R2 Starting Around $45,000, Available to
Reserve Today
Rivian today unveiled its new midsize platform which underpins
R2 and R3 product lines.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240307349103/en/
Rivian introduces its midsize platform
family: R2, R3 and R3X. (Photo: Business Wire)
R2 is Rivian’s all-new midsize SUV delivering a combination of
performance, capability and utility in a five-seat package
optimized for big adventures and everyday use. The silhouette and
face of R2 are distinctly Rivian. The powered rear glass fully
drops into the liftgate for carrying all types of gear and enabling
a unique open air driving experience. The interior is designed for
ease-of-use, while being uniquely Rivian through a combination of
inviting design and premium, sustainable materials that are easy to
clean. R2 also features first and second row seating that fold
completely flat, for gear, cargo, and even car camping.
R3 is a midsize crossover that is tidy on dimensions but
delivers big in terms of performance, off-road capability,
passenger comfort, and storage. R3X is a performance variant of R3
offering even more dynamic abilities both on and off road. The
design of the exterior and interior of R3 are inviting and iconic.
R3 demonstrates the scalability of Rivian’s brand across different
form factors while continuing to be immediately recognizable.
R2 and R3 will feature two battery sizes. The larger pack will
achieve over 300 miles of range on a single charge and offer 0-60
mph acceleration in under 3 seconds for the quickest powertrain
configuration.
Pricing for R2 is expected to start around $45,000, and R3 will
be priced below R2, making Rivian vehicles more accessible to more
people. Rivian's development teams have been intensely focused on
cost through manufacturing, design innovation, and robust supply
chain development. R2 is available to reserve today in the U.S. for
$100 with deliveries expected to begin in the first half of 2026.
R3 and R3X deliveries will start after R2, to ensure a smooth
launch and rapid ramp of R2 – this is a learning from Rivian’s
simultaneous launch of R1T, R1S and EDV. R2, R3, R3X will be
available internationally following their North American
launch.
“I have never been more excited to launch new products – R2 and
R3 are distinctly Rivian in terms of performance, capability, and
usability, yet with pricing that makes them accessible to a lot of
people,” said Rivian Founder and CEO RJ Scaringe. “Our design and
engineering teams are extremely focused on driving innovation into
not only the product features but also our approach to
manufacturing to achieve dramatically lower costs. R2 provides
buyers starting in the $45,000 price range with a much-needed
choice with a thoroughly developed technology platform that is
bursting with personality. I can’t wait to get these to
customers.”
All-New Platform
Developed to deliver amazing performance, range, and cost
efficiency, R2 and R3 were built on an all-new midsize vehicle
platform. This platform consolidates and eliminates parts thanks to
intelligent design, including the use of high pressure die
castings, a structural battery unit where the top of the pack also
serves as the floor, and closure systems that dramatically reduce
complexity. R2 and R3 also utilize Rivian’s drive unit platform and
internally developed network architecture, computer topology and
software stack.
R2 and R3 Highlights
- Three Motor Variants: Leveraging
Rivian’s in-house drive unit platform and technology, there will be
Single-Motor (RWD), Dual-Motor (AWD), and Tri-Motor (two motors in
rear and one in front) configurations, with the quickest
configuration delivering 0-60 mph in under 3 seconds.
- Structural Battery: Utilizes an
all-new 4695 cell that offers significant improvements in energy
density and output, estimated to deliver over 300 miles of range on
a single charge for both R2 and R3.
- Fast Charging: DC fast charging is
compatible with both NACS (native) and CCS (with adapter), charging
from 10% to 80% in less than 30 minutes.
- Self Driving: Utilizing Rivian’s
new perception stack featuring 11 cameras, five radars and a more
powerful compute platform, R2 and R3 will provide dramatically
enhanced autonomous capabilities.
- Ever improving and expanding
features: As with all Rivian vehicles, Rivian has developed
its network architecture, topology of computers and associated full
software platform to facilitate frequent software updates – the
headroom for feature growth over time is extremely exciting.
Intentional Design
R2 and R3 demonstrate how Rivian’s design language adapts to
different vehicle sizes and form factors.
“Our R1 flagship vehicles served as our handshake with the world
– with R2 and R3 our obsessive goal is to stay true to Rivian’s
product attributes while making our products accessible to a lot
more people,” said Rivian Chief Design Officer Jeff Hammoud.
“Through a tight integration of hardware, software and
human-centered design, we designed R2 by balancing form with
function, while building on our inviting and iconic design
language.”
R2’s design prioritizes:
- Adventure: R2's four passenger
windows and rear powered glass drop fully, and the powered rear
quarter windows vent to invite the outside in, creating a unique
open-air driving experience. With R3, its hatch-style design
maximizes space while keeping a sporty, athletic silhouette.
- Space: With an extreme focus on
rear passenger legroom, even long trips in R2 and R3 are
comfortable. With the seats folding completely flat, ample sized
front and rear trunks, and additional interior storage, there is
space for everyone and all their gear.
- Refined Touches: Rivian’s new
steering wheel with integrated haptic control dials makes it easier
to stay focused on the road ahead. Materials balance durability and
sustainability with easy-to-clean textiles and finishes.
R2's package makes the best of Rivian available at a
significantly lower price point. Customers in the U.S. can place
reservations for R2 starting today at www.Rivian.com/R2, with a
refundable deposit of $100.
R2 Production to be Launched in Normal, Illinois
To enable R2 to be launched earlier and with a considerable
reduction in the capital required for its launch, Rivian plans to
start production of R2 in its existing Normal, Illinois
manufacturing facility. Beyond significantly reducing the amount of
capital needed to bring R2 to market, the company believes this
approach considerably reduces risk to the launch and associated
ramp; efficiently leverages its existing manufacturing and
operations teams; and expands the total capacity for the site to
215,000 units per year. Rivian’s Georgia plant remains an extremely
important part of its strategy to scale production of R2 and R3.
The timing for resuming construction is expected to be later to
focus its teams on the capital-efficient launch of R2 in Normal,
Illinois.
To summarize:
- Improved capital efficiency: Total savings estimated to be over
$2.25 billion as compared to the original forecast of launching the
first line of R2 production at Rivian’s Georgia site. The savings
are expected to come from capital expenditures, product development
investment, and supplier sourcing opportunities.
- Improved cash visibility: Cash, cash equivalents, and
short-term investments expected to be sufficient to fund operations
through the start of R2 production.
- R2 planned start of production: The timing has been pulled
forward to now be in first half of 2026.
- Total expected Normal capacity following R2 launch and plant
changes: 215,000 units of total annual capacity across R1T, R1S,
EDV, RCV, and R2.
About Rivian:
Rivian (NASDAQ: RIVN) is an American automotive manufacturer
that develops and builds category-defining electric vehicles and
accessories. The company creates innovative and technologically
advanced products that are designed to excel at work and play with
the goal of accelerating the global transition to zero-emission
transportation and energy. Rivian vehicles are built in the United
States and are sold directly to consumer and commercial customers.
The company provides a full suite of services that address the
entire lifecycle of the vehicle and stay true to its mission to
keep the world adventurous forever. Whether taking families on new
adventures or electrifying fleets at scale, Rivian vehicles all
share a common goal — preserving the natural world for generations
to come. Learn more about the company, products, and careers at
http://www.rivian.com.
Forward-Looking Statements:
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. We intend such forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements contained
in Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements contained in this press release that do not relate to
matters of historical fact should be considered forward-looking
statements, including without limitation statements regarding the
timeline for the start of production of R2 and the expansion of
production capacity in Normal. In some cases, you can identify
forward-looking statements by terms such as “may,” “will,”
“should,” “expects,” “plans,” “anticipates,” “could,” “intends,”
“targets,” “projects,” “contemplates,” “believes,” “estimates,”
“forecasts,” “predicts,” “potential” or “continue” or the negative
of these terms or other similar expressions, although not all
forward-looking statements use these words or expressions.
We have based these forward-looking statements largely on our
current expectations and projections about future events and
financial trends that we believe may affect our business, financial
condition, and results of operations. Forward-looking statements
involve known and unknown risks, uncertainties and other important
factors that may cause our actual results, performance, or
achievements to be materially different from any future results,
performance, or achievements expressed or implied by the
forward-looking statements, including, but not limited to, the
important factors discussed in Part I, Item 1A, “Risk Factors” in
our Annual Report on Form 10-K for the year ended December 31,
2023, and our other filings with the Securities and Exchange
Commission. The forward-looking statements in this press release
are based upon information available to us as of the date of this
press release, and while we believe such information forms a
reasonable basis for such statements, such information may be
limited or incomplete, and our statements should not be read to
indicate that we have conducted an exhaustive inquiry into, or
review of, all potentially available relevant information. These
statements are inherently uncertain, and investors are cautioned
not to unduly rely upon these statements. While we may elect to
update such forward-looking statements at some point in the future,
we disclaim any obligation to do so, even if subsequent events
cause our views to change.
DISCLAIMERS:
Actual vehicle capability will depend on selected options and
trim. Ranges are preliminary manufacturer estimates based on EPA
test cycle and are not official EPA values. Performance estimates
vary based on battery pack, tire, drive modes, weather, driving
behavior, vehicle condition and load, and battery age. Charging
rate may be limited by charger capacity and other factors.
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