Rivian’s CEO Says the R2 Is Its ‘Most Important’ Launch Yet. Here’s Why

The new EV is set to release in June.

BY AVA LEVINSON, NEWS WRITER

Rivian Chief Design Officer Jeff Hammoud and Founder and CEO RJ Scaringe at the Rivian Reveals All-Electric R2 Midsize SUV event on March 07, 2024. (Photo by Phillip Faraone via Getty Images)

Rivian plans to launch its new all-electric R2 SUV in record breaking time, according to the company and an analysis by TechCrunch. CEO RJ Scaringe said previously that it’s “maybe the most important thing we’ve launched to date.”

If the launch fails, or hits major production turbulence, it could prove perilous for the automaker, which has already poured considerable capital into developing the new car.

Rivian’s Expected Sales

Rivian said last month it predicts it will sell between 20,000 and 25,000 R2s this year, with the first of the vehicles to release in the second quarter. At that rate, it’s set to sell faster than any other comparable EV on the market for $60,000 or less, excluding the Tesla Model Y. 

The Model Y sold over 20,000 vehicles in roughly four months, and the Honda Prologue did those numbers in around six months, according to TechCrunch. Rivian hopes to reach that milestone in around half a year, too.

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The Chevy Equinox EV saw fast sales as well, hitting the 20,000 mark within eight months, followed by the 11-months it took Hyundai Ioniq 5 and the Kia EV6. 

A Risky Launch Environment

Trump’s elimination of the $7,500 federal EV tax credit, which expired for purchases made after September 30, means Rivian’s newest EV model will be entering a changed market. Other automakers, like Ford, are delaying or scaling back plans for EVs amid looser emissions rules and rising vehicle costs tied to tariffs.

Scaringe has framed the situation as a positive, highlighting the limited EV options, particularly in terms of affordability. The company had said the R2 SUV would launch at $45,000, which Scaringe said is key to its mass-market success, according to TechCrunch. 

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