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Electric vehicle company Rivian Automotive Inc (NASDAQ:RIVN) shared a new vehicle reservation milestone for the highly anticipated R2 SUV coming in 2026.
What Happened: Rivian unveiled the R2 SUV in March as a sub-$50,000 electric vehicle set to help the company increase deliveries and demand and have a competing vehicle to Tesla Inc's (NASDAQ:TSLA) Model Y.
The company recently highlighted passing 100,000 pre-orders of the R2 ahead of the vehicle's launch.
"We're well over 100,000 pre-orders for R2," Rivian Vice President of Manufacturing Tim Fallon said at a company event, as reported by Electrek.
Fallon said new upgrades at Rivian's Normal factory will increase production by around 30%.
"As we really push R1 and R1 gen 2 and continue to get our current product out there, the R2 continues to increase in pre-orders."
Reservations for the R2 topped 68,000 back in March, one day after the vehicle was officially unveiled. In four months, the vehicle has now passed 100,000 reservations, adding another 32,000 reservations.
Why It's Important: Three versions of the R2 are planned to be released with each having over 300 miles of range. The vehicle has a starting price of $45,000.
"I'm so excited about this vehicle," Rivian CEO RJ Scaringe said during the unveiling event.
Scaringe said the R2 will help the company's scale and add manufacturing flexibility with a new platform.
While the $45,000 starting price is comparable to the Model Y SUV from Tesla, it will also come several years after the Tesla vehicle has already been on the market.
Deliveries of the R2 are currently expected for the first half of 2026.
Rivian reported 9,612 vehicles produced and 13,790 vehicles delivered in the second quarter. The figures came in in-line with company expectations, but were down on a year-over-year basis.
The electric vehicle company is delaying construction on a new Georgia plant to focus on production from its Normal, Illinois facility and focus on cost controls.
RIVN Price Action: Rivian shares trade at $17.21 versus a 52-week trading range of $8.26 to $28.06. Rivian shares are down 33.3% over the last year, and down 26.6% year-to-date in 2024.
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Photo: R2 Rivian
