Rivian
- Rivian's more affordable R2 can't come soon enough.
- A tough quarter for the EV startup highlights the importance of the next launch.
- We'll learn more about the R2 at Rivian's March 7 reveal event.
Rivian's R2 can't come soon enough for the electric truck startup.
Debuting next month, the R2 is a crucial piece of Rivian's future as a smaller and cheaper option for a new wave of EV customers.
Its launch comes at a critical time for Rivian, which reported disappointing fourth-quarter earnings Wednesday evening, with its 2024 production forecast falling well short of analyst predictions.
The company also announced yet another round of layoffs, slashing 10% of its salaried workforce after losing $5.4 billion in 2023.
As demand for the kind of expensive EVs Rivian currently sells is quickly drying up, some analysts were curious Wednesday if the startup would place more urgency on the launch of the R2, which is currently scheduled to start production in 2026.
"We're certainly working very hard to make sure we deliver R2 on time and, to the extent possible, pull any time we can out of the program," CEO RJ Scaringe said on the earnings call. "We do think we're in a very interesting moment in time where there is a lack of choice of highly compelling EV products in that $45,000 to $55,000 price range."
Rivian has struggled at times with the launch of its R1T and R1S, and still has a significant backlog of orders for these two vehicles to work through as it prepares to launch R2.
Here's what we know about the R2 so far ahead of its March 7 debut, thanks to some online sleuths and some company clues:
Design
Official details about the R2's looks are sparse. So far, Rivian has only revealed that it will be a compact SUV that fits with the rest of the startup's outdoorsy lineup.
The first purported photo of the R2 was posted on the Rivian subreddit last week, showing our first glimpse of the compact SUV. In the leaked photo, the R2 looks like a smaller version of the R1S, carrying the same boxy body style and sporting Rivian's signature bright, anime-style headlights.
Pricing
Rivian hasn't announced official pricing for the vehicle yet but is positioning the R2 to compete with more affordable electric SUVs and crossovers like the Tesla Model Y and the Volkswagen ID.4.
The R2 is currently slated to sell for between $45,000 and $55,000 — which Scaringe called a "really important sweet spot" in the EV market.
The R2's price range is well below the roughly $80,000 customers are shelling out for the R1S and $73,000 for the R1T. The current price range for the R2 is also more in line with the average price paid for a new vehicle, which currently hovers around $48,000.
Refundable R2 deposits will cost $100.
Production
Rivian has set a March 7 reveal date for the R2, with production at the startup's brand-new Georgia factory slated to begin sometime in 2026.
Deliveries
After the March 7 reveal, Rivian will open up pre-orders for the vehicle and begin taking deposits.
Are you interested in ordering an R2, or are you a current or former Rivian employee? Reach out to this reporter at nnaughton@insider.com