Rivian Automotive (RIVN) Begins Production of Lower-cost SUVs

Rivian Automotive, Inc. (NASDAQ:RIVN) is one of the 8 Best Automotive Stocks to Buy According to Analysts. In the past year, Rivian’s shares have increased 25.25%, while they have declined 14.89% year-to-date. On April 22, Reuters reported that Rivian has started the production of its lower-cost R2 SUVs, with deliveries expected later this spring.

A Rivian vehicle. Photo from Rivian website

Earlier on April 2, Rivian reported that for the first quarter of the year, it produced 10,236 vehicles at its manufacturing facility in Normal, Illinois, and delivered 10,365 vehicles. It added that production and delivery results for the quarter are in line with its outlook. For this year, the company has a delivery range guidance of 62,000 to 67,000 vehicles.

In March, the company announced a partnership with Uber Technologies, Inc. to deploy up to 50,000 Fully Autonomous R2 Robotaxis. Under the partnership, Uber or its fleet partners are expected to purchase 10,000 fully autonomous R2 robotaxis, with the option to purchase up to 40,000 more in 2030. Initial deployments are expected to begin in San Francisco and Miami in 2028 and will expand to 25 cities by 2031.

Rivian (NASDAQ:RIVN) is an American automotive technology company that develops and manufactures category-defining electric vehicles as well as vertically integrated technologies and services.

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