Rivian electrical R2 SUV and R3 crossovers unveiled

Shares of Rivian Automotive surged 13% on Thursday because the EV maker unveiled three new autos 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 customers and buyers. 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 start out at about $45,000 when it goes on sale through the first half of 2026. It is anticipated to be the fourth product for Rivian following a business supply van and bigger, dearer R1S SUV and R1T pickup for customers. The R1 autos begin at roughly $70,000 and may prime $100,000.

Scaringe disclosed few particulars in regards to the shock R3 crossovers, however advised CNBC’s Phil LeBeau that the R3 will likely be priced decrease than the R1.

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

The bulletins come at a vital time for Rivian because it makes an attempt to broaden 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 in recent times.

Rivian’s gross sales tempo has slowed in latest quarters, and the corporate broadly dissatisfied buyers final month by lacking quarterly estimates and forecasting barely decrease manufacturing this 12 months in comparison with 2023 attributable to 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 should additionally permit the automobile to start manufacturing earlier, it stated.

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

The R2 will function on a brand new EV platform however appears 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 concentrating on the numerous midsized SUV section, a large market with restricted compelling EV choices past Tesla,” Rivian CEO RJ Scaringe advised buyers final month. “R2 has been developed with vertically built-in propulsion platforms, electronics and software program to create an unimaginable consumer expertise.”