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Renewable Energy/EV Stock News Bite - Rivian (NASDAQ: RIVN) Stock Rises - Introduces R2, R3, and R3X Built on New Midsize Platform

 

March 7, 2024 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com) Renewable EV Stock News Bites - Rivian (NASDAQ: RIVN) unveiled its new midsize platform which underpins R2 and R3 product lines.

The stock is trading at $12.61, up $1.59, 14.37% on volume of 131 Million shares. The day's high was $12.74.

R2 is Rivian's all-new midsize SUV delivering a combination of performance, capability and utility in a five-seat package optimized for big adventures and everyday use. The silhouette and face of R2 are distinctly Rivian. The powered rear glass fully drops into the liftgate for carrying all types of gear and enabling a unique open air driving experience. The interior is designed for ease-of-use, while being uniquely Rivian through a combination of inviting design and premium, sustainable materials that are easy to clean. R2 also features first and second row seating that fold completely flat, for gear, cargo, and even car camping.

R3 is a midsize crossover that is tidy on dimensions but delivers big in terms of performance, off-road capability, passenger comfort, and storage. R3X is a performance variant of R3 offering even more dynamic abilities both on and off road. The design of the exterior and interior of R3 are inviting and iconic. R3 demonstrates the scalability of Rivian's brand across different form factors while continuing to be immediately recognizable.

R2 and R3 will feature two battery sizes. The larger pack will achieve over 300 miles of range on a single charge and offer 0-60 mph acceleration in under 3 seconds for the quickest powertrain configuration.

Pricing for R2 is expected to start around $45,000, and R3 will be priced below R2, making Rivian vehicles more accessible to more people. Rivian's development teams have been intensely focused on cost through manufacturing, design innovation, and robust supply chain development. R2 is available to reserve today in the U.S. for $100 with deliveries expected to begin in the first half of 2026. R3 and R3X deliveries will start after R2, to ensure a smooth launch and rapid ramp of R2 - this is a learning from Rivian's simultaneous launch of R1T, R1S and EDV. R2, R3, R3X will be available internationally following their North American launch.

"I have never been more excited to launch new products - R2 and R3 are distinctly Rivian in terms of performance, capability, and usability, yet with pricing that makes them accessible to a lot of people," said Rivian Founder and CEO RJ Scaringe. "Our design and engineering teams are extremely focused on driving innovation into not only the product features but also our approach to manufacturing to achieve dramatically lower costs. R2 provides buyers starting in the $45,000 price range with a much-needed choice with a thoroughly developed technology platform that is bursting with personality. I can't wait to get these to customers."

All-New Platform

Developed to deliver amazing performance, range, and cost efficiency, R2 and R3 were built on an all-new midsize vehicle platform. This platform consolidates and eliminates parts thanks to intelligent design, including the use of high pressure die castings, a structural battery unit where the top of the pack also serves as the floor, and closure systems that dramatically reduce complexity. R2 and R3 also utilize Rivian's drive unit platform and internally developed network architecture, computer topology and software stack.

R2 and R3 Highlights

Three Motor Variants: Leveraging Rivian's in-house drive unit platform and technology, there will be Single-Motor (RWD), Dual-Motor (AWD), and Tri-Motor (two motors in rear and one in front) configurations, with the quickest configuration delivering 0-60 mph in under 3 seconds.

Structural Battery: Utilizes an all-new 4695 cell that offers significant improvements in energy density and output, estimated to deliver over 300 miles of range on a single charge for both R2 and R3.

Fast Charging: DC fast charging is compatible with both NACS (native) and CCS (with adapter), charging from 10% to 80% in less than 30 minutes.

Self Driving: Utilizing Rivian's new perception stack featuring 11 cameras, five radars and a more powerful compute platform, R2 and R3 will provide dramatically enhanced autonomous capabilities.

Ever improving and expanding features: As with all Rivian vehicles, Rivian has developed its network architecture, topology of computers and associated full software platform to facilitate frequent software updates - the headroom for feature growth over time is extremely exciting.

Intentional Design

R2 and R3 demonstrate how Rivian's design language adapts to different vehicle sizes and form factors.

"Our R1 flagship vehicles served as our handshake with the world - with R2 and R3 our obsessive goal is to stay true to Rivian's product attributes while making our products accessible to a lot more people," said Rivian Chief Design Officer Jeff Hammoud. "Through a tight integration of hardware, software and human-centered design, we designed R2 by balancing form with function, while building on our inviting and iconic design language."

Read the company's full news and disclaimer here:

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