EV maker Rivian Automotive Inc (NASDAQ:RIVN) said on Tuesday that it intends to increase annual production capacity at its Normal, Illinois, manufacturing plant to 215,000 vehicles, including 155,000 units of its upcoming R2 SUV.
What Happened: Rivian was initially planning to manufacture its R2 SUV at its upcoming Georgia plant. However, the company has now halted the construction of its new plant and intends to start R2 production at its existing facility in Illinois in the first half of 2026.
The R2 is expected to start at around $45,000 — the same price range as Tesla's best-selling Model Y SUV. The new vehicle will be smaller and less expensive than Rivian’s existing ...