Rivian to unveil R2 in early 2024, targeting $40K price tag

While Rivian’s production facility in Normal, Illinois continues to churn out R1T electric pickup trucks and R1S electric SUVs, the automaker is actively developing its next offering, the R2. Claire McDonough, Rivian’s chief financial officer, recently unveiled some details about the upcoming model at an automotive conference, signaling the company’s commitment to expanding its EV lineup.

McDonough made the comments while speaking at the Deutsche Bank Auto Global Conference last week, saying the design of the R2 is nearly complete and will build upon the distinctive styling of the R1T and R1S. Initially planned as a compact SUV, the R2 may also be accompanied by a pickup variant in the future. McDonough said Rivian plans to reveal the R2 to the public for the first time in early 2024, with sales expected to commence in 2026 as previously announced. (via CarBuzz)

So far we have only seen the outline of the R2 when it was covered and in the background of a recent video with CEO RJ Scaringe.

McDonough also discussed the R2’s affordability, saying the company is targeting a price range between US$40,000 and US$60,000, below that of the R1T and R1S, which have an average selling price of US$73,000.

However, to maintain a lower price point, compromises will need to be made. Scaringe previously explained that when working with a specific cost target, decisions must be made regarding investment allocation, meaning the R2 may not have all of the same capabilities as the R1T and R1S. Rivian has also implemented revised supplier interactions and negotiations to manage material costs effectively, leveraging the lessons learned from the R1T and R1S.

Although Rivian has been able to ramp production of the R1T and R1S, the R2 will offer a more affordable option, which Rivian hopes to attract thousands of new customers and boost overall sales. However, as Tesla experienced with the Model 3, mass-producing an affordable car is no easy feat.

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