What Happened: “This is it. Get ready to meet R2 on March 7th,” Rivian wrote in a post on X, formerly Twitter. The short video attached to the post has an audio clip of a beach, confirming previous speculations of a reveal at Laguna Beach.

At the end of January, rumors emerged of a March event for R2’s unveiling after a meeting agenda from the Laguna Beach City Council revealed that the company had applied for permission to showcase six vehicles at Main Beach Park on March 7 for a "half-day" public event. A map provided in the document also hinted at a "Rivian R2 launch."

However, the company did not confirm speculations at the time.

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“There’s an extreme vacuum of choice we feel in the sort of $45,000 to $50,000 price range for midsize SUVs,” Scaringe said, highlighting the limited options and concentrated market share held by Tesla, whose Model 3 starts at $38,990, while the Model Y begins at $43,990.

In December, it was reported that the company trimmed its future battery technologies team by nearly 8% as it focused on R2.

The company has also been roping in executives from rival tech and auto players including Apple Inc, Mercedes-Benz Group AG, and Stellantis NV as it gears up to R2’s reveal.

Price Action: Rivian shares closed down 4.2% at $14.94 on Monday, according to data from  Benzinga Pro.

Photo by Tada Images on Shutterstock

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