Wednesday, April 17, 2024

The Rivian R2 and R3 are the smaller, budget-friendly electric off-road vehicles made by Rivian

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Rivian, the company famous for its tough electric trucks and SUVs, just revealed two new SUVs that are more budget-friendly. The current models, R1T SUV and R1S pickup, cost around $70,000 and $75,000. The new ones, R2 and R3, are smaller and cheaper.

The R2, hitting the market in early 2026, starts at about $45,000. It’s still a bit pricey, but more like an entry-level luxury vehicle than before. The R3 will be even cheaper, but Rivian hasn’t given the exact price. It’s also a bit smaller than the R2, about 5 inches shorter.

These new SUVs come with single-motor versions (rear-wheel-drive) and all-wheel-drive options with two or three motors. The three-motor ones can go from 0 to 60 mph in under three seconds. There’s also a high-performance version called R3X for the R3.

The R2 and R3, with bigger optional battery packs, can go over 300 miles on a full charge. They can fast-charge on both Tesla’s NACS chargers and the standard CCS chargers.

Rivian’s CEO, R.J. Scaringe, mentioned plans to open a new factory in Georgia are delayed, but still part of their strategy. The stock rose 13% after this announcement. However, Rivian’s recent news about 2024 sales not being much higher than 2023 caused a drop in stock. These new models won’t be on sale until at least the first half of 2026.

By offering more affordable options, Rivian is entering a competitive market. People in the middle and upper income brackets already have many choices, from Mercedes and BMW to Tesla. Rivian faces competition not just from traditional automakers but also from new players like Volkswagen Group’s Scout, aiming for similar customers with off-road-capable electric vehicles.

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