Rivian (RIVN.O), opens new tab is working on undisclosed variants of its R2 electric vehicles, the company's CEO said, days after starting volume production of the smaller and more affordable SUVs.
Rivian, known for its high-end R1 SUVs and pickup trucks, plans to start deliveries of R2 SUVs around June and analysts have said a successful rollout is critical to expanding the company's market among the masses, News.Az reports, citing Reuters.
"There are other variants of R2, which we haven't shown," CEO RJ Scaringe said in an interview with Reuters, when asked about a pickup variant of R2.
"What we're building in Georgia allows for different variations," he said, referring to a new plant where Rivian will eventually expand production of R2 vehicles. Scaringe did not disclose details on what the other variants would look like.
Demand for EVs has taken a hit with the removal of key tax credits in the United States, although high gasoline prices have raised some interest in battery-powered vehicles. Affordable EVs are seen as a bright spot in the electric vehicle industry since borrowing costs remain high.
Rivian in March announced various trims of the R2 SUV. The rollout will begin with a $58,000 R2 and other cheaper versions to follow later this year and in 2027. A keenly awaited $45,000 trim with over 275 miles of range, likely to significantly broaden Rivian's customer base, will also be available by late 2027.
Rivian, which also makes electric vans primarily for Amazon, first launched its R1T pickups in 2021 followed by R1S SUVs. With the mid-size platform, Rivian has announced R2 SUVs, as well as a smaller R3 crossover and the R3X, a performance variant.
"So clearly there could be an R2X," Scaringe said. "There's going to be combinations," he continued, adding, "I want to be careful not to announce the program."
Rivian's forecast of a 53% jump in deliveries this year is driven by the roll out of R2 vehicles and implies roughly 22,000 to 23,000 R2 deliveries, assuming steady demand and a smooth production ramp.
The R2 is likely to "materially boost sales" and "capture additional EV market share," helped by its lower price point and autonomy features, Cantor Fitzgerald analyst Andres Sheppard said in a client note following Rivian's quarterly earnings results last week.
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