Rivian Unveils Affordable Off-Road EVs and Surprises with $2.25 Billion in Cost Savings

Rivian Automotive Inc. is scrapping plans to build a new factory in Georgia, saving over $2.25 billion in capital expenditures and shifting production of its R2 model to an existing facility in Illinois to expedite deliveries. The company's stock surged after the announcement, which comes amid concerns over cash and consumer demand. Rivian also unveiled its mid-sized electric SUV, the R2, priced at around $45,000, and surprised investors with a prototype of a future crossover EV called R3. The move reflects Rivian's efforts to compete with Tesla and other automakers in the EV market while cutting costs and addressing slowing demand.