Rivian shares jump 8% as company confirms June 9 R2 launch

Shares of Rivian Automotive rose sharply on Friday, climbing approximately 8 percent as investors focused on the company's imminent launch of its new R2 midsize SUV. The stock closed near $16.30, with trading volume significantly higher than its recent average.

The rally followed the company's confirmation that it will begin its R2 customer launch on June 9. On that date, a small group of early reservation holders will take delivery, order invitations will be sent to other customers, and demo drives will commence at showrooms across the United States. The company stated that invitations will be sent in batches, with priority given based on reservation timestamp, location, and current R1 ownership.

The R2 launch is viewed as a pivotal moment for the electric vehicle maker, which has yet to post an annual profit. Company founder and CEO RJ Scaringe has called the vehicle "maybe the most important thing we've launched to date." The R2 is designed to reach a broader market than Rivian's premium R1T pickup and R1S SUV. The first available model will be a Performance trim with an estimated range of 330 miles, starting at approximately $58,000. Lower-priced variants are scheduled for...