Rivian (RIVN) CEO says R2 can be its Tesla Mannequin 3 second as extra reasonably priced EVs are wanted


Though Rivian (RIVN) and Tesla have totally different merchandise, they’re extra alike than it’s possible you’ll suppose. Rivian’s CEO RJ Scaringe mentioned its upcoming R2 mannequin can be its model of the Tesla Mannequin 3.

It could not seem like a Tesla Mannequin 3, however Rivian’s R2 will assist form the EV startup’s future. Like Tesla, Rivian began with costlier flagship fashions.

Tesla launched the Roadster in 2008, which led to the Mannequin S in 2012. A number of years later, Tesla introduced its first mass-market electrical automotive, the Mannequin 3.

Though Tesla went via what CEO Elon Musk described as “manufacturing hell” ramping up the Mannequin 3, the work paid off. In 2018, Tesla’s Mannequin 3 turned the best-selling EV globally, holding the title till the Mannequin Y topped it in 2020.

Tesla’s Mannequin 3 can be among the many top-selling autos globally (fuel or electrical) in 2023 because it continues to see sturdy demand.

Rivian has been ramping manufacturing all yr. Regardless of a number of rivals chopping EV targets, Rivian raised its manufacturing purpose following sturdy Q3 outcomes. The EV maker now goals to construct 52,000 autos this yr. That’s greater than double the 24,337 it produced final yr.

Rivian R1T (Supply: Rivian)

Rivian R2 can be its Tesla Mannequin 3 second

Like Tesla, Rivian plans to increase into new markets. The automaker selected Clayco as its companion earlier this month to construct its large $5 billion EV plant in Georgia.

The brand new facility can be residence to Rivian’s R2 autos. Scaringe beforehand mentioned R2 will begin at round $40,000 to $50,000. Rivian’s R2 can be a mid-size electrical SUV.

On the How I Constructed This podcast with Man Raz, Scaringe not too long ago spoke about ramping manufacturing and increasing the model, in addition to different plans for the long run.

Rivian R1S (Supply: Rivian)

When requested if R2 can be Rivian’s model of the Tesla Mannequin 3, Scaringe mentioned, “Yeah, when it comes to strategically, it’s very related.”

Scaringe defined that Rivian began with its flagship R1 merchandise which can be deliberately priced larger for his or her options, capabilities, and extra.

Rivian will take the “essence of the model” represented in these merchandise and construct it into extra reasonably priced fashions.

Rivian manufacturing at its Regular, In poor health facility (Supply: Rivian)

The Rivian R2 is predicted to be unveiled for the primary time subsequent yr earlier than launching in 2026. Development on the Georgia website will start quickly, with grading work ending up via the tip of the yr.

An official groundbreaking ceremony is predicted in early 2024. As soon as the primary stage is full, Rivian expects to have the ability to construct 200,000 EVs a yr. By 2030, the EV maker appears to double it.

Electrek’s Take

Rivian continues outpacing rivals regardless of the R1T electrical truck and R1S SUV costing round $70,000.

The corporate additionally has a serious lifeline with its industrial electrical van. E-commerce large Amazon introduced in 2019 that it might deploy 100,000 Rivian EDVs by 2030. It has already deployed over 10,000.

The EV maker not too long ago ended its exclusivity with Amazon, signing its second companion in AT&T earlier this month.

Rivian drivers will even get entry to Tesla’s supercharger community. Beginning early subsequent yr, Rivian will present an adapter, and finally, it can transfer to the NACS connector.

The EV maker is taking one other web page from Tesla with its personal charging community. Rivian is specializing in reliability and uptime just like the EV chief. Scaringe mentioned having a number of totally different charging suppliers may also help adoption. It plans to open its community to different manufacturers like Tesla.

Scaringe mentioned it has round 60 Journey Community websites stay, however there are a whole lot extra to construct.

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