Rivian CEO RJ Scaringe reacts at an event to unveil a smaller R2 SUV in Laguna Beach, California, U.S., on March 7, 2024.
Mike Blake | Reuters
Rivian Automotive surprised consumers and investors on Thursday by unveiling two additional all-electric vehicles during the debut of its upcoming R2 SUV, which is expected to start at around $45,000 when it goes on sale during the first half of 2026.
In addition to the R2, the electric vehicle startup revealed two crossovers called the R3 and R3X, a high-performance variant of the vehicle. Rivian CEO RJ Scaringe revealed few details about the surprise crossovers, but the announcements sent Rivian shares up about 10% in midday trading Thursday.
“These represent our future,” Scaringe said during an event that was livestreamed from a theater in Laguna Beach, California.
The R2 is expected to be Rivian's fourth product after a commercial delivery van and the larger, more expensive R1S SUV and R1T pickup truck for consumers. R1 vehicles start at approximately $70,000 and can exceed $100,000.
The Rivian R3 electric vehicle is unveiled at the Rivian South Coast Theater in Laguna Beach, California, on March 7, 2024.
Patricio T. Fallon | AFP | fake images
It comes at a crucial time for Rivian as it tries to expand its customer base amid slower-than-expected EV sales in the U.S. after automakers flooded the early adopter market with expensive all-electric vehicles. in recent years.
Rivian's sales pace has slowed in recent quarters, and the company broadly disappointed investors last month by missing quarterly estimates and forecasting slightly lower production this year compared to 2023 due to downtime from plant.
He AmazonThe company-backed company has been spending cash to improve current electric vehicle production and reduce losses.
The R2 will run on a new EV platform, but looks like a smaller version of the R1S SUV. It will be capable of more than 300 miles of all-electric range on a single charge and go from 0 to 60 mph in less than 3 seconds, the company said.
Rivian CEO RJ Scaringe speaks at an event to unveil a smaller R2 SUV during an event in Laguna Beach, California, U.S., on March 7, 2024.
Mike Blake | Reuters
“The R2 represents the essence of our brand while addressing the important midsize SUV segment, a huge market with limited and attractive electric vehicle options beyond tesla“Rivian CEO RJ Scaringe told investors last month. “R2 has been developed with vertically integrated propulsion, electronics and software platforms to create an incredible user experience.”
Scaringe said the R2 will begin production at the company's plant in Normal, Illinois, instead of a plant in Georgia that is currently under construction. The change helped the company boost production of the vehicle.
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