Electric vehicle manufacturer Rivian is poised to reveal its latest offering, the R2, a smaller and more affordable electric SUV, on March 7. The announcement, made on Monday, provided limited details about the event, but indications point towards Laguna Beach, California, as the chosen venue, with recent paperwork filed for an event titled “RIVIAN R2 LAUNCH.”
Priced in the range of $40,000-$60,000, the R2 represents a strategic move for Rivian, targeting a broader consumer base compared to its previously released R1S SUV and R1T pickup truck. RJ Scaringe, Rivian’s CEO and founder, has emphasized that the R2 will be produced on a larger scale, offering a more cost-effective option. However, prospective buyers will have to wait until at least 2026, as Rivian is yet to construct the Georgia-based factory earmarked for R2 production.
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This is it. Get ready to meet R2 on March 7th. pic.twitter.com/N2CKDTTZ5I
— Rivian (@Rivian) February 5, 2024
Despite Rivian’s impressive production figures, with over 57,000 vehicles built in 2023 and 50,000 deliveries, including Amazon’s commercial vans, the company continues to face financial challenges. It is reported that Rivian is operating at a loss for each R1 platform-based vehicle.
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The upcoming R2, powered by a more efficient platform, holds the potential to contribute to Rivian’s path to profitability, especially as the company plans to expand its lineup using the new platform.
The automotive industry will be closely watching Rivian’s R2 launch, anticipating its impact on the company’s financial outlook and its role in the broader electric vehicle market.
