 predecessors.
During these announcements, Rivian sent a buzz through the audience by showcasing the R2 model. According to KTLA, the vehicle will be equipped with Tesla’s proprietary charging port, NACS, enabling it to plug directly into Tesla's supercharger network without an adapter, as stated by Rivian's Chief Designer, Jeff Hammoud. The R2's blend of efficiency and adventure, with over 300 miles of range per charge and flat-folding seats for versatile cargo space, aims to deepen the brand's market penetration.
The unveiling underscored Rivian’s push to rekindle investors' hopes and to meet the broader market demand for affordable electric vehicles. Rivian's proactive measures, like transferring R2 production from Georgia to its Normal, Illinois plant, promise substantial financial relief – to the tune of more than two billion dollars. This strategic move, cited by Scaringe, is intended to expedite R2 production and mitigate recent fiscal upsets.
Fans of the brand and prospective EV consumers can already secure a spot for the R2 with a refundable $100 reservation, as Rivian sets their production sights on an annual output of over 200,000 vehicles at their Illinois facility. Deliveries for the R2 are slated for the first half of 2026, while the R3 and R3X crossovers are expected to trail shortly after. Rivian’s CEO RJ Scaringe encapsulated the moment, telling attendees, "We're at such a critical juncture, we do have to electrify the world. And, you know, how lucky are we to be in the middle of that, where we can help drive that change?" as captured by KTLA.
