Rivian Automotive shocked shoppers and subsequent new car will likely be an all-electric midsize SUV known as the R2 that is anticipated to start out round $45,000 when it goes on sale in 2026.

The car, which Rivian revealed Thursday, will mark the EV startup’s fourth product following a industrial supply van and bigger, dearer R1S SUV and R1T pickup for shoppers. The R1 autos begin at roughly $70,000 and might prime $100,000.

The R2 comes at an important time for Rivian because it makes an attempt to increase its buyer base amid slower-than-expected EV gross sales within the U.S. after automakers flooded the first-adopter market with expensive all-electric autos in recent times.

Rivian’s gross sales tempo has slowed in latest quarters, and the corporate broadly disenchanted traders final month by lacking quarterly estimates and forecasting barely decrease manufacturing this yr in comparison with 2023 resulting from plant downtime.

The Amazon-backed firm has been burning via money to enhance present EV manufacturing and slim losses.

The R2 will function on a brand new EV platform however seems like a smaller model of the R1S SUV. It will likely be able to greater than 300 miles of all-electric vary on a single cost and 0-60 mph time in under3 seconds, the corporate mentioned.

“R2 represents the essence of our brand, while targeting the significant midsized SUV segment, a massive market with limited compelling EV options beyond Tesla,” Rivian CEO RJ Scaringe informed traders final month. “R2 has been developed with vertically integrated propulsion platforms, electronics and software to create an incredible user experience.”

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