Rivian Unveils R2, Teases R3: Key Features, Prices For Model Y Competitor

Electric vehicle manufacturer Rivian Automotive RIVN unveiled its highly anticipated R2 SUV during a Thursday presentation.

Here are the key details from the presentation and what's next for Rivian.

What Happened: Rivian's highly anticipated R2 SUV could help the company better compete with electric vehicle giant Tesla Inc TSLA thanks to a new price point.

The R2 was officially unveiled Thursday, with Rivian founder RJ Scaringe saying the company continues to build on its promise to keep the world adventurous forever.

The company thinks of our kids' kids' kids when building out technology and vehicles, he said.

After a commercial for the R2 was played Thursday, the vehicle was driven out on stage at the Rivian event.

Related Link: Rivian Q4 Earnings Highlights: Revenue Beat, EPS Miss, 2024 Guidance And More

R2 Features, Price: Scaringe highlighted the size, functions and capabilities of the R2.

The Rivian CEO highlighted the front storage component of the vehicle, which many electric vehicle enthusiasts refer to as a frunk. Scaringe also highlighted the open air experience of the vehicle, with back windows that move out and back glass that moves down.

The vehicle also features fold-down seats for an ultimate camping experience.

Scaringe said the vehicle was built on a 4695 battery cell platform. The vehicle has over 300 miles of range and some versions can go zero to 60 miles per hour in under 3 seconds, according to Rivian.

Three versions of the vehicle will be offered, with all three boasting over 300 miles of range.

The R2 starting price will be $45,000, according to the presentation. Reservations for the vehicle open Thursday.

"I'm so excited about this vehicle," Scaringe said.

The Rivian CEO said the vehicle will help with Rivian's scale and the vehicle also represents a platform that will make manufacturing more flexible.  

R3 Unveiled: Scaringe also shared details on the R3, which was also displayed onstage. The R3 is smaller and is "our take on what is a crossover," Scaringe said.

"It captures our brand," Scaringe said.

Scaringe channeled Apple in his presentation by saying "one more thing" several times.

The Rivian CEO also showed a video of the R3X, another model that was driven onstage.

"This is just so cool."

Scaringe said there are lots of subtle differences in the R3X and a focus on taking the capabilities of what Rivian represents and flexing them in the body of a crossover.

"It feels so uniquely Rivian."

What's Next: Scaringe said the R1 line of vehicles from Rivian, which included a pickup truck and an SUV, were the company's handshake to the world.

The Rivian CEO also said the company is working on rapidly building out its network of charging stations across the nation, which will be open source. Rivian also integrates with other charging stations, including access to the Tesla Supercharger network that will soon go live.

The R2 was expected to have a starting price of between $45,000 and $50,000, with leaks and rumors earlier this month pinning a starting price of $47,500.

The starting price point, range and performance could make the R2 a strong competitor to the Model Y, but the vehicle will be joining the market years after Tesla's head start.

Scaringe said the company will start deliveries of the R2 in the first half of 2026, an accelerated timeline based on its Illinois site and expanded production.

RIVN Price Action: Rivian shares are up 8.88% to $12.01 on Thursday versus a 52-week trading range of $10.05 to $28.06.

Read Next: Is Rivian’s R2 Faster And Better Than Tesla’s Model Y? Leaked Specs Reveal Key Details — And Starting Price Too

Photo courtesy of Rivian.