The Rivian R2 is still three years away, but we'll get to see it a lot sooner than that.
On Thursday, Rivian Chief Financial Officer Claire McDonough spoke about the Rivian R2's pricing and timeline with Emmanuel Rosner from Deutsche Bank.
McDonough revealed the R2 will be revealed in early 2024. The clay design bucks are in the design studio and the executive has spent time with them along with the design team. "We're incredibly excited about the differentiation of the products," McDonough said.
In May, CEO RJ Scaringe and design boss Jeff Hammond showed the R2 clay model covered under a sheet during an Instagram question and answer session. Despite being covered it was clear the design is that of a boxy SUV with a shrunken R1S SUV profile. The R2 is expected to be about the size of the Jeep Grand Cherokee.
McDonough told Rosner the R2's targeted price spectrum is $40,000 to $60,000 as the automaker aims to the broader market. Supply chain cost basis will play a major factor as the automaker's in a better position to negotiate contracts than it was in 2018, before having the R1T electric truck in production.
Rivian's building a new factory in Georgia to produce the R2. Production was initially set to commence in 2024, but in 2022 the automaker said the R2 is delayed to 2026. While no reason was given, the company's cash remaining had dwindled at the time from $15.4 billion to $13.8 billion. The move may be an attempt to reel in some expenses.
The Georgia plant is said to have an annual capacity of 400,000 vehicles.