On the Dash:
- Rivian’s next two vehicles will undercut the R2 on price, CEO says
- No pricing yet, but Rivian’s CEO says the gap between models is growing
- CEO RJ Scaringe gives no numbers, but signals Rivian’s cheapest EV is still ahead
Rivian CEO RJ Scaringe said the company’s upcoming R3 crossover will be priced “materially lower” than the R2, with a further model, the R4, pushing prices down again, according to a Corner Office interview published by The New York Times. However, Scaringe stopped short of attaching a specific price to either vehicle.
When asked whether the EV maker was working on something cheaper than the R2, Scaringe said the next product is one the company “creatively” calls the R3. Scaringe told The New York Times, “We haven’t announced pricing yet, but it will move materially lower.” He added that the R4 “again moves that further.”
More affordable trims still not available
While the R2 is often described as a $45,000 SUV, that trim isn’t available yet. Only the $57,990 Performance launch edition is currently shipping. The $53,990 Premium trim follows later this year, the $48,490 Standard Long Range arrives in early 2027, and the $45,000 Standard RWD isn’t due until late 2027. That $45,000 floor is the most likely reference point for Scaringe’s “materially lower” comment.
CBT News previously reported on early R2 pricing signals as Rivian worked toward the launch. Additionally, Scaringe has previously placed the R3 in the “mid to high 30s” price range. In a 2024 interview with Top Gear, he said the EV maker was targeting $35,000 to $40,000 for the model.
Rivian’s future outlook
Rivian plans to build the R3 at its Georgia factory, where production is scheduled to start in 2028. The plant is designed for 400,000 units of annual capacity across two phases. Scaringe has previously described the R4 and a sibling model, R5, as vehicles built on an entirely new platform, adding that no engineering team has been assigned to them yet.
Rivian raised its 2026 delivery guidance to 65,000 to 70,000 vehicles after R2 deliveries began in June, up from roughly 42,000 vehicles delivered the prior year, according to the company’s second-quarter earnings release. Rivian guided its adjusted EBITDA loss to between $1.8 billion and $2 billion for the year.
