Rivian Pausing New Georgia Factory, Offers New R2 and R3
- Company says halting Georgia plant to save over $2.25 billion
- New R2 vehicle targets mass market, aims to compete with Tesla
RJ Scaringe, chief executive officer and founder of Rivian Automotive Inc., unveils Rivian R3 and R3X prototype crossover electric vehicles.
Photographer: Kyle Grillot/BloombergRivian Automotive Inc. is halting plans to build a new multibillion-dollar factory in Georgia, an abrupt reversal aimed at cutting costs while the company prepares to launch a cheaper electric vehicle.
The decision will save the automaker more than $2.25 billion in capital expenditures, the company said in a filing Thursday. Shifting planned production of the forthcoming R2 model to an existing facility in Illinois will allow Rivian to begin deliveries in the first half of 2026, earlier than expected. The surprise announcement plunges the high-profile factory project into uncertainty, but Chief Executive Officer RJ Scaringe said it remains important to the company.