Rivian R2 platform postponed until 2026

Plans to launch a series of smaller, more affordable Rivian EVs based on the new R2 platform have been pushed back a year to 2026, the company announced Wednesday in a presentation outlining its third quarter results.

Rivian has not said much about the models based on the R2 platform, but CEO and founder R.J. Scaringe said in 2019 that the company plans to have six models in its lineup by 2025. The company already offers the R1S SUV and R1T pickup truck, as well as a delivery van developed specifically for Amazon.

Rivian hinted that the delay was due to negotiations over an auto plant to be built near Atlanta, Georgia. This $5 billion plant would be Rivian's second, first announced in 2021. Rivian said at the time that construction of the plant would begin in mid-2022 and that the first vehicles would be manufactured at this location in 2024

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However, the project was put on hold in September following a ruling by a local judge who warned that there were "serious doubts" about the viability of the project due to Revere's dwindling cash reserves.

Rivian said Wednesday that it is continuing to work with Georgia and the state's Joint Development Corporation on the power plant.

Rivian successfully raised $13.7 billion in an initial public offering in 2021, but the company is hemorrhaging cash as it works on new models and ramps up production of existing models. In the third quarter, Rivian reported a net loss of $1.72 billion on revenues of $536 million. In the same period last year, the company reported a net loss of $1.23 billion on revenues of $1 million.

Rivian said it will build about 15,000 vehicles by September and 25,000 by 2022. The company also said it remains confident in its ability to finance its operations through 2025.

The company also expects a big boost with the launch of its R2-based vehicles. The Georgia plant has an annual production capacity of 400,000 vehicles, and the vehicles produced there will be sold worldwide.