TLDR
- Rivian CEO RJ Scaringe confirmed the company is developing undisclosed variants of its R2 EV platform, including a possible R2X performance version.
- Volume R2 production has begun in Normal, Illinois, with first deliveries expected around June 2026.
- The R2 lineup starts at $58,000, with a more affordable $45,000 trim with 275+ miles of range coming by late 2027.
- Rivian’s new Georgia plant is being built to support multiple R2 configurations.
- Analysts hold a Moderate Buy on RIVN with an average price target of $18.09, implying 24% upside.
Rivian (RIVN) stock edged up 0.62% on Tuesday and was trading up another 0.34% in pre-market Wednesday as the company confirmed it is quietly developing new undisclosed variants of its R2 electric vehicle platform.
In an interview with Reuters, CEO RJ Scaringe confirmed the plans without giving specifics. “There are other variants of R2, which we haven’t shown,” he said. When pressed on the possibility of a pickup version, he hinted at an R2X performance variant. “So clearly there could be an R2X. There’s going to be combinations,” he said, before adding, “I want to be careful not to announce the program.”
The R2 is central to Rivian’s near-term growth story. Volume production kicked off in Normal, Illinois, with employee deliveries already underway. Public deliveries are expected to start around June.
Rivian $RIVN says more R2 variants are coming.
CEO RJ Scaringe didn’t give details, but said the Georgia plant is built for different versions.
The R2 starts at $58K, deliveries begin around June, and a $45K trim with 275+ miles is due by late 2027. pic.twitter.com/Ht4STz4vDl
— Wall St Engine (@wallstengine) May 6, 2026
The lineup begins at $58,000. Cheaper versions follow later in 2026 and into 2027. The most anticipated trim — a $45,000 version with over 275 miles of range — is expected by late 2027 and is seen as the model that could pull in a much wider buyer base.
Georgia Plant Built for Flexibility
Scaringe pointed to the company’s new Georgia facility as key to the variant strategy. “What we’re building in Georgia allows for different variations,” he said. The plant is designed to scale R2 production and support multiple configurations as demand grows.
Rivian has already laid out the broader mid-size platform: the R2 SUV, the smaller R3 crossover, and the R3X performance version. The R2 variants Scaringe referenced sit alongside these but haven’t been formally announced.
R2 Is Critical to Rivian’s 2026 Targets
Rivian is forecasting a 53% jump in deliveries this year. Analysts estimate that implies roughly 22,000 to 23,000 R2 units, assuming production scales smoothly and demand holds.
Cantor Fitzgerald analyst Andres Sheppard said the R2 is likely to “materially boost sales” and “capture additional EV market share,” helped by its lower price and autonomy features.
The R2 is also the vehicle at the center of Rivian’s $1.25 billion robotaxi deal with Uber (UBER). Under that agreement, Uber plans to deploy 10,000 fully autonomous R2 vehicles starting in 2028.
Rivian posted a Q1 adjusted operating loss of $621 million on revenue of around $1.4 billion. But gross profit came in at $119 million — well above expectations — pointing to better cost control. Deliveries hit 10,365 vehicles, up from 8,640 a year ago.
Analysts currently hold a Moderate Buy consensus on RIVN, based on 10 Buys, 8 Holds, and 4 Sells over the past three months. The average price target sits at $18.09, representing roughly 24% upside from current levels.
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