Benzinga - by Shanthi Rexaline, Benzinga Editor.
Rivian Automotive, Inc. (NASDAQ:RIVN), which has weathered its startup birth pangs fairly well, is gearing up to launch its second-generation electric vehicles, codenamed R2. An agenda report from a Laguna Beach City Council meeting in California, home to Rivian’s flagship store “Rivian Theater,” suggests an official launch in March.
What Happened: The report indicates that council members are poised to approve Rivian’s request to showcase six vehicles at Main Beach Park on March 7 for a “half-day” public event, according to a document shared by Verge.
According to the document, “Rivian has submitted a request to utilize the grass area in front of the Main Beach Lifeguard Tower for showcasing its vehicles. The display is scheduled for March 7, 2024, from 3:45 PM until sunset, and it will complement the simultaneous product launch inside the Rivian theaters. The vehicles will be on display for international purposes only and will not be available for sale.”
While the document doesn’t specify the model to be launched, a map provided in the document for the planned layout refers to it as the “Rivian R2 launch.”
Why It Matters: Rivian, among U.S. EV startups, has successfully executed its plan, reporting in early January that it produced 17,541 vehicles and delivered 13,972 units in the same period.
The company’s existing lineup includes the R1T pickup truck, R1S SUV, and an electric delivery van, with recent diversification in supplying EDVs to customers beyond its exclusive partnership with Amazon.
As the EV market faces challenges amid economic uncertainties and industry-wide price cuts, the anticipated R2 platform, upon release, could provide a significant boost to volume.
Rivian CEO R.J. Scaringe hinted at an early 2024 unveiling during the third-quarter earnings call in November, noting substantial progress in developing the R2 platform and preparations for future production facilities in Georgia.
Rivian ended Wednesday’s session down 4.36% to $15.34, according to Benzinga Pro data.
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