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Rivian says it has two new EV SUV lines coming, including one previously unannounced
Copenhagen Consensus President Bjorn Lomborg discusses the electric vehicle push and the costly impact it will have on the U.S.
Rivian’s electric vehicle lineup is getting bigger – including a product line that hadn’t been expected.
Two midsize SUV product lines – the R2 and the R3 – are slated to become part of the EV maker’s consumer offerings alongside its existing R1T and R1S, with the latter of the new platforms not having been previously announced. The surprise line includes the R3 midsize crossover and its performance variant, the R3X, according to Rivian.
“I have never been more excited to launch new products – R2 and R3 are distinctly Rivian in terms of performance, capability, and usability, yet with pricing that makes them accessible to a lot of people,” CEO RJ Scaringe said in a statement.
The exterior of Rivian’s R3 electric SUV. | Fox News
Rivian described its newly-unveiled R2 as a “midsize SUV delivering a combination of performance, capability and utility in a five-seat package optimized for big adventures and everyday use.” It has a starting price of $45,000.
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The R2 will start becoming available to consumers in the first six months of 2026, according to the EV maker. In the meantime, the company has already opened up the option for U.S. customers to reserve one of the midsize SUVs.
The exterior of Rivian’s R2 electric SUV. | Fox News
“In less than 24 hours, we’ve taken more than 68,000 R2 reservations,” Scaringe said Friday on Instagram. “We are thrilled to see R2 (as well as R3 and R3X) resonate so strongly with our community.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RIVN | RIVIAN AUTOMOTIVE INC. | 12.78 | +0.27 | +2.16% |
Rivian said it would not begin delivering the R3 and its performance variant until after R2 “to ensure a smooth launch and rapid ramp” of the R2. When the R3 debuts, it will cost less than the midsize SUV, according to the company.
RIVIAN TO LAY OFF 10% OF SALARIED STAFF
The R3X will feature “even more dynamic abilities both on and off road” than its sister R3.
Rivian said R2 and R3 vehicles can reach 60 miles per hour in less than three seconds with the “quickest powertrain configuration.” The three available options include single-motor, dual-motor and tri-motor.
The interior of Rivian’s R3 electric SUV. (Rivian / Fox News)
Consumers looking at both types of mid-sized platforms will have two battery sizes to pick from. They will also be able to charge the vehicles, which can go over 300 miles with the larger size, with both NACS and CCS plugs, Rivian said.
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The announcement of the R2 and R3 comes several years after the company first started making deliveries of its vehicles. Its market capitalization stood at $12.46 billion as of Friday.
Rivian said in January that its 2023 production totaled about 57,300 EVs, and its deliveries hit roughly 50,100.
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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