Rivian CEO RJ Scaringe said 2026 will be a “really critical year” for the electric vehicle maker as it gears up to deliver the R2, a new five-passenger SUV starting at $45,000, aimed at expanding the company’s customer base and accelerating EV adoption in the U.S.
Speaking to Bloomberg, Scaringe expressed optimism about the R2 and its sibling crossover, the R3, calling them a “much lower priced” alternative to Rivian’s current premium models. The R1T pickup and R1S SUV are priced from $87,000 and $75,900, respectively. “Most of our customers have never owned an EV before,” Scaringe said, underscoring Rivian’s appeal beyond traditional EV buyers.
The executive acknowledged that cost remains a major barrier for widespread adoption, noting that the average new car price in the U.S. hovers around $49,000. “With R2 coming in starting at $45,000… it puts us in a great spot to see a giant step in volume,” he said.
Rivian has posted two consecutive quarters of positive gross profit, including $206 million in Q1 2025, buoyed by $157 million in regulatory credit sales. Scaringe said this progress has been key to closing a landmark $5.8 billion software licensing deal with Volkswagen, calling it “the largest software licensing deal in the history of the automotive industry.” Rivian’s R1S currently holds a 35% market share in its segment, and the company is positioning the more affordable R2 to capture a broader market when deliveries begin in 2026.
