Rivian revealed new, cheaper electric vehicles (EVs) and Rivian’s CEO said they will deliver them sooner. The company’s stock price went up 13% after they talked about three new cars and saving over $2 billion by stopping work on a factory in Georgia.
The new R2 SUV will be sold starting in the first half of 2026 for about $45,000. This makes it Rivian’s fourth model, after a delivery van and the more expensive R1S SUV and R1T pickup, which start at around $70,000. Rivian also surprised everyone by showing two more new cars, the R3 and R3X, but didn’t share many details about them.
Rivian’s CEO, RJ Scaringe, said these new cars are very important for the future. He made these announcements online from Laguna Beach, California. This is happening when Rivian is trying to sell to more people because not as many people in the U.S. are buying EVs as expected.
Lately, Rivian hasn’t sold as many cars as before and hasn’t made as much money as people thought they would. They also said they might make fewer cars this year because their factories need some work.
Rivian’s CEO said moving the R2 car’s production from Georgia to Illinois will save them $2.25 billion and help them start making the car sooner.
The R2, which looks a bit like the smaller version of the R1S SUV, can go more than 300 miles on one charge and can speed up very fast. Scaringe told investors that the R2 is meant to attract people looking for a medium-sized SUV, a big market where there aren’t many exciting EV options besides Tesla.
