Rivian’s Stock Surges as EV Maker Unveils New Models and Cost-Saving Measures

Rivian Automotive saw a 13% surge in its stock on Thursday following the unveiling of three new electric vehicles (EVs) and announcing over $2 billion in savings by pausing construction on a Georgia plant. The surprise additions include the R2 SUV and two crossovers, R3 and R3X, with the R2 expected to hit the market by the first half of 2026 at around $45,000.

Rivian’s CEO RJ Scaringe highlighted the significance of these new models as the company aims to broaden its customer base amid sluggish EV sales in the U.S. The decision to shift production of the R2 to Illinois from Georgia is expected to expedite production and save costs. The R2 is touted to offer over 300 miles of range and impressive acceleration.