The wait is finally over.
Rivian (RIVN) unveiled a trio of brand new, compact EVs named the R2, R3 and R3X during an event on March 7 amidst a series of major company events that casts the startup against a dark shadow.
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Meet the Rivian R2:
2026 Rivian R2
Rivian
The highlight of the live streamed event is the brand's anticipated mass-market car, the R2 SUV. This new electric SUV is the first car using Rivian's brand new electric platform, which uses bigger battery cells than its larger and more expensive R1S and R1T siblings.
Styling wise, the new R2 SUV can be best described as a "R1S mini," as it presents the same key styling characteristics as its Chevy Tahoe-sized sibling in a package as big as a Honda CR-V.
The only place where things do not get any smaller is in the R2's interior. Rivian boasts that the 'smaller' R2 has been designed to comfortably accommodate passengers over 6 feet tall, as it boasts similar headroom and legroom as the bigger R1S.
2026 Rivian R2
Rivian
Inside the R2 is where you would find some of its party tricks, which include a large central touchscreen and gauge display, a redesigned oblong steering wheel with haptic feedback controls, as well as not one, but two gloveboxes for maximum interior storage capabilities.
Rivian says that the R2 will be available in single motor rear-wheel-drive, dual motor and triple motor all-wheel-drive variations, with the latter top-end model capable of hitting zero to 60 miles per hour in "well under" 3 seconds. The EV automaker states that each of the R2 models in various motor setups will be able to achieve a range of over 300 miles.
A clever surprise - the Rivian R3 and R3X:
Rivian R3, a hatchback built on a shorter R2 platform
Rivian
Though the highlight of the March 7 presentation was the presentation of the R2, Rivian CEO RJ Scaringe shocked viewers in attendance and during its livestream when it introduced another two cars – the R3 and R3X.
While the R2 was previously touted as the "baby Rivian," the R3 and its sportier sibling, the R3X are smaller cars built on a shortened version of the R2's underpinnings.
The design of the smaller car sets itself uniquely apart from the R2 and the rest of the lineup. The R3 and R3x are sharp, angular hatchbacks that combines signature Rivian design with that of cool, vintage compact cars like the Lancia Delta Integrale and the Shelby GLH-S - with their angular rear tailgates making a statement against traditionally mainstream designs of rivals like the Tesla (TSLA) Model 3.
“We are so excited about what this sort of delivers beyond what we see in R2,” Rivian CEO RJ Scaringe said about the R3 and R3X during the keynote. “It takes the package of R2 and the platform, shrinks it, and is our take on what is a crossover. It’s a vehicle that is almost hard to define what it is.”
The interior of the Rivian R3, a hatchback built on a shorter R2 platform
Rivian
Rivian's plans to release the R2 before the R3, with an anticipated delivery date sometime in "early 2026." The company is currently taking reservations for the R2, with base price set at an estimated $45,000.
The Rivian Question:
Though Rivian has had major fanfare going into the R2 event, it is impossible to forget that the event happened amidst some major company cost-cutting that questions its current ability to survive.
In a statement released on March 7, Rivian revealed that the R2 will be made at its existing plant in Normal, Ill. instead of the brand's under-construction, multi-billion dollar plant near Atlanta in order to make the "early 2026" timeline the company is shooting for, and help its bottom line.
"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 company said. "This savings are expected to come from capital expenditures, product development investment, and supplier sourcing opportunities."
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Nonetheless, Rivian is still finding ways to prevent burning through even more cash, as it tries to weather a perfect storm of high interest rates and softening EV demand.
During its fourth-quarter earnings call, company executives, including Scaringe announced that net losses totaled $1.52 billion and that it cut its salaried workforce by 10%. At the same time, Scaringe leaned heavily on how important R2 is for the brand.
"We're incredibly excited about the strength of customer excitement for our brand and for what we're building as a company," Scaringe said. "And with that, looking forward to continue to make progress on our drive towards profitability as a business. And an important component of that is, of course, [...] our R2 product line."
In a post on X, formally known as Twitter, on March 8, Scaringe revealed that Rivian has received more than 68,000 $100 reservations for the R2.
Overwhelmed by the wonderful response to our new vehicles: R2, R3 and R3X.
— RJ Scaringe (@RJScaringe) March 8, 2024
In less than 24 hours, we’ve taken more than 68,000 R2 reservations. We are thrilled to see this vehicle resonate so strongly with our community! pic.twitter.com/tEIBhwlJQC
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