Laguna Beach, California – Rivian Automotive, an electric vehicle (EV) maker, experienced a significant surge in their stock price following the unveiling of three new vehicles and the announcement of over $2 billion in savings linked to the temporary halt of construction on a plant in Georgia. CEO RJ Scaringe introduced the company’s upcoming R2 SUV along with two surprise additions – the R3 and R3X crossovers, a performance variant.
The R2 is anticipated to be priced around $45,000 upon its release in the first half of 2026, making it the fourth offering from Rivian after their commercial delivery van, R1S SUV, and R1T pickup truck. Scaringe provided minimal details about the R3 crossovers during a livestreamed event, emphasizing that they represent Rivian’s future direction.
Rivian’s decision to shift production of the R2 from their Georgia plant to the facility in Normal, Illinois, is set to save the company $2.25 billion. The move will also expedite production timelines for the vehicle. Operating on a new EV platform, the R2 resembles a smaller version of the R1S SUV and boasts a range of over 300 miles on a single charge with a rapid 0-60 mph acceleration in under 3 seconds.
The shift in focus comes at a critical juncture for Rivian as the company seeks to broaden its customer base amidst a slowdown in EV sales in the U.S. Notably, the Amazon-backed company has been striving to enhance EV production efficiencies and reduce financial losses as they navigate the competitive electric vehicle market. With investors closely monitoring their progress, Rivian’s strategic decisions aim to solidify their position and attract more consumers in the ever-evolving EV industry.