Key Takeaways
- CEO RJ Scaringe has revealed that Rivian is working on additional R2 platform variants that haven’t been publicly disclosed yet, potentially including an R2X performance model.
- Full-scale R2 production is now underway at the Normal, Illinois facility, with customer deliveries targeted for approximately June 2026.
- Initial R2 pricing begins at $58,000, while a budget-friendly $45,000 variant offering 275+ miles of range is planned for late 2027.
- The upcoming Georgia manufacturing facility is specifically designed to accommodate various R2 configurations.
- Wall Street maintains a Moderate Buy rating on RIVN stock with a consensus price target of $18.09, suggesting approximately 24% potential upside.
Rivian (RIVN) stock gained 0.62% during Tuesday’s session and climbed an additional 0.34% in Wednesday’s pre-market trading following confirmation that the automaker is secretly working on additional variants of its R2 electric vehicle platform.
During a conversation with Reuters, CEO RJ Scaringe acknowledged these development plans while declining to provide detailed information. “There are other variants of R2, which we haven’t shown,” Scaringe stated. When questioned about a potential pickup configuration, he suggested an R2X performance option might be in the cards. “So clearly there could be an R2X. There’s going to be combinations,” he noted, before cautioning, “I want to be careful not to announce the program.”
The R2 platform represents a cornerstone of Rivian’s immediate expansion strategy. Full-scale manufacturing has commenced at the company’s Normal, Illinois production facility, where employee units are currently being delivered. Consumer deliveries are projected to begin approximately in June.
Entry-level pricing for the R2 starts at $58,000. More affordable configurations will roll out progressively throughout 2026 and into 2027. The most eagerly awaited model — a $45,000 variant featuring more than 275 miles of range — is slated for late 2027 and is viewed as the version that could significantly broaden market appeal.
New Georgia Facility Designed for Multiple Configurations
Scaringe highlighted the company’s forthcoming Georgia manufacturing site as essential to executing the variant strategy. “What we’re building in Georgia allows for different variations,” he explained. The facility has been engineered to expand R2 production capacity and accommodate numerous configurations as market demand increases.
Rivian has previously outlined its comprehensive mid-size vehicle platform: the R2 SUV, the compact R3 crossover, and the performance-oriented R3X variant. The additional R2 versions mentioned by Scaringe complement this lineup but remain officially unannounced.
R2 Platform Essential to Rivian’s 2026 Growth Strategy
Rivian projects a 53% increase in vehicle deliveries for the current year. Industry analysts estimate this translates to approximately 22,000 to 23,000 R2 vehicles, contingent on smooth production ramp-up and sustained consumer demand.
Cantor Fitzgerald analyst Andres Sheppard indicated the R2 will likely “materially boost sales” and “capture additional EV market share,” supported by its competitive pricing and autonomous driving capabilities.
The R2 also serves as the foundation for Rivian’s $1.25 billion autonomous vehicle partnership with Uber (UBER). This collaboration envisions deploying 10,000 fully autonomous R2 vehicles beginning in 2028.
Rivian reported a Q1 adjusted operating loss of $621 million against revenue of approximately $1.4 billion. However, gross profit reached $119 million — significantly exceeding analyst projections — indicating improved operational efficiency. Vehicle deliveries totaled 10,365 units, up from 8,640 in the same period last year.
Wall Street analysts currently assign RIVN a Moderate Buy consensus rating, derived from 10 Buy ratings, 8 Hold ratings, and 4 Sell ratings issued over the last three months. The mean price target stands at $18.09, indicating potential upside of approximately 24% from present levels.
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