Rivian (NASDAQ:RIVN) expects to begin deliveries of the R2 SUV during the first half of 2026, although the vehicle already has over 100,000 preorders according to Vice President of Manufacturing Tim Fallon.
“We’re well over a 100,000 pre-orders for R2, and those continue to climb — and they really climb organically,” Fallon said at Rivian’s Family and Friends Day event on July 21. “As we really push R1 and R1 gen 2 and continue to get our current product out there, the R2 continues to increase in pre-orders.”
This is up from the last update of over 68,000 preorders, which occurred less than 24 hours after Rivian unveiled the R2. The vehicle starts at $45,000 with U.S. reservations requiring a deposit of $100. The R2 will be equipped with the North American Charging Standard (NACS) port, meaning that drivers will be able use Tesla’s (NASDAQ:TSLA) Supercharger stations.
RIVN Stock: R2 Receives Over 100,000 Preorders
The R2 looks like a smaller version of the R1S and will be Rivian’s most affordable vehicle. The R1S starts at $74,900 while the R1T will set you back $69,900.
At the event, Fallon added that equipment upgrades in Normal, Illinois have helped increase production by about 30% as Rivian prepares for the R2. The Normal facility also has a goal of achieving net-zero emissions.
During the second quarter, Rivian produced 9,612 vehicles and delivered 13,790 vehicles, reiterating its 2024 production guidance for 57,000 vehicles in the process. That signals little growth compared to its 2023 production of 57,232 vehicles.
Rivian will report its earnings on Aug. 6 after the market close, although shareholders will have to wait before any significant financial impact is realized from the R2. For the quarter, analysts expect revenue of $1.12 billion, implying yearly growth of just 0.11% and a quarterly decline of 6.79%.
The company is expected to remain unprofitable with a GAAP EPS loss of $1.40 compared to a loss of $1.27 a year ago. On an annual basis, Rivian is expected to become profitable by 2030 with a GAAP EPS of 84 cents. That’s certainly a long way to go.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
