Starting price and performance details

Rivian CEO RJ Scaringe stands next to the R2 SUV at the unveiling event in Laguna Beach, California, USA on March 7, 2024.

Mike Black | Reuters

Rivian Cars To the surprise of consumers, the next new car will be an all-electric mid-size SUV called the R2, which is expected to start at about $45,000 when it goes on sale in 2026.

The vehicle Rivian unveiled Thursday will be the electric vehicle startup’s fourth product, following a commercial van and the larger, more expensive R1S SUV and R1T pickup for consumers. R1 vehicles start at about $70,000 and go up to $100,000.

The R2 comes at a critical time for Rivian, which is trying to expand its customer base as U.S. EV sales have been lower than expected in recent years as automakers roll out expensive all-electric vehicles to first-adopter markets.

Rivian’s sales pace has slowed in recent quarters, and investors were generally disappointed last month when the company missed quarterly estimates and forecast production this year to be slightly lower than in 2023 due to factory shutdowns.

Rivian CEO RJ Scaringe speaks at the launch of the small R2 SUV in Laguna Beach, California, the United States, March 7, 2024.

Mike Black | Reuters

this AmazonSupported companies have been burning cash to boost current electric vehicle production and narrow losses.

The R2 will run on a new EV platform but will look like a scaled-down version of the R1S SUV. The company says it will have an all-electric range of more than 300 miles on a single charge and accelerate from 0-60 mph in less than 3 seconds.

“The R2 represents the essence of our brand while targeting the important mid-size SUV segment, a huge market beyond which compelling electric vehicle options are limited. TeslaRivian CEO RJ Scaringe told investors last month. “R2 was developed using a vertically integrated propulsion platform, electronics and software designed to create an incredible user experience.”