Rivian reveals new electrical R2 SUV, beginning at $45,000


Rivian CEO RJ Scaringe stands subsequent to a R2 SUV at an unveiling occasion in Laguna Seashore, California, U.S., March 7, 2024. 

Mike Blake | Reuters

Rivian Automotive stunned customers and subsequent new car will probably be an all-electric midsize SUV known as the R2 that is anticipated to begin round $45,000 when it goes on sale in 2026.

The car, which Rivian revealed Thursday, will mark the EV startup’s fourth product following a industrial supply van and bigger, costlier R1S SUV and R1T pickup for customers. The R1 autos begin at roughly $70,000 and might prime $100,000.

The R2 comes at an important time for Rivian because it makes an attempt to develop its buyer base amid slower-than-expected EV gross sales within the U.S. after automakers flooded the first-adopter market with dear all-electric autos lately.

Rivian’s gross sales tempo has slowed in latest quarters, and the corporate extensively disillusioned traders final month by lacking quarterly estimates and forecasting barely decrease manufacturing this 12 months in comparison with 2023 attributable to plant downtime.

Rivian CEO RJ Scaringe speaks at an occasion to unveil a smaller R2 SUV throughout an occasion in Laguna Seashore, California, U.S., March 7, 2024. 

Mike Blake | Reuters

The Amazon-backed firm has been burning via money to enhance present EV manufacturing and slender losses.

The R2 will function on a brand new EV platform however appears like a smaller model of the R1S SUV. It will likely be able to greater than 300 miles of all-electric vary on a single cost and 0-60 mph time in under3 seconds, the corporate mentioned.

“R2 represents the essence of our model, whereas focusing on the numerous midsized SUV phase, a large market with restricted compelling EV choices past Tesla,” Rivian CEO RJ Scaringe advised traders final month. “R2 has been developed with vertically built-in propulsion platforms, electronics and software program to create an unbelievable consumer expertise.”

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