Rivian electric R2 SUV and R3 crossover unveiled | Wilnesh News

shares Rivian Cars On Thursday, the electric car maker launched three new vehicles and announced more than $2 billion in cost savings from halting construction of a factory in Georgia, sending its shares soaring 13%.

Two of the electric vehicles surprised consumers and investors. While announcing the company’s upcoming R2 SUV, Rivian CEO RJ Scaringe also revealed two other crossovers, called the R3 and R3X (performance variants).

The R2 is expected to start at about $45,000 and will be available in the first half of 2026. It is expected to be Rivian’s fourth product, following the commercial delivery van and the larger, more expensive R1S SUV and R1T pickup for consumers. R1 vehicles start at about $70,000 and go up to $100,000.

Scaringe didn’t reveal some details about the R3 crossover, but he told CNBC’s Phil LeBeau that the R3 will cost less than the R1.

“These represent our future,” Scaringe said during a livestreamed event in Laguna Beach, California.

The announcements come at a critical juncture for Rivian as it tries to expand its customer base as U.S. EV sales have been lower than expected in recent years as automakers have launched expensive all-electric vehicles into first-adopter markets.

Rivian’s sales pace has slowed in recent quarters, and investors were generally disappointed last month when the company missed quarterly estimates and forecast production this year to be slightly lower than in 2023 due to factory shutdowns.

this AmazonSupported companies have been burning cash to boost current electric vehicle production and narrow losses.

Rivian said in a news release that moving production of the R2 from a plant under development in Georgia to the company’s factory in Normal, Illinois, will save $2.25 billion. It is also claimed that this will allow the vehicle to start production earlier.

The company said it would pause construction of its Georgia plant and resume “at a later date.”

The R2 will run on a new EV platform but will look like a scaled-down version of the R1S SUV. The company says it will have an all-electric driving range of more than 300 miles on a single charge and accelerate from 0-60 mph in less than 3 seconds.

“The R2 represents the essence of our brand while targeting the important mid-size SUV segment, a huge market beyond which compelling electric vehicle options are limited. TeslaRivian CEO RJ Scaringe told investors last month. “R2 was developed using a vertically integrated propulsion platform, electronics and software designed to create an incredible user experience.”