Shares of Rivian Automotive (NASDAQ:RIVN) surged 13% on Thursday as the EV maker unveiled three new vehicles and announced more than $2 billion in savings related to pausing construction on a plant in Georgia.
Two of those EVs came as a surprise to consumers and investors. Rivian CEO RJ Scaringe, in announcing the company’s upcoming R2 SUV, also revealed two additional crossovers called the R3 and R3X, a performance variant.
The R2 is expected to start at about $45,000 when it goes on sale during the first half of 2026. It’s expected to be the fourth product for Rivian following a commercial delivery van and larger, more expensive R1S SUV and R1T pickup for consumers. The R1 vehicles start at roughly $70,000 and can top $100,000.
Scaringe disclosed few details about the surprise R3 crossovers, but told reporters that the R3 will be priced lower than the R1.
The announcements come at a crucial time for Rivian as it attempts to expand its customer base amid slower-than-expected EV sales in the U.S. after automakers flooded the first-adopter market with pricey all-electric vehicles in recent years.
The Amazon (NASDAQ:AMZN)-backed company has been burning through cash to improve current EV production and narrow losses.
Shifting production of the R2 from the in-development plant in Georgia to the company’s plant in Normal, Illinois, will save $2.25 billion, Rivian said in a press release. It will also allow the vehicle to begin production earlier, it said.
RIVN shares acquired 77 cents, or 6.2%, to $13.28.
