Documents from the Laguna Beach City Council hint at Rivian planning a launch event at the recently renovated Laguna Beach Movie Theater. Rivian is speculated to unveil new vehicles at the event, including the long-awaited R2 electric vehicle.
According to official Laguna Beach City Council documents:
“Rivian is planning to hold its worldwide product launch event at the Rivian Theater in March 2024. The company has requested the use of a portion of the Main Beach Park to support the product launch, providing the opportunity for the public to participate.”
The Rivian Theater was formally the Laguna Beach Movie Theater. The auto startup renovated the 1930 theater into a retail space and commercial community area. Rivian partnered with Equator Coffees for the theater’s on-site cafe and local artisans for goods, including Almond Surfboards. The company also sells brand merchandise at the theater. A portion of the revived space still shows movies, specifically independent films.
As for the new product Rivian plans to launch at the newly renovated theater, the consensus is that it will be the R2 SUV. Rivian next generation of electric vehicles, which will start with the R2, is expected to be more affordable and cheaper for customers. It will also adhere closely to the Inflation Reduction Act’s (IRA) requirements, increasing its chances of qualifying for full tax incentives.
In June 2023, Rivian’s Chief Financial Officer Claire McDonough estimated that the mid-sized R2 SUV’s price would range between $40,000 to $60,000.
“From an overall price vantage point, we see this really targeting the MEB of the broader mid-sized SUV crossover market. So straddling were the broader ranges of $40,000 to $60,000 area in aggregate.
“And so that also creates a nice stretch for the brand as you see R1 with an average selling price starting at $73,000, so this lives right below that as we think about the opportunity set available to Rivian,” McDonough told Deutsche Bank analyst Emmanuel Rosner.
Read the document from the Laguna Beach City Council below:
Rivian Laguna Beach Launch Event 2024 Report by Maria Merano on Scribd
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