California-based EV startup Rivian Automotive RIVN on Thursday announced that its upcoming vehicles are out for a promotional roadshow, starting from Pasadena.
What Happened: The roadshow will have both Rivian’s upcoming R2 SUV and R3X crossover. The two vehicles will travel to different cities including San Francisco, New York City, Boston, Detroit, and Toronto till February next year.
Customers can check out the upcoming vehicles during the roadshow and also book demo drives.
About The New Vehicles: The R2 is a smaller version of Rivian's R1S SUV, expected to be priced at around $45,000, unlike Rivian’s pricier R1 offerings which start at around $70,000. It is expected to go into production in early 2026 at the company’s facility in Normal, Illinois. The company received over 68,000 reservations for the R2 in less than 24 hours when it commenced reservations in March.
The R3 crossover, meanwhile, is expected to be priced further lower than the R2 and is scheduled to begin deliveries after the R2. The R3X, which will be part of the roadshow, is the performance variant of the R3.
Why It Matters: Currently, Rivian is delivering only its R1 vehicles, which include the R1T truck and the R1S SUV priced at about $70,000. With the R2, and subsequently R3, the company is looking to expand its total addressable market and cater to the demand for cheaper EVs.
For the second quarter, Rivian reported a loss of $1.46 per share, missing a Street consensus estimate of a loss of $1.21 per share.
However, the company expects to deliver modest positive gross profit in the fourth quarter of 2024 and for the full year 2025.
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Photo courtesy: Rivian
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