Rivian electrical R2 SUV and R3 crossovers unveiled

Shares of Rivian Automotive surged 13% on Thursday because the EV maker unveiled three new autos and introduced greater than $2 billion in financial savings associated to pausing building on a plant in Georgia.

Two of these EVs got here as a shock to customers and traders. Rivian CEO RJ Scaringe, in asserting the corporate’s upcoming R2 SUV, additionally revealed two extra crossovers referred to as the R3 and R3X, a efficiency variant.

The R2 is anticipated to start out at about $45,000 when it goes on sale in the course of the first half of 2026. It’s anticipated to be the fourth product for Rivian following a industrial supply van and bigger, costlier R1S SUV and R1T pickup for customers. The R1 autos begin at roughly $70,000 and may high $100,000.

Scaringe disclosed few particulars in regards to the shock R3 crossovers, however informed CNBC’s Phil LeBeau that the R3 shall be priced decrease than the R1.

“These represent our future,” Scaringe mentioned throughout a livestreamed occasion from Laguna Beach, California.

The bulletins come at a vital time for Rivian because it makes an attempt to develop its buyer base amid slower-than-expected EV gross sales within the U.S. after automakers flooded the first-adopter market with dear all-electric autos lately.

Rivian’s gross sales tempo has slowed in current quarters, and the corporate broadly dissatisfied traders final month by lacking quarterly estimates and forecasting barely decrease manufacturing this 12 months in comparison with 2023 as a result of plant downtime.

The Amazon-backed firm has been burning by way of money to enhance present EV manufacturing and slender losses.

Shifting manufacturing of the R2 from the in-development plant in Georgia to the corporate’s plant in Normal, Illinois, will save $2.25 billion, Rivian mentioned in a press launch. It can even permit the automobile to start manufacturing earlier, it mentioned.

The firm mentioned it is going to pause building on the Georgia plant, to be resumed “later.”

The R2 will function on a brand new EV platform however appears like a smaller model of the R1S SUV. It shall be able to greater than 300 miles of all-electric vary on a single cost and 0-60 mph time in under3 seconds, the corporate mentioned.

“R2 represents the essence of our brand, while targeting the significant midsized SUV segment, a massive market with limited compelling EV options beyond Tesla,” Rivian CEO RJ Scaringe informed traders final month. “R2 has been developed with vertically integrated propulsion platforms, electronics and software to create an incredible user experience.”