Rivian is taking the lid off its latest electric vehicle today, and unless you live near Laguna Beach, California, you'll probably be watching the live stream.
The event begins at 10 am PT/ 1 pm ET. According to details leaked from the Laguna Beach City Council, the company plans to hold the event in the park adjacent to the former South Coast Theater, now called the Rivian South Coast Theater, which serves as the company's “first flagship retail location.” the company.
The event will be streamed live on YouTube (embedded above). Rivian founder and CEO RJ Scaringe will introduce the R2, a compact SUV that is expected to have broader appeal than the company's R1T pickup truck and R1S SUV, which cost more than $70,000. Other products may also be introduced.
The Rivian R2 is a compact two-row SUV with around 300 miles of range and a starting price of around $47,000. Production is expected to begin in 2026.
The launch of the R2 is a pivotal moment for the company, which has been struggling to find more customers for its current line of R1 vehicles. Overall, EV sales have increased, but growth has slowed considerably as more customers have been reluctant to make the switch, wary of the high prices and reliability of EV charging. And Rivian is in a considerable liquidity crisis as its costs grow beyond the pace of its revenues.
