Rivian, the electric vehicle maker that plans a $5 billion factory east of Atlanta, says it will soon reveal the model it will make in Georgia.
In posts on social media, Rivian said it will reveal the new crossover EV next month. The R2 is a critical vehicle for Rivian as it seeks to broaden its product line to more mass market consumers. Midsized and compact crossovers are some of the most popular vehicles in the U.S.
"This is it. Get ready to meet R2 on March 7th," Rivian posted on social media.
The site along I-20 in southern Walton and Morgan counties has undergone grading for some time, and the California-based startup is expected to begin vertical construction early this year. The state Department of Transportation is also working on several related road construction projects, including a new freeway interchange.
Rivian announced plans for the factory in late 2021, with an original opening date planned for this year. But the opening has since been pushed back to 2026. The company was wooed to Georgia with a $1.5 billion package of incentives, including tax breaks, free land, worker training and other inducements from state and local officials. In return, Rivian has promised to hire 7,500 employees.
Rivian currently operates a factory in Illinois where it builds the R1T truck, the R1S SUV and an electric delivery van. The R2 will be built exclusively in Georgia. Initially, Rivian has said the Georgia factory will be able to manufacture 200,000 vehicles a year.
Phase 2 of the Georgia plant will have the capacity to build 200,000 more units each year — or 400,000 units annually. It's unclear if that would be solely units on the R2 line or other future models.
Late last year, Rivian opened a storefront at Atlanta's Ponce City Market to showcase its vehicle lineup, accessories and brand.
Rivian faces steep competition from the likes of Tesla as well as traditional auto manufacturers that are rolling out electric models, particularly in the popular SUV and crossover segments. Porsche, which has its North American headquarters in Atlanta, for instance, recently unveiled all-electric versions of its popular Macan SUV that are available for order now and will start delivery later this year.
Rivian has yet to turn a quarterly profit since it launched. High interest rates, supply chain issues and other challenges have hampered Rivian the past two years, but the company has said it is working through those issues and aims to reach profitability by the end of this year.
Rivian is scheduled to release earnings for the fourth quarter of 2023 and for that full year on Feb. 21.
Cox Enterprises, which owns The Atlanta Journal-Constitution, owns about a 4% stake in Rivian.