California-based EV maker Rivian Automotive (NASDAQ:RIVN) unveiled its new R2 SUV and showcased its upcoming R3 crossover at an event at Laguna Beach on Thursday and there are already over 68,000 reservations for the five-seater SUV.
What Happened: "Overwhelmed by the wonderful response to our new vehicles: R2, R3 and R3X," Rivian CEO RJ Scaringe wrote on X, formerly Twitter, on Friday.
"In less than 24 hours, we've taken more than 68,000 R2 reservations."
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
Rivian hopes to start production of the R2 in the first half of 2026 at its factory in Normal, Illinois. Despite the many months until production starts, the company has already opened reservations for the vehicle for a $100 deposit which will be refunded on confirming the vehicle order.
The R2 is expected to start at around $45,000— the same price range as Tesla's best-selling Model Y SUV. The R3 crossover, the company said, will be priced further lower than the R2. Both of the two new vehicles are smaller and less expensive than Rivian's existing R1 offerings priced around $70,000.
Why It Matters: Rivian reported a total revenue of $1.3 billion for the fourth quarter of 2023 and a net loss of $1.52 billion. The company ended the quarter with $9.37 billion in cash and cash equivalents, with a total liquidity of $10.47 billion, including an asset-based revolving credit facility.
The EV maker lost nearly $43,372 per vehicle delivered in the last quarter — up from nearly $31,000 in the previous quarter but significantly down from the $124,000 during the same period in 2022.
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Read More: Did Tesla Crash Rivian's R2 Launch Party With A Livestream About Model 3? Here's Who Won The Most Eyeballs
Photo via Richard Truesdell on Wikimedia