Home Economy News Rivian sets R2 SUV starting price at $45,000

Rivian sets R2 SUV starting price at $45,000


Rivian sets R2 SUV starting price at $45,000 By Investing.com

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EditorBrando BricchiEconomy

Published Mar 07, 2024 01:51PM ET

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LAGUNA BEACH, Calif. – Rivian (NASDAQ:RIVN) Automotive Inc. (NASDAQ: RIVN), known for its electric vehicles, announced the upcoming launch of its R2 SUV, starting at approximately $45,000, with reservations now open. The R2, part of Rivian’s new midsize platform that also includes the R3 crossover and its performance variant R3X, is designed to offer a blend of performance, capability, and utility.

The R2 features a five-seat configuration with fold-flat seating for cargo versatility and is designed with premium, sustainable materials. It also includes a powered rear glass that fully drops into the liftgate, aiming to provide an open-air driving experience. The R3 and R3X promise to deliver performance and off-road capability while maintaining compact dimensions for passenger comfort and storage.

Both the R2 and R3 will be available with two battery sizes, with the larger pack expected to achieve over 300 miles of range on a single charge. Rivian claims the quickest powertrain configuration can accelerate from 0-60 mph in under three seconds.

Rivian’s CEO RJ Scaringe expressed enthusiasm for the new products, highlighting the company’s focus on innovation and cost reduction to make their vehicles more accessible. The R2 is now available for reservation in the U.S. with a $100 deposit, and deliveries are expected to begin in the first half of 2026. The R3 and R3X will follow the launch of the R2.

The R2 and R3 are built on an all-new platform designed for performance, range, and cost efficiency. Rivian’s in-house drive unit platform allows for Single-Motor (RWD), Dual-Motor (AWD), and Tri-Motor configurations. The vehicles will also support DC fast charging and enhanced autonomous capabilities through Rivian’s new perception stack.

In a strategic move to improve capital efficiency, Rivian plans to start R2 production at its existing Normal, Illinois facility, which is expected to save over $2.25 billion compared to initial forecasts. This approach is also aimed at reducing risks associated with the launch and ramp-up process. The company’s Georgia plant remains a key part of its strategy to scale production, with construction resuming at a later date to focus on the R2 launch.

This announcement is based on a press release statement from Rivian and contains forward-looking statements regarding production timelines and capacity expansion. Rivian’s approach reflects its commitment to innovation and cost-effective manufacturing, aiming to make electric vehicles more accessible to a broader audience.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Rivian sets R2 SUV starting price at $45,000

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