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RivianTransportation

Rivian’s R2 preorders prove there’s life in the EV market after Elon Musk

Rivian may have struck gold with the R2, generating huge pre-order interest that could signal buyers' desire for compelling EVs from drama-free brands.

By
Shubham Sawarkar
Shubham Sawarkar's avatar
ByShubham Sawarkar
Editor-in-Chief
I’m a tech enthusiast who loves exploring gadgets, trends, and innovations. With certifications in CISCO Routing & Switching and Windows Server Administration, I bring a sharp...
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Mar 9, 2024, 3:01 AM EST
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Rivian's R2 preorders prove there's life in the EV market after Elon Musk
Image: Rivian
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The electric vehicle market may be facing headwinds, but Rivian‘s reservation numbers for its newly unveiled R2 electric SUV suggest there’s still an appetite for EV innovation — as long as it doesn’t come with the sideshow antics of Elon Musk.

On Friday morning, Rivian CEO RJ Scaringe took to the social media platform X (formerly Twitter) with a tantalizing announcement: In less than 24 hours, the upstart automaker had racked up over 68,000 pre-orders for the R2, its upcoming compact electric SUV. It’s an impressive feat, especially amidst reports of waning EV demand that have cast a pall over the industry.

Overwhelmed by the wonderful response to our new vehicles: R2, R3 and R3X.

In less than 24 hours, we’ve taken more than 68,000 R2 reservations. We are thrilled to see this vehicle resonate so strongly with our community! pic.twitter.com/tEIBhwlJQC

— RJ Scaringe (@RJScaringe) March 8, 2024

Rivian’s early reservation haul stacks up well against the pre-order numbers of more established electric offerings. It took Ford around three weeks to accumulate 100,000 reservations for its F-150 Lightning pickup. And while Tesla‘s polarizing Cybertruck pulled in a staggering 250,000 pre-orders in under a week, both it and the F-150 Lightning had the same $100 refundable deposit as the R2.

Of course, pre-order reservations are no guarantee of actual sales when a vehicle finally hits the market. With no obligation beyond that initial $100, many early hand-raisers may back out before the R2’s expected 2026 launch. Rivian could be employing a strategy similar to Tesla and Ford — using an enticingly low deposit to manufacture hype, knowing full well that a fraction of those reservations will convert to real orders.

But Rivian seems to have given the R2 every chance to build genuine excitement. Between its sleek yet practical interior touches like dual glove boxes, fold-down seats, and a slide-out cargo floor, and an impressive 300-mile minimum range for its $45,000 base price, the R2 hits a design and value sweet spot.

Rivian also has the surprise reveal of the smaller, sportier R3 and R3X models to provide a “halo effect” as it looks to build brand cachet. The timing is critical: Just months ago, the company laid off 10% of its workforce and cut 100 employees from an Illinois plant, underscoring the urgency to drive interest.

Perhaps most importantly for Rivian, the R2’s warm reception hints at something the EV market sorely needs: A new “hero” face for the industry, one unstained by self-inflicted PR calamities. Because at the moment, the most prominent ambassador for EVs is Elon Musk — a figure who has become a lightning rod for unnecessary turmoil.

In 2023, Harris Poll surveying American consumers, a staggering 45% said their opinion of EVs had soured “because of the actions of people associated with them.” It doesn’t take much reading between the lines to understand who that damning statistic is referring to.

With his erratic outbursts, flirtations with conspiracy theories, and borderline-trolling behavior, Musk has done much to alienate mainstream buyers who might otherwise be open to EVs. The R2’s robust pre-order numbers suggest that at least some of those turned-off consumers are yearning for an EV brand detached from Musk’s made-for-social-media antics — one focused squarely on real-world innovation and exciting product rather than spectacle.

Rivian and its CEO RJ Scaringe may not be household names yet. But as climate change intensifies and the need for EV adoption grows ever more urgent, the company’s early success could signal an opportunity to recast the public face of an industry still trying to find its mainstream foothold. When the alternative is being represented by someone who often seems more interested in behaving like a petulant teenager than a responsible leader, that clean slate may be exactly what EVs need to spark broader excitement.


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