© Reuters Rivian Automotive (RIVN) receives over 68,000 R2 reservations in less than 24 hours, says CEO
Rivian Automotive (NASDAQ:) founder and chief executive RJ Scaringe tweeted Friday that the company has received a significant number of reservations for its R2 model.
Scaringe said the electric vehicle company “has taken more than 68,000 R2 reservations” in less than 24 hours.
“Overwhelmed by the wonderful response to our new vehicles: R2, R3 and R3X,” wrote Scaringe. “We are thrilled to see this vehicle resonate so strongly with our community!”
In a recent note assessing the R2, analysts at Goldman Sachs said that “ultimately, the R2 will help propel RIVN to profitability and positive cash flow as it is based off a lower cost platform and will give RIVN the expected benefits from increased scale.”
“The R2 has an attractive entry price point (starting MSRP of $45k) that should enable it to achieve higher sale volumes than its full-size SUV, the R1S (50,122 deliveries in 2023),” wrote the bank, maintaining a Buy rating and $25 price target on the stock. “With this new product RIVN can potentially break more into the mass market segment, which represents about half of total US auto sales.”
