Rivian Expands R2 Variants as June Deliveries Approach

Rivian is developing multiple variants of its lower-cost R2 electric vehicle and expects to begin deliveries around June, according to Reuters. The US electric vehicle maker recently started volume production of the R2, which is central to its growth strategy. Rivian chief executive RJ Scaringe stated that the company’s Georgia plant would support multiple R2 versions, though he did not specify whether those include pickup or performance models.

R2 Pricing and Production Timeline

Rivian priced the first R2 trim at US$58,000, with cheaper versions planned for later in 2026 and 2027. A US$45,000 model offering more than 275 miles of range is expected by late 2027. The R2 underpins Rivian’s 2026 delivery forecast and is central to the company’s near-term revenue strategy.

Georgia Plant Capacity Expansion and DOE Loan Restructuring

Rivian redesigned its Georgia factory to support the R2 and other midsize-platform vehicles not yet disclosed. The company raised the plant’s initial annual capacity by 50% to 300,000 vehicles by consolidating a two-step buildout into one larger first phase, aimed at reducing per-vehicle costs sooner.

Rivian also revised its U.S. Department of Energy loan, trimming the maximum to US$4.5 billion and planning to begin using the funds by early 2027, approximately one year earlier than previously scheduled. These changes reflect mounting pressure on the company’s finances: Rivian’s automotive business posted a US$62 million gross loss in the first quarter of 2026, compared with a US$92 million gross profit a year earlier.

Uber Autonomous Vehicle Deal and Financial Outlook

Rivian signed a deal with Uber valued at up to US$1.25 billion for the deployment of 10,000 autonomous R2 vehicles starting in 2028. Under the agreement, Uber receives exclusive access for a set period to Rivian’s Level 4-enabled vehicles, designed to handle most driving tasks without human input in set conditions, while Uber maintains separate autonomous-vehicle deals with other automakers.

The autonomous vehicle commitment is pushing Rivian’s profitability timeline further out. The company said it no longer expects to generate positive adjusted EBITDA in 2027 due to increased spending on research and development to accelerate its autonomy work. Stock prices fell following the announcement, erasing an earlier 11% pre-market gain.