The Rivian R2 Is Finally Here. The CEO Just Shared When To Expect More Models

Rivian CEO RJ Scaringe revealed details about the upcoming R2 SUV and hinted at future models during an investor event on March 7, 2024. The R2, positioned as a more affordable option than the R1S, is expected to begin production in the first half of 2026. Scaringe also teased the R3, a smaller crossover, suggesting it will be revealed "soon" and will also enter production after the R2. He indicated that both the R2 and R3 will be built on the same platform, a move designed to significantly reduce manufacturing costs. Rivian aims to achieve a 25% cost reduction for the R2 compared to the R1S, with a target starting price of approximately $45,000. The company also plans to offer a performance variant of the R2 with three motors, capable of accelerating from 0 to 60 mph in under 3 seconds. Scaringe emphasized that the R2 and R3 are crucial for Rivian's path to profitability, projecting that these models will enable the company to reach positive free cash flow in the second half of 2025. The manufacturing strategy for these new vehicles will leverage existing infrastructure, including the company's Normal, Illinois plant, with potential for additional facilities in the future. Rivian's focus on cost efficiency and platform sharing is a key element of its strategy to scale production and compete more effectively in the electric vehicle market.