Rivian Automotive Inc (NASDAQ: RIVN) shares rose more than 6% on Friday, trading at $16.53, as investors focused on the start of customer deliveries for its R2 SUV and the company's 2026 guidance. CEO RJ Scaringe argues the United States electric vehicle market suffers from a lack of "great choices" rather than demand, countering the narrative that Americans are anti-EV. He noted that Tesla Inc's Model 3 and Model Y account for approximately 50% of US EV sales, leaving significant room for competitors. The R2 launch aims to capture this underserved segment with a starting price of $57,990 for the Performance model, undercutting the comparable Tesla Model Y which starts at $58,880.

R2 Lineup and Production Targets

Rivian plans to expand the R2 lineup with Premium and Standard trims in late 2026 and 2027, with starting prices of $53,990 and $48,490, respectively. The company is guiding for total vehicle deliveries of 62,000 to 67,000 in 2026 and has set a production goal of 300,000 units annually by 2028. The R2 Performance model features a dual-motor AWD powertrain, 656 horsepower, and a range of up to 330 miles.

Technical Analysis and Market Position

Technically, Rivian is trading above its 20-day and 200-day simple moving averages (SMA), a constructive signal for longer-term positioning. However, the stock faces a "death cross" pattern where the 50-day SMA remains below the 200-day SMA. The Relative Strength Index (RSI) sits at 49.70, indicating neutral momentum. Traders are watching key resistance at $18.00 and support at $14.50. Rivian delivered over 42,000 vehicles in 2025 and is developing autonomous driving software for its own fleet and potential use in robotaxis on the Uber network.

Needham analyst Chris Pierce has reaffirmed a Buy rating for Rivian Automotive. The firm maintains a price target of $23 for the stock.

The rating reiteration follows a review of the company's position in the market. The price target of $23 indicates the analyst's valuation of the company's future performance.