Rivian electrical R2 SUV and R3 crossovers unveiled

Shares of Rivian Automotive surged roughly 10% Thursday because the EV maker unveiled three new automobiles and introduced greater than $2 billion in financial savings associated to pausing building on a plant in Georgia.

Two of these EVs got here as a shock to shoppers and traders. Rivian CEO RJ Scaringe, in asserting the corporate’s upcoming R2 SUV, additionally revealed two extra crossovers referred to as the R3 and R3X, a efficiency variant.

The R2 is predicted to begin at about $45,000 when it goes on sale in the course of the first half of 2026. It is anticipated to be the fourth product for Rivian following a industrial supply van and bigger, costlier R1S SUV and R1T pickup for shoppers. The R1 automobiles begin at roughly $70,000 and may prime $100,000.

Scaringe disclosed few particulars concerning the shock R3 crossovers, however instructed CNBC’s Phil LeBeau that the R3 will probably be priced decrease than the R1.

“These signify our future,” Scaringe stated throughout a livestreamed occasion from Laguna Seaside, California.

The bulletins come 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 automobiles in recent times.

Rivian’s gross sales tempo has slowed in current quarters, and the corporate extensively disenchanted traders final month by lacking quarterly estimates and forecasting barely decrease manufacturing this yr in comparison with 2023 as a consequence of plant downtime.

The Amazon-backed firm has been burning by way of money to enhance present EV manufacturing and slim losses.

Shifting manufacturing of the R2 from the in-development plant in Georgia to the corporate’s plant in Regular, Illinois, will save $2.25 billion, Rivian stated in a press launch. It is going to additionally enable the car to start manufacturing earlier, it stated.

The corporate stated it’s going to pause building on the Georgia plant, to be resumed “later.”

The R2 will function on a brand new EV platform however seems like a smaller model of the R1S SUV. It is going to 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 stated.

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