Rivian Automotive Inc. (Nasdaq: RIVN) today revealed three new electric vehicle models in the works at the manufacturer – the R2, R3 and R3X.
Each midsize platform is designed with smaller dimensions compared to the initial R1 units while maintaining a new, larger 4695Â battery cell among other engineering updates.
The R2 SUV and R3 crossovers have been designed to provide a more accessible price point for consumers, according to Rivian officials. The R2 is set to begin production and delivery in 2026 with a starting price of $45,000.
“These represent our future,” Chief Executive RJ Scaringe said at the reveal event that took place at the automaker’s Laguna Beach retail center.
“These represent what we’ve been building to and the brand we established with the R1 products, and positioning Rivian to take that further and make it more accessible to more people.”
Rivian shares were up 9.6% to $12.09 per share during midday trading with a market cap of $12 billion.
For more on Rivian, see the upcoming March 11 print edition of the Business Journal.
