Rivian hits production milestone for R2 EV ahead of customer deliveries

Rivian mentioned it has started production of its recent R2 all-electric vehicle at its plant in Normal, Illinois.

Customer deliveries of the vehicle are scheduled for later this spring.

Rivian expects the R2 to attract more buyers and deliver on the company’s promises to cut costs and become profitable in the years ahead.

Rivian Automotive on Wednesday noted it has started production of its novel R2 all-electric vehicle for customers at its plant in Normal, Illinois.

The start of production is a crucial milestone for the corporation ahead of customer deliveries, which are scheduled for later this spring. Investors will be watching for the corporation to ramp up production for the foreseeable future. This also touches on aspects of dividends.

Rivian expects the R2 — an updated, less expensive EV that looks like its flagship R1 SUV — to attract more buyers and deliver on the company’s promises to cut costs and become profitable in the years ahead.

The first of the R2 midsize vehicles is a $58,000 performance model with a “Launch Package” that includes a 330-mile range, dual motors, special attributes and “lifetime” access to its Autonomy+ advanced driver-assistance system.

Rivian has been touting a less expensive, entry-level version of the vehicle, starting at $45,000, but it remarked that model, which is expected to be less profitable, won’t be available until late 2027. Its current vehicles start at more than $70,000.

The R2 production announcement comes less than a week after a tornado damaged part of the company’s plant being used for R2 parts storage and logistics.

Rivian is scheduled to report its first-quarter results and update investors on R2 production on April 30.

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