Rivian CEO RJ Scaringe reacts at an event to unveil a smaller R2 SUV in Laguna Beach, California, U.S., March 7, 2024.
Mike Blake | Reuters
Shares of Rivian Automotive surged roughly 10% Thursday as the EV maker unveiled three new vehicles and announced more than $2 billion in savings related to pausing construction on a plant in Georgia.
Two of those EVs came as a surprise to consumers and investors. Rivian CEO RJ Scaringe, in 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 about $45,000 when it goes on sale during the first half of 2026. It’s expected to be the fourth product for Rivian following a commercial delivery van and larger, more expensive R1S SUV and R1T pickup for consumers. The R1 vehicles start at roughly $70,000 and can top $100,000.
Scaringe disclosed few details about the surprise R3 crossovers, but said during a livestreamed event from Laguna Beach, California, that they “represent our future.”
The Rivian R3 electric vehicle is unveiled at the Rivian South Coast Theater in Laguna Beach, California, on March 7, 2024.
Patrick T. Fallon | AFP | Getty Images
The announcements come at a crucial time for Rivian as it attempts to expand its customer base amid slower-than-expected EV sales in the U.S. after automakers flooded the first-adopter market with pricey all-electric vehicles 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.
The Amazon-backed company has been burning through cash to improve current EV production and narrow losses.
Rivian CEO RJ Scaringe speaks at an event to unveil a smaller R2 SUV during an event in Laguna Beach, California, U.S., March 7, 2024.
Mike Blake | Reuters
Shifting production of the R2 from the in-development plant in…
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