Rivian to Unveil Affordable R2 SUV at Historic Laguna Beach Event

Wednesday, January 24, 2024 2:35 PM UTC

“Rivian is planning to hold its worldwide product launch event at the Rivian Theater in March 2024. The company has requested the use of a portion of the Main Beach Park to support the product launch, providing the opportunity for the public to participate,” the official Laguna Beach City Council documents read.

The Rivian Theater was formerly known as the Laguna Beach Movie Theater. The automobile startup converted the 1930 theater into a retail space and commercial community area.

Rivian teamed with Equator Coffees for the theater’s on-site cafe and local artists for items, including Almond Surfboards. The company also offers brand products at the theatre. A section of the renovated space still screens movies, primarily indie films.

Rivian to Launch R2 SUV: Affordable Luxury Meets IRA Compliance

Rivian's next generation of electric vehicles, which will begin with the R2, is projected to be more inexpensive and cost-effective for customers. The new product Rivian intends to debut at the freshly rebuilt theater is widely expected to be the R2 SUV. It will also strictly adhere to the Inflation Reduction Act (IRA) regulations, enhancing its chances of qualifying for full tax breaks.

In June 2023, Rivian's Chief Financial Officer Claire McDonough projected that the mid-sized R2 SUV would cost between $40,000 and $60,000.

“From an overall price vantage point, we see this really targeting the MEB of the broader mid-sized SUV crossover market. So straddling were the broader ranges of $40,000 to $60,000 area in aggregate. And so that also creates a nice stretch for the brand as you see R1 with an average selling price starting at $73,000, so this lives right below that as we think about the opportunity set available to Rivian,” McDonough told Deutsche Bank analyst Emmanuel Rosner.

Photo: mliu92, CC BY-SA 2.0, via Wikimedia Commons