Rivian Stock Soars 13% as EV Maker Introduces Three New Models

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Bill McColl
Bill McColl
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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

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Published March 07, 2024
Rivian CEO RJ Scaringe unveils Rivian R3 and R3X prototype crossover electric vehicles during an event in Laguna Beach, California on March 7, 2024.
Rivian CEO RJ Scaringe unveils Rivian R3 and R3X prototype crossover electric vehicles during an event in Laguna Beach, California on March 7, 2024.

Kyle Grillot / Bloomberg / Getty Images

Key Takeaways

  • Rivian introduced three new models to its electric vehicle lineup.
  • The Rivian R2 is a mid-sized SUV, while the R3 and R3X are mid-sized crossovers.
  • The R2 is set to be priced at about $45,000, while the R3 and R3X will be less.
  • Rivian shares jumped 13% on Thursday, though are still down more than 40% since the start of the year.

Rivian Automotive (RIVN) shares jumped 13% Thursday as the electric vehicle (EV) maker introduced three new models to go along with its RT1 truck and RS1 SUV, as well as its EDV delivery van initially designed for Amazon (AMZN).

The company’s new R2 is a mid-sized SUV, priced to start at about $45,000. The R3 is a mid-sized crossover, and the RX3 is what Rivan called “a performance variant” of the R3. It added that the R3 would cost less than the R2.

Rivian said that both the R2 and R3 will feature two battery sizes. The larger will give the vehicles a range of more than 300 miles on a single charge and allow them to go from 0 to 60 miles per hour in 3 seconds. It didn’t give details on the smaller version.

Founder and CEO RJ Scaringe said the new models are “distinctly Rivian in terms of performance, capability, and usability, yet with pricing that makes them accessible to a lot of people.” 

The company noted that the R2 can be reserved in the U.S. right now for a $100 deposit, with delivery expected in the first half of 2026. The R3 and R3X deliveries will come after that “to ensure a smooth launch and rapid ramp of R2." All of Rivian’s vehicles are set to be available internationally following their North American launch. 

Rivian shares closed 13.4% higher at $12.51. Despite today’s gains, the stock is down 40% since the start of the year.

Last month, the company posted a larger-than-expected quarterly loss and issued 2024 production guidance that fell significantly below Wall Street's expectations.

Article Sources
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  1. Rivian Automotive. "Rivian Introduces R2, R3, and R3X Built on New Midsize Platform."

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