Rivian's (RIVN) Newest EVs and Georgia Plant Swap, All Investors Need to Know

Rivian Automotive (NASDAQ: RIVN) is holding an event to unveils its newest electric vehicles. Here are the key takeaways investors need to know:

New models:

• Rivian unveiled R2 SUV.
• The model will be produced at the company's Illinois Plant.
• R2 will start at ~$45,000.
• Reservations will be accepted starting today, Thursday, March 7th, 2024, for $100 deposit.
• Deliveries to begin in first half of 2026.
• Rivian also unveiled smaller R3, 5 inches shorter than R2.
• Both trucks will feature 2 batter capacities.
• R3 delivering will start after R2.
• Both vehicles are built on the company's new midsize vehicle platform

Financial side:

• The company expects 215,000 Unit total annual capacity at Illinois factory post R2 launch, across R1T, R1S, EDV, RCV, R2.
• The company's plan to launch production in Illinois will save $2.25B vs original plan to produce at the newest facility in Georgia; Georgia facility is put on pause, construction will resume later.
• Current cash position is sufficient to fund operations through launch of R2 production.

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