Rivian Automotive Inc.: Takes from R2 release...excitement building, but execution + demand remain critical

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Rivian Automotive Inc.: Takes from R2 release...excitement building, but execution + demand remain critical

Equity Research

U.S. Autos & Mobility

10 June 2026

Rivian Automotive Inc.

Takes from R2 release...excitement

building, but execution + demand

RIVN EQUAL WEIGHTremain critical

U.S. Autos & Mobility NEUTRAL

Key Takes: 1) R2 now open to customers - leading software- Price Target USD 14.00

defined vehicle at more accessible price than R1; 2) Initial Price (09-Jun-26) USD 15.73

deliveries focused on launch edition to reduce complexity PotentialSource: Bloomberg,Upside/DownsideBarclays Research -11.0%

and wait times; 3) Unpacking R2's TAM; 4) Core q's remain on

U.S. Autos & MobilityR2 demand + profitability

Dan Levy

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Yesterday we attended RIVN's R2 launch event at their Irvine office, which included R2 test

drives and management meetings. We view the R2 favorably - it is positioned as a leading

software-defined vehicle but at a price point accessible to a much wider portion of the market

than R1. Below we highlight our key takeaways from the event.

•• RIVN officially launched R2 for customer sales and has started inviting reservation holders to

configure launch edition vehicles and place orders. RIVN will methodically work through their

backlog with the goal of delivering vehicles to customers in a timely fashion (which they

defined as 2-6 weeks). Importantly, mgmt noted that it has taken key lessons from the R1