Rivian electric R2 SUV and R3 crossovers unveiled

Actions of Rivian Automotive rose 13% on Thursday as the electric vehicle maker unveiled three new vehicles and announced more than $2 billion in savings related to pausing construction of a plant in Georgia.

Two of those electric vehicles surprised consumers and investors. Rivian CEO RJ Scaringe, while announcing the company’s upcoming R2 SUV, also revealed two additional crossovers called the R3 and R3X, a performance variant.

The R2 is expected to start at around $45,000 when it goes on sale during the first half of 2026. It is expected to be Rivian’s fourth product after a commercial delivery van and a larger, more expensive pickup truck. R1S SUV and R1T pickup truck for consumers. R1 vehicles start at approximately $70,000 and can exceed $100,000.

Scaringe revealed few details about the surprise R3 crossovers, but told CNBC’s Phil LeBeau that the R3 will be priced lower than the R1.

“These represent our future,” Scaringe said during an event broadcast live from Laguna Beach, California.

The announcements come at a crucial time for Rivian as it tries to expand its customer base amid slower-than-expected EV sales in the U.S. after automakers flooded the early adopter market with expensive vehicles. fully electric in recent years.

Rivian’s sales pace has slowed in recent quarters and the company widely disappointed investors last month by missing quarterly estimates and forecasting slightly lower production this year compared to 2023 due to plant downtime.

He AmazonThe company-backed company has been spending cash to improve current electric vehicle production and reduce losses.

Moving R2 production from the plant under development in Georgia to the company’s plant in Normal, Illinois, will save $2.25 billion, Rivian said in a news release. It will also allow the vehicle to begin production sooner, he said.

The company said it will halt construction at the Georgia plant, which will resume “later.”

The R2 will run on a new EV platform, but looks like a smaller version of the R1S SUV. It will be capable of more than 300 miles of all-electric range on a single charge and go from 0 to 60 mph in less than 3 seconds, the company said.

“The R2 represents the essence of our brand while addressing the important midsize SUV segment, a huge market with limited and attractive electric vehicle options beyond tesla“Rivian CEO RJ Scaringe told investors last month. “R2 has been developed with vertically integrated propulsion, electronics and software platforms to create an incredible user experience.”