Rivian Automotive Inc., a manufacturer of electric vehicles, has recently revealed its new lineup of EV models, including the much-anticipated R2 electric sport-utility vehicle (SUV). The move comes as an attempt to combat dwindling vehicle demand and fierce competition within the EV sector.The company also declared a temporary halt on the construction of its proposed $5 billion EV plant in Georgia, a decision which will conserve approximately $2.25 billion in cash. This fund will be diverted towards the production of more economically-priced vehicles.Upon the announcement, Rivian’s share prices experienced a surge, growing by 13.4 percent during regular trading on Thursday, then followed by an increase of a further 3.1 percent in extended trading on the Nasdaq. In the pre-market trading on Friday, they continued to rise by three percent.Rivian’s CEO, RJ Scaringe, unveiled the new SUV model at an event held at the freshly opened Laguna showroom in California. The company, which counts Amazon, Ford Motor, and other investors among its backers, also showcased the R3, a compact SUV, and the R3X, a high-performance version.The R2 model, which is more cost-effective, will now be manufactured at Rivian’s facility in Normal, Illinois. Initially, production of this model was scheduled to take place in Georgia. The new five-passenger vehicle is expected to become available within the first half of 2026.The R2 is set to retail at around $45,000. This price point is significantly lower than the larger R1S SUV model.Despite delays, Rivian still intends to proceed with the construction of the $5 billion plant as part of its growth strategy. It expected groundwork on the Georgia facility to commence within the year. Once operational, the plant is projected to employ around 7,500 workers and produce up to 400,000 vehicles annually.Moreover, Rivian, who has signed a contract to manufacture thousands of electric delivery vans for Amazon, had inked a deal with telecommunication giant AT&T last December to supply vehicles. The company has also agreed with rival Tesla Inc. to use Tesla Superchargers for its electric vehicles.Rivian’s shares closed at $12.51 after regular trading on Thursday on the Nasdaq, marking a rise of 13.42 percent. After hours, the stock value increased by 3.12 percent to $12.90. In pre-market activity, it traded at $12.89, a rise of 3.04 percent.The material has been provided by InstaForex Company – www.instaforex.com
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