On Thursday, Rivian revealed its highly anticipated R2 midsize SUV and two bonus vehicles — the R3 crossover and R3X on- and off-road variant — ushering in a smaller, less expensive platform of electric vehicle for the maker of the popular R1S SUV and R1T pickup.

With a starting price of $45,000 and reservations opening Thursday, the R2 and R3s are the first new vehicles the company has introduced since going into production in 2021 with full-size electric models costing $70,000+.

What You Need To Know

  • Rivian unveiled its R2 SUV and R3 crossover electric vehicles on Thursday

  • The SUV is a shorter, lower version of the R1S SUV with a starting price of $45,000

  • The front and rear seats on the R2 and R3 fold flat so they can be used for in-car camping

  • The R2 and R3 are the first new passenger vehicles from the Irvine, Calif.-based startup since 2021

Shorter and lower than the R1S, the R2 is a smaller version of the SUV that will come in single motor, dual motor, all-wheel drive and trimotor variants, all of which will be able to achieve more than 300 miles of range. The high-performance tri-motor variant will be able to accelerate from 0 to 60 miles per hour in less than three seconds, Rivian founder and CEO RJ Scaringe said during the unveiling.

The R3 is a smaller crossover that will also be available in a more capable off-road version called the R3X. All three models feature front and second row seats that fold flat to enable in-car camping.

Similar to its R1S and R1T, Rivian will offer accesory bike racks and on-car camping tents.

The R2 will be delivered in the first half of 2026, Scaringe said, and will be built at its factory in Normal, Ill.

Last month, Rivian topped the list of Consumer Reports’ most loved car brands, pushing Tesla from the top spot on the magazine’s annual list. Rivian drivers said they were especially satisfied with the vehicles’ handling and acceleration as well as low ownership costs.

The R1T and R1S are powered with a 135-kilowatt-hour battery and have an EPA-estimated range of 314 miles per charge.

Rivian’s new R2 reveal comes about two weeks after the company announced it would lay off roughly 10% of its staff. Company founder RJ Scaringe cited geopolitical uncertainty and challenging macro-economic conditions, including historically high interest rates.

Rivian produced 57,232 vehicles in 2023 and expects to make roughly the same number this year, according to the company’s fourth quarter and full year 2023 financial results statement.

Even with its R2 in the pipeline, Rivian faces the same headwinds as other electric vehicle makers as customer demand weakens and more competition enters the market from better-known brands. EV inventories were the highest of all vehicle types at the end of 2023, according to Cox Automotive, with 92% more cars on dealership lots compared with a year earlier. That has led to EV prices falling to their lowest-ever level of $50,798.

Cox Automotive predicts the increasing EV inventories will lead to even more price declines in 2024. Following multiple price cuts from EV market leader Tesla, Rivian cut its vehicle prices $3,100 in February.

Founded in 2009, Rivian also makes commercial electric delivery vans, the majority of which are operated by Amazon.com, which owns a 16% stake in the company.