The Rivian electric R2 SUV and R3 crossover have been revealed

shares Rivian Cars The EV company's stock rose 13% Thursday as the electric vehicle maker unveiled three new vehicles and announced more than $2 billion in savings related to pausing construction at a plant in Georgia.

Two of those electric cars came as a surprise to consumers and investors. While announcing the company's upcoming R2 SUV, Rivian CEO RJ Scaringe revealed two more crossovers called the R3 and the R3X, which is the performance variant.

The R2 is expected to start at around $45,000 when it goes on sale during the first half of 2026. It is expected to be Rivian's fourth product after the commercial delivery van, the R1S SUV, and the larger, more expensive R1T for consumers. R1 cars start at around $70,000 and can go up to $100,000.

Scaringe revealed few details about the surprise R3 crossovers, but he told CNBC's Phil LeBeau that the R3 will be priced lower than the R1.

“This represents our future,” Scarring said during a live-streamed event from Laguna Beach, California.

The announcements come at a critical time for Rivian as it tries to expand its customer base amid slower-than-expected electric vehicle sales in the U.S. after automakers flooded the first-adopter market with pricey all-electric vehicles in recent years.

Rivian's sales pace has slowed in recent quarters, and the company widely disappointed investors last month by missing quarterly estimates and forecasting production to be slightly lower this year than in 2023 due to factory shutdowns.

the AmazonThe backed company was spending money to improve current electric vehicle production and cut losses.

Rivian said in a press release that moving R2 production from the plant under development in Georgia to the company's plant in Normal, Illinois, will save $2.25 billion. It will also allow the vehicle to begin production earlier, she added.

The company said it would halt construction work at the Georgia factory and resume “later.”

The R2 will run on a new EV platform but looks like a smaller version of the R1S SUV. The company said it will be able to provide more than 300 miles of all-electric range on a single charge and accelerate from 0 to 60 mph in less than 3 seconds.

“The R2 represents the core of our brand, while targeting a large segment of mid-sized SUVs, a huge market with limited and compelling options for electric vehicles outside of its range.” Tesla“The R2 is developed with vertically integrated payment platforms, electronics and software to create an amazing user experience,” Rivian CEO RJ Scaringe told investors last month.