This week, Rivian confirmed that it has delayed the arrival of its smaller, more affordable R2 model line to 2026, compared to the 2025 it previously indicated.
Rivian said it was hopeful start production as early as 2024 at the $5 billion plant in Georgia, which will produce 400,000 vehicles a year. It also confirmed in May that the R2 family, positioned as affordable, may not be the first model built at the Georgia plant, but the plant will be where the first R2 will be. first manufactured.
As the well-funded company’s remaining cash balance for the quarter falls from $15.4 billion to $13.8 billion, the move could be an attempt to spin up some expenses.
Carbon conscious camp in Canvas with Rivian Waypoint charger – Moab
Furthermore, the company may be looking for some leverage on the factory, which is looking more expensive following recent news. Last month a Georgia judge rejected Rivian’s proposal for tax reliefruled that the development agency in charge of the project had failed to demonstrate that the plant was “reasonable, reasonable, and viable”, and ruled that Rivian should pay regular property taxes because of the degree of control over the plant. with property.
“We continue to work with the state of Georgia and the Joint Development Authority and expect our R2 platform to launch in 2026,” Rivian said in a statement. shareholder letter. “We expect the R2 platform to open up global market opportunities for Rivian and are excited about the early development work underway.”
Rivian Amazon electric delivery truck
Rivian Amazon electric delivery truck
Rivian Amazon electric delivery truck
It’s also not the first time Rivian has hinted at its global potential. In 2021, the company proposes the possibility European factory of the future and the potential to create their own batteries. Separately, in September, it announced its intention to form a joint venture with Mercedes-Benz build electric trucks for Europe. Rivian already manufactures its EDV electric trucks in the US, with customer (and sponsor) Amazon shipping 100,000 of them over time.
Rivian has yet to tease or define the R2, which could include a crossover plus other variants, but a huge price increase follows the decision. to drop its most affordable R1 versions already cleared the space for R2. And while the R1 lineup might be a bit too big for Europe, the R2 will likely fit right in.
Rivian builds R1T’s first customer example – September 2021
The company built 14,317 vehicles (a mix of truck and R1 models) in the third quarter of 2022 at its Illinois plant, but kept its 2022 production target unchanged at 25,000 vehicles. That shows a lot of confidence in the production process, as it will need to produce 10,683 vehicles in the fourth quarter of the year alone.
Demand remains very strong, as the increasing booking banks show. Rivian, as part of its quarterly update, has confirmed that it currently has over 114,000 orders for the combined R1S and R1T, as of Nov.
