Rivian Ready to Launch $30,000 EV? CEO Says R3 Will Be ‘Materially Cheaper’ Than R2

Rivian Automotive (NASDAQ:RIVN) launched the highly anticipated R2 electric vehicle earlier this year. While that vehicle is seeing strong demand, the electric vehicle is already looking to the future. Rivian to Launch Cheaper Future Vehicles The R2 adds to the vehicle lineup from Rivian with a cheaper mid-size sedan for consumers and a vehicle that adds to Rivian’s efforts of focusing on profitability going forward. That vehicle was unveiled back in 2024, along with an early glimpse at the R3. Three months after the R2 was released, Rivian CEO RJ Scaringe is ready to talk briefly about the R3 and R4, which will be the next EVs from the company. "We haven’t announced pricing yet, but it will move materially lower,” Scaringe told the New York Times of the R3. Speaking on the R4, Scaringe said that vehicle "again moves that further," as reported by Electrek. The R3 has no release date yet, but is expected to be made at Rivian’s Georgia facility, which likely means 2028 or later. Read Also: Rivian Q2 Highlights: Double Beat, CEO Calls R2 a 'Game Changer' Rivian Vehicle Prices The first R2 released is the Performance model with a retail price of $57,990. That version will be followed by several other versions of the R2 later this year and next, with the following price points: R2 Premium: $53,990 R3 Standard Long Range: $48,490 R3 Standard RWD: $45,000 Based on those prices and the "materially cheaper" comment, the R3 is likely to cost under $40,000 and perhaps even lower. Scaringe previously said that the R3 would be in the "mid to high 30s," but that was back in 2024. Price continues to be one of the key items for new and current electric vehicle owners. Launching future electric vehicles under $40,000 could help Rivian see increased demand. Rivian Stock Price Action Rivian stock closed down 0.8% to $15.02 on Wednesday versus a 52-week trading range of $12.39 to $22.69. Rivian shares are down 22.6% year-to-date in 2026. Read Also: Gary Black Compares Rivian’s R2 Launch to Apple Product Expansion, Tesla Launch of Model Y Photo courtesy: Thrive Studios ID / Shutterstock.com