Loss $1.48 billion
Launch of a new vehicle that determines the fate of the company
Will Rivian R2 beat Tesla?
Rivian, an American electric vehicle startup and rival to Tesla, is preparing to produce the mid-size electric SUV R2. The R2 has emerged as a strong competitor to the Tesla Model Y, heralding a sensation in the American electric vehicle market. Rivian is expected to accelerate preparations for R2 production by relocating its production line to Illinois, U.S.
Through this, Rivian plans to produce 155,000 units per year and launch it globally as soon as it has enough production capacity to handle U.S. demand. In South Korea, trademark registration for over 20 types of vehicle names and platforms, along with the name Rivian IP Holdings, is expected to be launched. Rivian’s future fate will likely be decided depending on R2’s performance.
Through the popular R2
Product quality and design proven
Rivian contrasts the early attention of electric startups such as Fisker and Canoo, which received attention earlier. Fisker has halted production of its only electric vehicle model, the Ocean, and is reportedly on the verge of bankruptcy. On the other hand, Rivian has already proven its design and product quality by introducing the R1S.
However, as a large SUV, securing a wide range of demand was expensive and challenging. In the case of R2, Rivian plans to target the market by lowering the price and making it more widespread. As Rivian made aggressive investments, such as expanding production facilities and developing new vehicles, its operating loss was significant. According to Rivian’s recent earnings announcement, it was revealed that it had an operating loss of $1.48 billion in the first quarter of 2024 alone.
Longer driving range than Model Y
Plan to provide spacious interior space
Rivian plans to recover its deteriorating profitability through R2 within 2024. For Rivian, the success of R2 appears to be a watershed that will determine its future. According to the U.S. EPA, R2 is equipped with a new cylindrical battery system and can drive 483 km (300 miles) on a single charge. Since the Tesla Model Y RWD’s driving range is 418 km (260 miles) based on the same standard, the R2 is expected to show high efficiency.
Although powertrain information has not been disclosed, it is known that a configuration of up to three electric motors is possible, ranging from a single electric motor specification to one motor on the front axle and two motors on the rear axle. Accordingly, in the case of the R2 high-performance model, it takes only 3 seconds to reach 100 km/h (62 mph). In terms of body size, the length is 4,714 mm (185.6 inches), the width is 1,905 mm (75 inches), and the height is 1,775 mm (69.9 inches). In the case of the R2, as it features the shape of a boxy traditional SUV, it has a height of 150 mm (5.9 inches) higher than the Model Y.
It is also popular due to its unique design
Highly usable for vehicle camping and usual camping
Although performance specifications are important, Rivian’s electric vehicle model became a hot topic due to its unique design. This is because streamlined design details that contrast with the boxy shape are incorporated. Just looking at the front headlamp features an oval-shaped shape. The horizontal light bar line along the bonnet parting line also has a smooth finish.
The roof line maintains and extends straight, significantly securing indoor habitability. In the interior, not only the second row but also the first row can be folded, making it ideal for vehicle camping. In addition, it is equipped with exclusive accessories such as a rooftop tent and luggage, targeting campers. The R2 costs $45,000, and vehicle deliveries are scheduled to begin in 2026.
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