Rivian unveiled the R2 compact crossover, and CEO RJ Scaringe pulled a typical Steve Jobs "one more thing" by also showing the R3 and R3X, two smaller crossovers sharing the same platform. While this produced a nice surprise, the announcement was not for the potential customers but for investors. Rivian is in a dire situation, and the R3 announcement seems like a desperate solution to pump the stock in preparation for a capital raise.
Rivian is the second EV startup next to Tesla to have a chance at breaking even and becoming one of the most important EV producers. Their first products, the R1T pickup truck and R1S SUV, were praised by reviewers and buyers alike. Sharing the same platform, the R1T and R1S combined build quality, luxury features, and off-road capabilities, sort of like an electric Range Rover, only better. However, Rivian ignored the harsh economic conditions and botched the production ramp-up, which put the company in dire straits.
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