California-based EV startup Rivian Automotive Inc RIVN on Monday said that it will reveal its second-generation EV platform dubbed R2 on March 7, after it left speculations hanging recently.
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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About R2: During the third-quarter earnings call, CFO Claire McDonough announced that production of R2 platform would commence in 2026, with product unveiling expected in early 2024. The R2, while retaining the brand’s essence, will be more compact and available at a lower price point, they said.
“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.
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Read Next: Rivian Beats Tesla, BMW In Customer Satisfaction: Elon Musk’s EV Giant Slips To 5th Position: Survey
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