eastunder
2 months ago
EV maker Rivian's new R2 is already getting thousands of reservations
Customers have to put down a deposit for the new midsize electric SUV
By Francisco Velasquez
https://qz.com/rivian-r2-reservations-ev-stock-1851320306
Rivian’s R2 model will include fast charging and self-driving capabilities.
Electric vehicles are still capturing the hearts, minds and wallets of at least some consumers. In less than 24 hours, Rivian’s new R2 model got more than 68,000 reservations, the company’s chief executive said.
“We are thrilled to see this vehicle resonate so strongly with our community!” Rivian CEO RJ Scaringe said Friday on X.
U.S. customers paid a $100 deposit fee, while Canadian residents paid $150 to reserve their car, according to the company’s website. Rivian promises a full refund for customers who change their mind.
During an event Thursday in California, the EV maker revealed the R2 model, a midsized electric SUV that seats five. The Rivian R2 is expected to start at about $45,000, the company said, with deliveries to begin in the first half of 2026.
Details of how many reservations Rivian’s R3 and R3X models have attracted haven’t been revealed. But according to the company, the cars will have “tighter dimensions” and will be priced lower than the R2.
Rivian plans to make the R2 model at its Illinois factory rather than the Georgia plant where it had planned to invest $5 billion.
Rivian stock, which rose Thursday following the release of the R2, was trading up about 2.5% Friday afternoon.
eastunder
2 months ago
Rivian Stock Handed Buy Rating As Startup Launches Three New Vehicles With EV Demand In Question
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KIT NORTON01:42 PM ET 03/07/2024
https://www.investors.com/news/rivian-stock-handed-buy-rating-launches-new-r2-vehicle/?src=A00220
Rivian Automotive (RIVN) revealed not one but three new vehicles Thursday, as the EV startup looks to fill a gap in the market even as EV demand appears to be slowing. RIVN shares surged Thursday after the announcement. Earlier in the day, a firm initiated coverage of Rivian stock, handing shares a buy rating.
Rivian unveiled the R2 — its smaller, cheaper, next-generation vehicle and platform — Thursday. The new vehicle offering is priced at an estimated starting price of $45,000. Rivian says the vehicle will also qualify for the $7,500 Inflation Reduction Act (IRA) tax credit.
The R2 SUV will be produced at Rivian's new Georgia factory. Production of the R2 platform is expected to begin in 2026. Rivian announced Thursday the SUV can get more than 300 miles of range and that deliveries are expected to begin in the first half of 2026.
"I'm so excited about what it represents for us as a company in terms of achieving scale," Rivian Chief Executive RJ Scaringe said Thursday.
The Irvine, Calif.-based company also announced the R3, a more compact crossover style vehicle that uses the R2 platform, and the high-performance R3X offering.
"It takes the package of R2 and the platform, it shrinks it, it puts it into our take on what is a crossover," Scaringe said Thursday of the R3.
While reservations are underway for the R2 SUV, Rivian did not announce pricing or delivery estimates Thursday for the R3 or R3X. The company did say the R3 will be at a lower price point than the R2 and that deliveries for the R3X will begin after the R2.
RIVN shares jumped around 12% to 12.33 Thursday during market action. On Wednesday the stock edged up 0.9%. On Thursday, Jefferies Group initiated coverage of Rivian stock with a buy rating and 16 price target.
The firm wrote that Rivian appears closest to Tesla in "spirit," with its own software stack, strong brand identity, global potential and similar growth pains.
On the Feb. 21 Q4 earnings call, Scaringe said that that the "R2 represents the essence of our brand, while targeting the significant midsized SUV segment, a massive market with limited compelling EV options beyond Tesla (TSLA)."
Scaringe added there is a lack of choice of "highly compelling EV products" between $45,000-$55,000.
"We remain very bullish on the R2 segment and the R2 product itself," he added on Feb. 21. "We've engaged with our suppliers to ensure that we can ramp effectively as well as laying out the production road map."
Rivian Stock Falls On Q4 Earnings
Rivian stock has remained near lows after diving more than 25% on Feb. 22 following its fourth-quarter earnings and revenue report. The company at that time also announced layoffs and plans to keep production in 2024 flat compared to 2023.
Rivian reported on Feb. 21 a loss of $1.36 per share in Q4 with sales doubling to $1.31 billion. Wall Street expected a loss of $1.35 and revenue totaling $1.28 billion. Looking to 2024, Rivian said it expects production of 57,000 vehicles, flat with 2023. The EV startup also predicts consumer and commercial vehicle deliveries to grow by low single-digits in 2024.
The carmaker also forecast that vehicle deliveries in Q1 2024 will be about 10%-15% lower than in Q4 2023 and that it is laying off 10% of its salaried workers.
Chief Financial Officer Claire McDonough told investors on the Q4 earnings call that Rivian remains "confident that our cash, cash equivalents and short-term investments can fund our operations through 2025."
"We aim to maintain a strong balance sheet position by continuing to drive cost efficiencies and improve our vehicle unit economics, while opportunistically evaluating a variety of capital markets available to Rivian ranging across the capital structure," McDonough said.
However, the EV startup appears focused on the production of the R2 platform vehicles.
Rivian stock ranks ninth in IBD's Automakers industry group. RIVN has a 22 Composite Rating out of 99. Additionally, the stock has a 7 Relative Strength Rating and its EPS Rating is 41 out of 99.
eastunder
2 months ago
Rivian Introduces R2, R3, and R3X Built on New Midsize Platform
Business Wire
Thu, Mar 7, 2024, 11:40 AM MST9 min read
Rivian introduces its midsize platform family: R2, R3 and R3X. (Photo: Business Wire)
R2 Starting Around $45,000, Available to Reserve Today
LAGUNA BEACH, Calif., March 07, 2024--(BUSINESS WIRE)--Rivian today unveiled its new midsize platform which underpins R2 and R3 product lines.
R2 is Rivian’s all-new midsize SUV delivering a combination of performance, capability and utility in a five-seat package optimized for big adventures and everyday use. The silhouette and face of R2 are distinctly Rivian. The powered rear glass fully drops into the liftgate for carrying all types of gear and enabling a unique open air driving experience. The interior is designed for ease-of-use, while being uniquely Rivian through a combination of inviting design and premium, sustainable materials that are easy to clean. R2 also features first and second row seating that fold completely flat, for gear, cargo, and even car camping.
R3 is a midsize crossover that is tidy on dimensions but delivers big in terms of performance, off-road capability, passenger comfort, and storage. R3X is a performance variant of R3 offering even more dynamic abilities both on and off road. The design of the exterior and interior of R3 are inviting and iconic. R3 demonstrates the scalability of Rivian’s brand across different form factors while continuing to be immediately recognizable.
R2 and R3 will feature two battery sizes. The larger pack will achieve over 300 miles of range on a single charge and offer 0-60 mph acceleration in under 3 seconds for the quickest powertrain configuration.
Pricing for R2 is expected to start around $45,000, and R3 will be priced below R2, making Rivian vehicles more accessible to more people. Rivian's development teams have been intensely focused on cost through manufacturing, design innovation, and robust supply chain development. R2 is available to reserve today in the U.S. for $100 with deliveries expected to begin in the first half of 2026. R3 and R3X deliveries will start after R2, to ensure a smooth launch and rapid ramp of R2 – this is a learning from Rivian’s simultaneous launch of R1T, R1S and EDV. R2, R3, R3X will be available internationally following their North American launch.
"I have never been more excited to launch new products – R2 and R3 are distinctly Rivian in terms of performance, capability, and usability, yet with pricing that makes them accessible to a lot of people," said Rivian Founder and CEO RJ Scaringe. "Our design and engineering teams are extremely focused on driving innovation into not only the product features but also our approach to manufacturing to achieve dramatically lower costs. R2 provides buyers starting in the $45,000 price range with a much-needed choice with a thoroughly developed technology platform that is bursting with personality. I can’t wait to get these to customers."
All-New Platform
Developed to deliver amazing performance, range, and cost efficiency, R2 and R3 were built on an all-new midsize vehicle platform. This platform consolidates and eliminates parts thanks to intelligent design, including the use of high pressure die castings, a structural battery unit where the top of the pack also serves as the floor, and closure systems that dramatically reduce complexity. R2 and R3 also utilize Rivian’s drive unit platform and internally developed network architecture, computer topology and software stack.
R2 and R3 Highlights
Three Motor Variants: Leveraging Rivian’s in-house drive unit platform and technology, there will be Single-Motor (RWD), Dual-Motor (AWD), and Tri-Motor (two motors in rear and one in front) configurations, with the quickest configuration delivering 0-60 mph in under 3 seconds.
Structural Battery: Utilizes an all-new 4695 cell that offers significant improvements in energy density and output, estimated to deliver over 300 miles of range on a single charge for both R2 and R3.
Fast Charging: DC fast charging is compatible with both NACS (native) and CCS (with adapter), charging from 10% to 80% in less than 30 minutes.
Self Driving: Utilizing Rivian’s new perception stack featuring 11 cameras, five radars and a more powerful compute platform, R2 and R3 will provide dramatically enhanced autonomous capabilities.
Ever improving and expanding features: As with all Rivian vehicles, Rivian has developed its network architecture, topology of computers and associated full software platform to facilitate frequent software updates – the headroom for feature growth over time is extremely exciting.
Intentional Design
R2 and R3 demonstrate how Rivian’s design language adapts to different vehicle sizes and form factors.
"Our R1 flagship vehicles served as our handshake with the world – with R2 and R3 our obsessive goal is to stay true to Rivian’s product attributes while making our products accessible to a lot more people," said Rivian Chief Design Officer Jeff Hammoud. "Through a tight integration of hardware, software and human-centered design, we designed R2 by balancing form with function, while building on our inviting and iconic design language."
R2’s design prioritizes:
Adventure: R2's four passenger windows and rear powered glass drop fully, and the powered rear quarter windows vent to invite the outside in, creating a unique open-air driving experience. With R3, its hatch-style design maximizes space while keeping a sporty, athletic silhouette.
Space: With an extreme focus on rear passenger legroom, even long trips in R2 and R3 are comfortable. With the seats folding completely flat, ample sized front and rear trunks, and additional interior storage, there is space for everyone and all their gear.
Refined Touches: Rivian’s new steering wheel with integrated haptic control dials makes it easier to stay focused on the road ahead. Materials balance durability and sustainability with easy-to-clean textiles and finishes.
R2's package makes the best of Rivian available at a significantly lower price point. Customers in the U.S. can place reservations for R2 starting today at www.Rivian.com/R2, with a refundable deposit of $100.
R2 Production to be Launched in Normal, Illinois
To enable R2 to be launched earlier and with a considerable reduction in the capital required for its launch, Rivian plans to start production of R2 in its existing Normal, Illinois manufacturing facility. Beyond significantly reducing the amount of capital needed to bring R2 to market, the company believes this approach considerably reduces risk to the launch and associated ramp; efficiently leverages its existing manufacturing and operations teams; and expands the total capacity for the site to 215,000 units per year. Rivian’s Georgia plant remains an extremely important part of its strategy to scale production of R2 and R3. The timing for resuming construction is expected to be later to focus its teams on the capital-efficient launch of R2 in Normal, Illinois.
To summarize:
Improved capital efficiency: Total savings estimated to be over $2.25 billion as compared to the original forecast of launching the first line of R2 production at Rivian’s Georgia site. The savings are expected to come from capital expenditures, product development investment, and supplier sourcing opportunities.
Improved cash visibility: Cash, cash equivalents, and short-term investments expected to be sufficient to fund operations through the start of R2 production.
R2 planned start of production: The timing has been pulled forward to now be in first half of 2026.
Total expected Normal capacity following R2 launch and plant changes: 215,000 units of total annual capacity across R1T, R1S, EDV, RCV, and R2.
About Rivian:
Rivian (NASDAQ: RIVN) is an American automotive manufacturer that develops and builds category-defining electric vehicles and accessories. The company creates innovative and technologically advanced products that are designed to excel at work and play with the goal of accelerating the global transition to zero-emission transportation and energy. Rivian vehicles are built in the United States and are sold directly to consumer and commercial customers. The company provides a full suite of services that address the entire lifecycle of the vehicle and stay true to its mission to keep the world adventurous forever. Whether taking families on new adventures or electrifying fleets at scale, Rivian vehicles all share a common goal — preserving the natural world for generations to come. Learn more about the company, products, and careers at http://www.rivian.com.
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