Key Takeaways
- CEO RJ Scaringe revealed Rivian is working on undisclosed R2 platform variants, potentially including an R2X performance model.
- R2 volume production has commenced at the Normal, Illinois facility, with initial customer deliveries targeted for June 2026.
- Pricing begins at $58,000, with an entry-level $45,000 variant offering 275+ miles of range planned for late 2027.
- The company’s Georgia manufacturing facility is being constructed to accommodate various R2 configurations.
- Wall Street analysts maintain a Moderate Buy rating on RIVN stock with a consensus price target of $18.09, suggesting 24% potential upside.
Rivian (RIVN) stock climbed 0.62% during Tuesday’s session and continued its momentum with a 0.34% gain in Wednesday’s pre-market trading following revelations that the electric vehicle manufacturer is secretly working on additional R2 platform variants.
During a conversation with Reuters, CEO RJ Scaringe acknowledged these development efforts while remaining tight-lipped about details. “There are other variants of R2, which we haven’t shown,” Scaringe stated. When questioned about a potential pickup configuration, he teased an R2X performance edition. “So clearly there could be an R2X. There’s going to be combinations,” he noted, before cautioning, “I want to be careful not to announce the program.”
The R2 platform represents a cornerstone of Rivian’s immediate expansion strategy. Large-scale manufacturing has launched at the company’s Normal, Illinois production facility, where employee deliveries have already commenced. Customer deliveries to the general public are slated to begin approximately in June.
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Pricing for the R2 lineup starts at $58,000. More affordable configurations will roll out later in 2026 and throughout 2027. The most eagerly awaited variant — a $45,000 model delivering more than 275 miles of range — is projected for late 2027 and represents a critical offering expected to significantly broaden Rivian’s customer appeal.
Georgia Manufacturing Facility Designed for Versatility
Scaringe emphasized the company’s upcoming Georgia production site as instrumental to the diversified variant approach. “What we’re building in Georgia allows for different variations,” he explained. The facility has been engineered to expand R2 manufacturing capacity while accommodating multiple vehicle configurations as market demand evolves.
Rivian has previously outlined its mid-size vehicle architecture: the R2 SUV, the compact R3 crossover, and the performance-oriented R3X variant. The additional R2 configurations mentioned by Scaringe complement these models but remain officially unannounced.
R2 Platform Essential to Rivian’s 2026 Projections
Rivian anticipates a 53% surge in vehicle deliveries this year. Analyst estimates suggest this translates to approximately 22,000 to 23,000 R2 units, contingent on smooth production scaling and sustained consumer demand.
Cantor Fitzgerald analyst Andres Sheppard indicated the R2 will likely “materially boost sales” and “capture additional EV market share,” supported by its competitive pricing and autonomous driving capabilities.
The R2 also serves as the foundation for Rivian’s $1.25 billion autonomous vehicle partnership with Uber (UBER). This collaboration calls for Uber to integrate 10,000 fully autonomous R2 vehicles into its fleet beginning in 2028.
Rivian reported a Q1 adjusted operating loss of $621 million against approximately $1.4 billion in revenue. However, gross profit reached $119 million — significantly exceeding projections — indicating improved cost management. Vehicle deliveries totaled 10,365 units, compared to 8,640 during the same period last year.
Wall Street analysts currently assign RIVN stock a Moderate Buy consensus rating, derived from 10 Buy ratings, 8 Hold ratings, and 4 Sell ratings issued over the past three months. The average analyst price target stands at $18.09, implying approximately 24% upside potential from present price levels.
