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Rivian Automotive | 8-K: Rivian Automotive Announces New Mid-Size Platform

SEC announcement ·  Mar 8 02:40
Summary by Futu AI
On March 7, 2024, Rivian Automotive, Inc., an American electric vehicle manufacturer, announced the introduction of its new midsize platform and the upcoming production of its first midsize vehicle. The announcement was made through a Form 8-K filing with the SEC and a press release. The new platform will underpin the R2 and R3 product lines, with the R2 being a midsize SUV and the R3 a midsize crossover, along with a performance variant R3X. Rivian's CEO, RJ Scaringe, expressed excitement about the new products, emphasizing their accessibility, performance, and capability. The R2 is expected to start at around $45,000, with reservations now open and deliveries anticipated to begin in the first half of 2026. Production will take place at Rivian's existing Normal, Illinois facility, which is expected to save over $2.25 billion in capital expenditures compared to the original plan of launching at a new Georgia site. The company's cash reserves are projected to fund operations through the start of R2 production, with the Normal plant's capacity expected to reach 215,000 units annually across all models after the launch.
On March 7, 2024, Rivian Automotive, Inc., an American electric vehicle manufacturer, announced the introduction of its new midsize platform and the upcoming production of its first midsize vehicle. The announcement was made through a Form 8-K filing with the SEC and a press release. The new platform will underpin the R2 and R3 product lines, with the R2 being a midsize SUV and the R3 a midsize crossover, along with a performance variant R3X. Rivian's CEO, RJ Scaringe, expressed excitement about the new products, emphasizing their accessibility, performance, and capability. The R2 is expected to start at around $45,000, with reservations now open and deliveries anticipated to begin in the first half of 2026. Production will take place at Rivian's existing Normal, Illinois facility, which is expected to save over $2.25 billion in capital expenditures compared to the original plan of launching at a new Georgia site. The company's cash reserves are projected to fund operations through the start of R2 production, with the Normal plant's capacity expected to reach 215,000 units annually across all models after the launch.
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