New York, June 3, 2026, 12:06 (EDT)
- Rivian shares traded up roughly 2.7% by midday in the U.S., beating the broader Wall Street market, which was lower.
- AT&T said its 5G network will provide connectivity for Rivian’s R2, which opens for orders June 9.
- Rivian’s R2 is the main test for the company against Tesla’s Model Y, and is supposed to push Rivian toward bigger production numbers.
Rivian Automotive shares rose Wednesday. Investors focused on new R2 SUV updates, including a 5G deal with AT&T and the upcoming June 9 order launch, even as the wider market lagged.
Rivian shares traded up 2.7% at $17.75 on Nasdaq, pulling back from a session peak of $18.40. Nearly 26.2 million shares changed hands by late morning—less than the usual pace but still keeping Rivian one of the session’s busier EV stocks.
Why this matters now: Rivian’s R1 pickup and SUV models are still aimed at the high end and remain lower-volume. The upcoming, smaller R2 is supposed to move the company toward a larger market, so each new detail on R2 launch, price, specs or software is moving the stock.
AT&T said Wednesday it will keep providing connectivity for Rivian vehicles in the U.S. and Canada, with 5G set to power wireless software updates for the R2, plus infotainment and real-time features. Matt Harden, AT&T’s VP for Connected Solutions, called connectivity “central” to design now. Rivian’s Tom Solomon, VP of business development, said the technology journey “doesn’t stop there.” about.att.com
Rivian says it will open orders for the R2 Performance with Launch Package on June 9. Buyers who lock in orders can expect delivery in two to six weeks. Premium trim is set to ship at the end of 2026 and Standard trim comes in 2027, according to the company.
Rivian lists the R2 Performance starting at $57,990, with an EPA-estimated 330-mile range. The company says the model offers 656 horsepower and hits 0-60 mph in 3.6 seconds on its product page. EPA estimates are used to rate electric vehicle range in the U.S., but actual driving range may differ.
New federal data rates the 2027 R2 Performance AWD with 21-inch wheels at 105 MPGe combined and 32 kWh per 100 miles. The total range is 330 miles. MPGe, or miles per gallon equivalent, is how the EPA compares EVs with gas vehicles.
Rivian’s new R2 heads straight into a battle with Tesla’s Model Y, the main player among U.S. electric crossovers. Rivian isn’t pushing for Tesla’s production size yet. The company needs to show its boxy, adventure-focused SUV can match rivals on efficiency and avoid manufacturing headaches.
TD Cowen kept a Buy on Rivian and stuck with a $20 target, according to MarketBeat, which cited Benzinga. Rivian’s average analyst price target was at $18.57, with Hold still the overall call.
Wall Street pulled back as the market dropped on Wednesday. Reuters said the Dow fell 0.54%, the S&P 500 lost 0.36%, and the Nasdaq Composite slipped 0.50% at 10:03 a.m. ET. Stocks gave up ground with oil prices climbing and Middle East tensions weighing.
Rivian is still talking balance sheet. The company put out first-quarter revenue of $1.38 billion and a net loss of $416 million in its latest filing. It had $4.83 billion in cash and short-term investments at March 31. Volkswagen put in a second $1 billion equity tranche on April 30.
But risks stand out. Rivian said in the same filing it has run up losses, could need more cash, and doesn’t know what warranty costs will be on new launches like R2. If R2 output is slow, buyers balk at the first version’s nearly $58,000 price, or high rates keep customers on the sidelines, the launch premium in the stock could disappear fast.
