Rivian Automotive Stock Climbs After R2 Model Reveal

Rivian Automotive, Inc. RIVN shares are trading higher Friday after the company unveiled its R2 SUV and R3 crossover on Thursday. Here's a look at what to know.

The Details:

The R2 electric SUV will start at $45,000 with a range of over 300 miles. The R2 is expected to compete with the Tesla Model Y and deliveries are scheduled to begin in the first half of 2026. Rivian also displayed a smaller crossover R3 model, but less details were revealed about the vehicle. 

The company plans to begin R2 production at its existing Illinois plant, saving more than $2.25 billion versus its previous plan of launching production at a new factory to be located on its Georgia site. Rivian CEO RJ Scaringe said the company still plans to build a manufacturing plant at the Georgia site and it will be an important factor in scaling production of the R2 and R3 models. 

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Will RIVN Stock Go Up?

When trying to assess whether or not Rivian Automotive will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $17.38 on Rivian Automotive. The Street high target is currently at $25 and the Street low target is $8. Of all the analysts covering Rivian Automotive, 10 have positive ratings, 9 have neutral ratings and 2 have negative ratings.

In the last month, 17 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Rivian Automotive have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Rivian Automotive is 6.57% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Rivian Automotive, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

RIVN Price Action: According to Benzinga Pro, Rivian Automotive shares are up 7.6% at $13.46 at the time of publication.

Image: Courtesy of Rivian Automotive, Inc.