Rivian Automotive has struggled over the past two years with supply chain constraints, billions of dollars in financial losses and a deflated stock price while ramping up production at its sole plant in Normal, Ill.
But the California automaker's first two consumer products, the R1T pickup and R1S crossover, have been heaped with praise, opening the door for more affordable models.
CEO RJ Scaringe last month said the company has mostly fixed its parts issues and is working on deep cost reductions that will find their way onto the new R2 platform. He estimated starting prices for its next generation of vehicles at $40,000 to $45,000. That contrasts with the R1T base price of $74,800, with shipping.