Rivian’s R2 just helped it set a new sales record

Rivian sold much electrical vehicles than ever successful the 3rd quarter, acknowledgment successful ample portion to the motorboat of its new, much affordable R2 SUV.

The institution said Friday morning that it built 19,751 vehicles and delivered 19,248. That’s astir 45% much than it delivered successful the aforesaid play past year.

While Rivian didn’t interruption retired however galore of those were R2 SUVs, this was the archetypal afloat 4th of income of the caller conveyance aft it launched successful June. The institution said Friday that it volition merchandise its afloat third-quarter fiscal results connected October 29.

Rivian has large plans for the R2, which presently starts conscionable nether $60,000. The institution is betting that it volition merchantability betwixt 20,000 to 25,000 R2 vehicles by the extremity of the year, which would marque it 1 of the fastest-selling EVs successful U.S. past — second lone to Tesla’s Model Y. Rivian besides plans to marque cheaper models disposable that volition outgo arsenic debased arsenic astir $45,000.

If Rivian hits those numbers, the institution believes it tin merchantability betwixt 65,000 and 70,000 vehicles this year, including its R1 lineup of vehicles and its commercialized electrical van. That would beryllium its champion income twelvemonth ever, arsenic the institution has spent the past fewer years stuck astatine astir the 50,000-vehicles-sold mark.

Rivian is presently gathering the R2 astatine its mill successful Normal, Illinois, wherever it precocious expanded the accumulation abstraction to accommodate the caller SUV. But Rivian is besides gathering a marque caller mill extracurricular Atlanta, Georgia, wherever it expects to beryllium capable to physique as galore arsenic 300,000 vehicles per year successful the adjacent future, with the enactment to grow that capableness down the road.

Rivian needs the R2 to merchantability good successful bid to staunch years of dense losses, owed successful portion to the institution costly infrastructure required to enactment this mass-market vehicle. But Rivian has besides signed a woody with Uber to marque robotaxi versions of the R2 SUV. Rivian believes robotaxis represents specified a large imaginable marketplace that, successful March, the institution pushed backmost its extremity of reaching profitability successful 2027 to invest much wealth into autonomy.