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Electric car company Rivian announced a new electric vehicle on Thursday. The price points to a new direction for the company toward more affordable products.
While Rivian’s existing R1 vehicles start at $70,000 and can go as expensive as $100,000, the three new midsize electric vehicles the company announced Thursday start at less than $45,000.
Rivian says the R2 is a five-seat midsize SUV “with a thoroughly developed and unique technology platform.” It is currently available for pre-order in the US for a $100 commitment, with shipping expected in the first half of 2026.
This is the exterior of R2.Credit: Rivian
This is the interior of R2.Credit: Rivian
The R3 is a midsize crossover with a lower starting price than the R2, but Rivian has not disclosed the exact price. There is a performance variant called R3X that enhances the capabilities of R3, but it’s not completely clear yet. R3 Both models will begin shipping after R2 begins shipping.
Related: Amazon expands fleet of eco-friendly electric vehicles
3 new electric cars.Credit: Rivian
The R2 and R3 lines come in two battery size options, with the larger offering at least 300 miles of range on a single charge and 0-60 mph acceleration in under 3 seconds.
“Our flagship R1 was a handshake with the world,” said Jeff Hammoud, Rivian’s chief design officer. It is our relentless goal to make it available to as many people as possible.”
Rivian’s entry into the more affordable EV market comes at a time when EV growth is slowing, with a price comparable to the Tesla Model Y, which starts at $43,990. According to Rivian’s February forecast, it expects to produce about 57,000 EVs, lower than analysts expected. Rivian lost about $2 billion last year and cut its workforce by 10%.
Related: ‘Next Tesla’ electric car startup grows rapidly: ‘Investors want to see demand’
Rivian estimates it will save more than $2.25 billion by producing its first R2 electric vehicle at its existing plant in Illinois. The company said it plans to expand production of the R2 and R3 at its Georgia location, eventually producing 215,000 of the R1, R2 and other models.
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