Rivian Automotive, Inc.
RIVN, having survived the trials and tribulations of a startup, is gearing up to unveil its highly anticipated second-generation electric vehicles, codenamed R2. A recent report from a Laguna Beach City Council meeting in California hints at an official launch event scheduled for March. The company’s flagship store, “Rivian Theater,” is likely to play center stage for this premier launch.
The Countdown Begins: According to the report, council members are set to authorize Rivian’s request to display six vehicles at Main Beach Park on March 7 for a “half-day” public event, as disclosed in a document shared by Verge. Although the document does not specify the model to be unveiled, a map provided for the event layout refers to it as the “Rivian R2 launch.”
Mark your calendars as Rivian’s grand reveal event approaches, offering a sneak peek into the highly coveted R2 electric vehicles.
Why This Matters: Rivian, distinguished among U.S. EV startups, has admirably executed its plans, reporting the production of 17,541 vehicles and delivery of 13,972 units in the recent period. The company’s existing lineup includes the R1T pickup truck, R1S SUV, and an electric delivery van, with a recent expansion to supplying EDVs to a broader customer base beyond its exclusive partnership with Amazon.
Amid economic uncertainties and industry-wide price cuts, the upcoming R2 platform holds the promise of resuscitating the EV market and energizing Rivian’s production volume post-launch.
In a nod to the eager anticipation, Rivian CEO R.J. Scaringe hinted at an early 2024 unveiling during the third-quarter earnings call in November, signaling substantial progress in the development of the R2 platform and the groundwork laid for future production facilities in Georgia.
It’s critical to keep a keen eye on Rivian’s stock performance, as investor sentiment continues to oscillate. The company’s recent dip of 4.36% to $15.34 at the close of Wednesday’s session is a testament to the rollercoaster ride that is Rivian’s journey.