Rivian, the Irvine, Calif.-based automaker, is laser-focused on bringing cheaper EVs to market, with plans to price its 2029 R3 SUV "materially lower" than the R2, which it billed as its entry into the mass-market EV space.
What we know: Chief Executive RJ Scaringe discussed the brand’s upcoming models in a recent interview with the New York Times.
“The next product, which we creatively call R3, is going to take the price point down. We haven’t announced pricing yet, but it will move materially lower," Scaringe told the outlet. "There’s a product beyond that, called R4, which again moves that further."
Chief Executive RJ Scaringe
So here’s the timeline: Rivian first came to market with the R1T pickup and R1S SUV. That’s "T" for truck and "S" for SUV.
Currently, the R1T starts around $80,000 (as pictured below), sits above $100,000 for the Performance, and hits around $116,000 for the R1T Quad, per Rivian’s compare feature.
Source: Rivian
The R1S, also pictured below, starts around $84,000 for the Premium, reaches $107,000 for the Performance, and comes in around $122,000 for the Quad.
Source: Rivian
OUTSMART THE CAR MARKET IN 5 MINUTES A WEEK
Get insights trusted by 55,000+ car dealers. Free, fast, and built for automotive leaders.
By comparison: Rivian’s R2 model, first announced in 2024, starts at $45,000 for the standard (slated for 2027), $54,000 for the Premium (late 2026), and $58,000 for the Performance (available now).
The R2 is a five-seat SUV, down from the seven that come with the R1S, but even at its highest price, it’s well below any of the brand’s R1S and R1T price points.
Scaringe has said since the R2 reveal that the goal is to reach more buyers, offer a lower-priced entry into luxury EVs, give early EV adopters something to trade into, and broaden Rivian's EV lineup.
“I believe R2 will be a game changer for our customers and a driver of Rivian’s long-term growth and profitability,” he said in a press statement from August.
Now, back to September: In his interview with the Times published over the weekend, Scaringe did not give a specific or potential price range for the R3.
But, as reported by Electrek, Scaringe previously suggested R3 pricing could put Rivian in the “mid-to-high 30s,” which tracks compared with the R2 price points detailed above.
Why this matters: R2 deliveries are just getting started, but early signs suggest the brand’s mass-market push is working.
But even with factors like supplier relationships and production schedules at play, if the R2 delivers, it sets up the R3 to follow and gives Rivian a lineup that spans both mass-market and luxury buyers.
A quick word from our partner
A script can't tell when a shopper's about to walk.
Other AI fires the same canned reply at every shopper. Impel Sales AI reads sentiment, tone, and intent, then adjusts in real time, the way your best salesperson would.
It knows when to push, when to ease off, and when to book. Every conversation sounds like your store, not a bot.
Dealers report a 33% lift in appointment set rates.
