Discover the New Rivian R2 Electric Midsize SUV: Unveiling Event Overview
Explore the details surrounding the more budget-friendly compact EV crossover.
Discover the New Rivian R2 Electric Midsize SUV: Unveiling Event
Explore the details of the more budget-friendly compact electric crossover.
The Auto Enthusiast Reveals the 2026 Rivian R2, R3, and R3X
If you have been eagerly anticipating a more compact and budget-friendly option from Rivian, your wait is almost over. The renowned electric vehicle manufacturer is set to unveil its first glance at the R2 midsize electric SUV on March 7, 2024, as confirmed by a social media post from Rivian. The upcoming vehicles based on the new R2 platform will incorporate insights gained, innovative technology and materials for cost reduction, and a newly established factory in Georgia for production.
Exciting Updates and Specs
On February 15, a sneak peek image of the Rivian R2’s front section was disclosed, building anticipation for its official introduction. Additionally, prior to the reveal, a sneak peek into the source code of the website provided intriguing insights into the features of this fresh, smaller SUV. Here are the key highlights we have gathered so far:
Rivian R2 Pricing Details
The anticipated release of the R2 midsize SUV in 2026 will come with a price tag ranging between $45,000 to $50,000, as announced by Rivian CEO RJ Scraringe during an investor call discussing third-quarter earnings. This model marks Rivian’s inaugural global platform and will incorporate the technological advancements and expertise gained from the larger R1 platform supporting the R1T electric pickup truck and R1S SUV. Visual representations of the projected R2 design are displayed below:
Further insights from a recent source code leak suggest an initial price range of $47,000 to $47,500, aligning closely with the disclosed pricing. The leak also hints at an estimated 330-mile range, compatibility with NACS and CCS charging standards, a power-operated rear window, and a 115.6-inch wheelbase. Additional specifications and details are expected to be unveiled soon. Browse through teaser images below:
Rivian’s New R2 Platform Production Facility
Vehicles based on the R2 platform will be manufactured at a newly established factory in Georgia. The construction of this plant is set to commence in early 2024, with operations expected to launch in 2026 at a much lower cost level, according to Scaringe.
You can witness the unveiling live on March 7 at 10 a.m. PT through Rivian’s YouTube channel.
Rivian R1 Plant Upgrades
Before the release of the R2 platform, Rivian is enhancing the R1 platform with significant changes. The R1T and R1S vehicles are manufactured at a facility in Normal, Illinois, which underwent preliminary preparations in December prior to a major renovation scheduled for the second quarter of 2024.
Upon resuming operations, the vehicles will feature updated technology and streamlined components, including 25 percent shorter wiring harnesses, integrated control units, and advancements in body design and battery technology. These efficiency improvements will reduce production costs by approximately 35 percent, with insights likely applied to the development of the R2 platform.
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New Trims Coming for Rivian R1T and R1S
The R1 platform’s expansion includes the introduction of additional trims for the R1T and R1S models. Initially launched with quad-motor powertrains and a large battery pack, Rivian later added the dual motor and max pack options, the latter providing around 410 miles of range. By 2024, Rivian plans to unveil the standard (smallest) battery pack, along with new trim levels and build combinations aimed at enhancing affordability. The company also intends to introduce leasing options for select vehicles in specific regions, with intentions to expand the program further.
Rivian is scaling its mobile service fleet to support the maintenance needs of all its new models, with 408 vehicles currently deployed for on-site service visits. CEO Scaringe anticipates that three-quarters of service calls will be conducted through this mobile service model, leading to ongoing investments and growth of the fleet. Additionally, Rivian is establishing its own charging network, boasting 57 fast chargers with plans for rapid expansion in the near future.
New Partnership With E-Commerce Giant
The manufacturing facility in Normal is not only producing electric delivery vans (EDVs) for Amazon, with plans to deploy 10,000 vans and fulfill an order for 100,000 vehicles. However, Rivian has made adjustments to the exclusive agreement to enable sales to other clients, according to Scaringe. Discussions are underway with various major fleet operators for upcoming pilot initiatives, the details of which will be disclosed shortly. Pilot programs offer customers the opportunity to trial the vans, customize them to their specific requirements, and establish charging stations and infrastructure prior to placing substantial orders. The CEO anticipates a significant increase in production by 2025.
Rivian’s Manufacturing Expansion
Rivian has revealed that it manufactured approximately 57,200 vehicles in 2023, surpassing previous estimates. By enhancing its Illinois facility, the company aims to boost production capacity to 85,000 R1 vehicles and 65,000 commercial vans annually, resulting in a total output of 150,000 vehicles per year.
Financial Progress and Challenges
During the third quarter of 2023, Rivian managed to lower its loss per vehicle to around $30,600, marking a significant improvement compared to the previous year when the figure was nearly $140,000 per vehicle. The reduction in supply constraints allowed for a doubling of production rates and a decrease in manufacturing costs. However, despite these advancements, Rivian continues to face cash burn issues and recorded a net loss of $1.4 billion in the third quarter, despite generating revenue of $1.34 billion.