Rivian's factory expansion for the R2 SUV is largely completed, with equipment testing expected to begin shortly. The 1.1-million-square-foot addition will enable production of 215,000 electric vehicles annually. The R2 crossover, expected in 2026, is essential for Rivian's goal of scaling to millions of vehicles produced each year. Despite positive production updates, Rivian forecasts deeper losses this year after previously anticipating modest profits, reporting a revenue of $1.3 billion and a loss of $667 million for the last quarter.
"This quarter we made significant progress in R2 development and testing," the EV startup's CEO, RJ Scaringe, said in a statement. "We also substantially completed the expansion of our Normal, Illinois facility and have begun installing manufacturing equipment in preparation for our start of production."
The R2 crossover should arrive in 2026 as Rivian's first true mainstream offering-a close Tesla Model Y competitor that can deliver the manufacturing scale that's absolutely critical to a profitable auto business.
Rivian reported earnings on Tuesday, noting in its release that "preparations for the launch of R2 remain on track" and that it plans to start validating the new R2 line's equipment and production processes in the third quarter.
Rivian now expects to lose more money this year, reporting $1.3 billion in revenue and an adjusted loss of $667 million in the most recent quarter.
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