Rivian R2, R3, and R3X launch event: the EV company’s more affordable SUVs are here

The R2 won’t go on sale until 2026, but this smaller electric SUV is a crucial product for the young company.

For years, Rivian has been promising to make a smaller, more affordable electric SUV that will sit alongside its pricier R1T and R1S vehicles, and that day is finally here. The company revealed the R2 in a livestreamed event from Laguna Beach, California, at 10AM PT (1PM ET) on March 7th, 2024.

The more affordable SUV is targeting a launch in the first half of 2026. It will have a starting price of $45,000, an estimated range of 330 miles on a charge, and a 0–60mph time under three seconds. Rivian also showed off another smaller vehicle, the R3 crossover, and a sport-trimmed R3X variant.

It’s a crucial vehicle for Rivian, which has been struggling to reach profitability amid a broader slowdown in EV sales growth. Rivian is what’s known as a “pure EV play,” meaning it only makes EVs and doesn’t have any internal combustion engines, or even hybrids, to fall back on when sales start to dip. The company has gone through several rounds of layoffs in recent years and warned that its sales are likely to stay flat in 2024.

The R2 provides a glimpse into how Rivian will navigate this more uncertain future. Will it be the company’s Tesla Model 3? Only time will tell.