Rivian CEO RJ Scaringe stated that the business has $17 billion in cash on hand and plans to introduce its next EV platform, R2, in 2025 at a new factory in Georgia. The R2 will serve as the foundation for a new, tiny SUV that Rivian claims will be less expensive than its first two vehicles, both of which cost more than $70,000. The R1 platform is the dual-motor architecture that underpins the R1T truck and R1S SUV from the business.
Rivian produced 2,553 automobiles in the first quarter but only delivered 1,227 to consumers. When asked about the gap, McDonough explained that it was caused by the company’s direct-to-consumer model, which lacked a typical dealer network to serve as distribution hubs.
