Benzinga - by Shanthi Rexaline, Benzinga Editor.
Rivian Automotive, Inc. (NASDAQ:RIVN) delivered a robust third-quarter performance, surpassing Wall Street expectations, and raised its production outlook for the year. One of the highlights of the earnings call was the discussion surrounding the much-anticipated R2 electric vehicle platform.
During the earnings call, both company executives and analysts heavily emphasized the R2 platform, which was mentioned 15 times.
- Poised to be Rivian’s first global offering, the R2 platform is expected to build upon the company’s previous R1 investments.
- CEO R.J. Scaringe revealed significant progress in developing the R2 platform and making preparations for future production facilities in Georgia.
- CFO Claire McDonough reiterated the company’s commitment to commencing R2 platform production in 2026, with product unveilings anticipated in early 2024.
- “R2 is sort of this incredible carrot for suppliers,” said Scaringe. The company was able to leverage supplier excitement for the platform for materially lowering input costs, he said.
- The R2, while maintaining the brand’s essence, will be more compact and available at a lower price point. “There’s an extreme vacuum of choice we feel in the sort of $45,000 to $50,000 price range for midsize SUVs,” Scaringe said, adding the lack of choices has left Tesla, Inc. (NASDAQ:TSLA) with a highly concentrated market share.
- Scaringe expressed his enthusiasm for the R2 and confirmed the company’s dedication to expanding its product lineup based on this platform.
- The R2 will feature vertically integrated software electronics and offer a seamless user experience and interface.
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