Less than 24 hours since its launch, the Rivian R2 is already proving to be quite popular. The company’s CEO, RJ Scaringe, said it’s already taken in “more than 68,000 reservations” for the $45,000 midsize electric SUV.
“We are thrilled to see this vehicle resonate so strongly with our community!” Scaringe said in a post on X.
Rivian unveiled the R2, as well as the more compact R3 and R3X, at an event in Laguna Beach, California, on Thursday. The new EVs are meant to be more affordable than the company’s current lineup, currently made up of the R1T truck and R1S, each of which sells for over $70,000.
To be sure, the bar for reserving an R2 is quite low
To be sure, the bar for reserving an R2 is quite low. The deposit is only $100 and is fully refundable, according to Rivian’s preorder agreement. By comparison, Tesla charged $1,000 (also refundable) to reserve the Model 3 when it was first announced in 2016. And reservation holders are under no obligation to actually buy the vehicle when it becomes available.
Also, Rivian doesn’t necessarily get to transfer the $6.8 million it received in reservation cash directly to its bank account. According to the company’s terms of service, the money “will be held by Rivian in a separate account designated solely for Preorders and released for application towards the final sales price of Your Selected Vehicle when you execute the Final Sales Agreement.”
Still, 68,000 reservations are a sign that at least that many people are eager to get in line and wait for a Rivian R2 to become a reality. And the company hasn’t even opened up reservations for the R3 or the R3X, which will be less expensive and is generating even more buzz than the R2.
