Rivian Unveils New SUV Models, Cuts Costs with Canceled Georgia Plant After Recent Struggles
• Rivian unveils new R2 SUV and smaller, cheaper R3 compact SUV models, takes over 68,000 reservations for R2 • Company halts plans for $5B Georgia factory to cut costs, will instead manufacture new models at existing Illinois plant • Move saves Rivian over $2.25 billion in capital expenditures as it aims to achieve profitability • Rivian's market valuation jumps by over $1.7 billion after event and new model announcements • Fate of the still-unprofitable company unsure, but new models and cost cuts provide much-needed boost after recent struggles