Rivian expands affordable R2 electric vehicle lineup

Rivian is developing additional variants of its lower-cost R2 electric vehicle as it prepares to begin deliveries of the SUV around June.

The US electric vehicle maker recently started volume production of the R2, which is expected to play a key role in its growth strategy.

Reuters reported that Rivian chief executive RJ Scaringe said the company’s Georgia plant would support multiple R2 versions, though he did not specify whether those include pickup or performance models.

Rivian priced the first R2 trim at US$58,000, with cheaper versions due later in 2026 and 2027, including a US$45,000 model with more than 275 miles of range expected by late 2027.

The R2 also underpins Rivian’s delivery forecast for 2026 and its US$1.25 billion deal with Uber, which plans to deploy 10,000 autonomous R2 vehicles from 2028.

🔗 Source: Reuters

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Rivian is reworking its factory and funding plan for the R2

Rivian is redesigning its Georgia factory for the R2 plus other midsize-platform vehicles, including versions it has not disclosed 1.
The company raised the plant’s initial annual capacity by 50% to 300,000 vehicles by merging a two-step buildout into one larger first phase 1.
That change is meant to cut the cost of each vehicle sooner 2.
Rivian also revised its U.S. Department of Energy loan, trimming it to as much as US$4.5 billion while planning to start using the funds by early 2027, about a year earlier than before 3.
The pressure is clear in its numbers. Rivian’s automotive business moved to a US$62 million gross loss in the first quarter of 2026 from a US$92 million gross profit a year earlier 4.

Rivian’s Uber autonomous-vehicle pact may push profit further out

The deal, worth up to US$1.25 billion, ties closely to the R2 plan. Uber wants 10,000 fully autonomous R2-based vehicles on the road starting in 2028 5.
Rivian said it no longer expects to generate positive adjusted EBITDA in 2027 because it is spending more on research and development to speed up its autonomy work 5.
Shares fell after the news, wiping out an earlier 11% pre-market gain 6.
The agreement gives Uber exclusive access for a set period to Rivian’s Level 4-enabled vehicles, which are designed to handle most driving tasks without human input in set conditions, even as Uber keeps separate autonomous-vehicle deals with other automakers 5.
That leaves Rivian facing a tight schedule for both a new vehicle platform plus an in-house Level 4 self-driving system, with progress still tied to technical and regulatory milestones 5.