Rivian hosts R2 open house in Normal, its new production home

Rivian generated $1.3 billion in revenue and lost more than $1.5 billion in the fourth quarter of 2023. The company had $7.86 billion in cash as of Dec. 31.

But at $45,000 for the R2, Rivian may be in the sweet spot for an untapped EV demand. A study last month by Edmunds found that 47% of potential EV buyers are seeking to spend less than $40,000, while 42% want an SUV or crossover.

Last year, the average transaction price of an electric vehicle was $61,702, while all other vehicles stood at $47,450, Edmunds said. Rivian’s R1 models start at about $70,000.

“The R2 being at $45,000 is something that the vast majority of the population can look at as an option,” Scaringe said. “There’s a lack of choice, we believe, in that price category for really nicely done EVs.”

More than 3,000 people pre-registered for the four-hour event Saturday, showing up at scheduled half-hour increments to afford an unhurried look at the new models.

Many circled around the R2, R3 and R3X prototypes in the open-air showroom, comparing notes, taking photos and in some cases, plunking down a $100 refundable deposit to reserve the first ones off the line in about two years.

Andrew Garcia, his wife and their two young daughters, who live in Normal, made their deposit after the online reveal last month, and visited what they believe will be their first EV Saturday.

An analyst with Country Financial in Bloomington, Garcia, 32, said the midsize R2 fits their needs better than the R1, and by the time it goes into production, they will likely be ready to trade in their gas-powered Kia Telluride for a Rivian.

“We don’t have an electric, but we’ve been looking for an electric, and the R2 definitely fits the bill,” said Garcia. “We have to make a decision in 2026 when it rolls around, but as of right now, it looks very promising.”

Kyle Conner, 28, an EV YouTube content creator, drove 1,000 miles from his Fort Collins, Colorado, home in a Tesla to get an up close look and post videos of the new Rivian models in Normal. Conner, who also owns a Rivian R1, said the R2 will likely be a big hit, despite a few reservations.

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