Rivian revealed its next electric vehicle (EV) model, R2, to its fans during an interactive session on the company’s Instagram. The new compact SUV model is anticipated to be far less expensive than the R1S which is currently selling for at least $78,000.

A Compact EV SUV That Will Not Break Bank

About a year ago when EV manufacturer Rivian lost $1.59 billion due to news that Ford was selling its stock of the company, Rivian CEO RJ Scaringe affirmed that the company was still well liquidated and also revealed that the company was working to introduce a new model, the R2 next-generation electric vehicle platform, at a new factory in Georgia in 2025.

Rivian said that R2 will form the foundation for a new, compact SUV that will be less expensive than its first two models, R1T and R1S, each of which has a starting price of over $70,000.

In April this year, the American EV company’s Chief Financial Officer Claire Rauh McDonough also hinted at the possibility of the model going into production between 2025 and 2026. Fans and customers of the company have been anticipating the debut of the model due to the promise of affordability.

Over the Memorial Day weekend, Scaringe took a moment to connect with Rivian lead designer Jeff Hammoud and share a glimpse of the R2’s shape via an Instagram Q&A session. The two outlined a car that appeared boxy like an R1S but smaller in front of a clay model of an R2 covered in black cloth.

Unfortunately, none of them provided any details on the impending electric SUV, but based on appearances, it appears to be roughly 70 inches (1.77 meters) in height and around 177 inches (4.5 meters) long which would therefore make it around the same size as the ICE-powered Ford Bronco Sport.

If these dimensions are correct, the R2 SUV will also be smaller than the current flagship R1S, which is 200.8 in (5.1 m) long and 77.3 in (1.96 m).

The session also revealed the possibility that the EV making company might retain some of the R1 signature features in the R2. A poster featured in the video showed that the known front light setup of the R1T and R1S, as well as the portable flashlight that’s stored in the front door, could be on the new SUV.

The Rivian R2 platform, based on rumors, is expected to underpin several more affordable models which might have a manufacturer’s suggested retail price (MSRP) of about $40,000.This price point will allow the Irvine, California-based firm to enter a completely new market.

Rivian Looks to Ramp Up Production

According to the company’s CFO announcement during the Bank of America Summit, Rivian will build up to 200,000 R2 vehicles in 2026 and 400,000 units after that, a significant increase from the over 25,000 vehicles it produced in 2017.

McDonough added that the R2 will compete in the premium SUV market among models like the Polestar 3, GV60 from Genesis, and Model Y from Tesla. The R2 SUV is also expected to be a global model that will sell in large quantities in a variety of markets.

At the moment, Rivian is only available in North America due to supply constraints, but that could soon change as the company looks to expand into Europe.

However, it is unknown whether the company will meet R2’s production dates as Rivian is currently dealing with delays for its new Georgia facility, where the R2 will be constructed. A state judge in Georgia banned Rivian’s plans to receive almost $1.5 billion in incentives to develop the facility in October.

Additionally, a group called “No2Rivian” is active in the state and consists of locals who are opposed to the manufacturing and the over $700 million in property tax rebates it would receive.

What's the Best Crypto to Buy Now?

  • B2C Listed the Top Rated Cryptocurrencies for 2023
  • Get Early Access to Presales & Private Sales
  • KYC Verified & Audited, Public Teams
  • Most Voted for Tokens on CoinSniper
  • Upcoming Listings on Exchanges, NFT Drops
See the 15+ Coins