“We are thrilled to see R2 (as well as R3 and R3X) resonate so strongly with our community” says Rivian CEO RJ Scaringe
March 8, 2024 at 14:06
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The response to the new Rivian R2 has been off to a strong start, with RJ Scaringe, the EV company’s founder and CEO, revealing today that it had received over 68,000 reservations for the compact luxury SUV less than 24 hours after its unveiling. The automaker opened order books simultaneously with the unveiling of the upcoming model, with customers are required to pay a refundable $100 (or CA$150 in Canada) to reserve one.
Aiming to compete with the most popular electric vehicle on earth (and one of the best-selling overall in 2023), the Tesla Model Y, Rivian is targeting a starting price of $45,000 when deliveries of the R2 begin in early 2026.
If Rivian manages to keep its promise – and that’s a big if, given the timeframe and what we’ve seen from other companies over the years – that price aligns well with Tesla’s, which currently starts at $43,990. It will make the new SUV by far Rivian’s least expensive vehicle when it launches; the R1S has a starting price of $74,900. This will be important for the brand, which chose to unveil the R2 as concerns about EV affordability rock the industry.
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Read: New Rivian R2 Starts From $45,000, Beats Tesla Model Y To 60 MPH
People who can afford the larger Rivian will be its priority, though. Users of the rivianforums.com who own an R1S have reported that they received communications from the automaker saying they would be offered the first delivery slots if they reserve an R2.
Despite that, attracting new customers to the brand is important for Rivian, which disappointed investors with its low production forecast in 2024. Such is the pressure on the company that it also announced that it has paused construction at its upcoming $5 billion plant in Georgia, saying it will first expand production capacity at its Normal, Illinois, location, where the R2 will be built.
Rivian stated that the decision will help it speed up production of the smaller EV, and will help it save around $2.25 billion, as compared to its initial plan. However, the company maintained that the Georgia plant will be important in its long-term strategy to scale production of the R2, as well as the slightly smaller R3 and R3X, which will be based on the same platform.
