Rivian’s more affordable R2 platform pushed back to 2026

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Rivian pointed to ongoing negotiations over a vehicle plant to be built near Atlanta, Georgia, as the cause of the delay. The US$5 billion plant, which would be Rivian’s second, was first announced in 2021. The automaker assumed construction would begin in mid-2022 and the first vehicles would begin production in 2024.

However, the project was stalled in September following a ruling by a local judge, who questioned Rivian’s cash reserves, splashing cold water on the project’s viability. Rivian announced Nov. 9 that it would continue to work with the State of Georgia and its Joint Development Authority to continue construction of the plant.

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The news comes as Rivian continues to dip into the cash. For the third quarter, Rivian posted a net loss of $1.72 billion on revenue of $536 million. It also coincides with work on new models and the company ramping up production of its existing models.

Rivian already offers the R1S all-electric SUV and R1T pickup truck, as well as a delivery van developed exclusively for Amazon. It said it had built about 15,000 vehicles through September and was on track to build 25,000 models in 2022. The automaker also said it remained “confident” in its ability to finance its operations until 2025.