Rivian's (RIVN) Newest EVs and Georgia Plant Swap, All Investors Need to Know
Rivian Automotive (NASDAQ: RIVN) is holding an event to unveils its newest electric vehicles. Here are the key takeaways investors need to know:
New models:
- Rivian unveiled R2 SUV.
- The model will be produced at the company's Illinois Plant.
- R2 will start at ~$45,000.
- Reservations will be accepted starting today, Thursday, March 7th, 2024, for $100 deposit.
- Deliveries to begin in first half of 2026.
- Rivian also unveiled smaller R3, 5 inches shorter than R2.
- Both trucks will feature 2 batter capacities.
- R3 delivering will start after R2.
- Both vehicles are built on the company's new midsize vehicle platform
Financial side:
- The company expects 215,000 Unit total annual capacity at Illinois factory post R2 launch, across R1T, R1S, EDV, RCV, R2.
- The company's plan to launch production in Illinois will save $2.25B vs original plan to produce at the newest facility in Georgia; Georgia facility is put on pause, construction will resume later.
- Current cash position is sufficient to fund operations through launch of R2 production.