Yesterday, Rivian (NASDAQ:RIVN) debuted its long awaited R2 SUV. In a surprise to fans around the world, the pure-play electric vehicle (EV) company also unveiled two new vehicles, the R3 and R3X, which is the performance variant of the R3. While reservations for the R3 vehicles aren’t open yet, reservations are open for the R2. And they’re filling up fast — as in over 68,000 reservations in under 24 hours.
Each reservation requires a refundable deposit of $100 for U.S. customers and $150 for Canadian customers, which means that Rivian has already raked up at least $6.8 million in customer deposits.
The R2 is expected to start at $45,000 with an estimated delivery date during the first half of 2026. The EV will be sold with two different batteries, with the larger one having a range of over 300 miles and a zero-to-60 mph time of less than three seconds. Rivian did not disclose the details of the smaller battery pack.
RIVN Stock: Rivian Receives Over 68,000 R2 Reservations
The R2 will also come in three motor variants that will be powered by a 4695 cell. Unsurprisingly, the vehicles will utilize direct current (DC) fast charging with a native NACS charger and an adapter for CCS charging.
“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,” said founder and CEO RJ Scaringe.
Meanwhile, Rivian noted that the R3 vehicles will be priced below the R2, although an exact price wasn’t given. R3 deliveries will begin after the R2 in order to fully allow the company to focus on the production and ramp-up of the R2.
Rivian’s new vehicles are resonating positively with Wall Street analysts. Deutsche Bank raised its price target to $15 from $12 while Stifel reiterated its $18 target. Stifel analyst Stephen Gengaro was pleased to hear that Rivian has enough capital to begin R2 production and that it now plans on initially producing the vehicle at its existing plant in Normal, Illinois.
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.
