Rivian unveiled the R2 – and the surprise R3 – yesterday, and after getting back and having some time to digest the event, I’m here to talk about a lot of smaller details that I learned which didn’t get mentioned on the livestream.
The rest of the Electrek crew caught the livestream and kept you up to date in our live watch party and articles you can find on our R2 launch news hub.
But I headed down the coast to the venue itself, in beautiful Laguna Beach, California, to be on hand for the reveal.
The event was held at the Rivian South Coast Theater, a historic theater that had fallen into disrepair, which Rivian renovated and turned into a retail and event space.
And then… Rivian changed it up again to turn it into a space for the car unveiling, which had a whole new stage and screen set up, bleachers for media to stand/sit in, turntable for the cars, and so on.
And just from the very beginning of the event, Rivian started getting the details right. The stage looked great, good lighting, and the presentation actually started on time (that’s not something we’re used to in the EV world…).
But what really matters here are the cars, and Rivian didn’t miss the details there either.
One thing I was worried about with the shift from R1 to R2 is that the necessity of getting costs down would mean a lot of the “neat little things” about the car would get cut. The R1T has a lot of cool features like the bluetooth speaker, flashlight, gear tunnel, and so on. I thought maybe we would get one or two “headline neat features,” and the rest would give way to being just a normal well-made SUV.
So imagine my gradually rising surprise levels when, after the main presentation, they continued to reveal more and more neat things that I wasn’t expecting, and that weren’t mentioned during the livestream.
For example, we all saw the slide-down rear glass, which is cool enough on its own – it will reduce buffeting when the windows are down, and allows for loading very long objects into the car, especially when combined with the fold-down rear and front seats (chief designer Jeff Hammoud mentioned hauling 16-foot-long baseboards).
But beyond the rear glass, there’s a small “flip-up table” which you can reach into the window and pull up, giving you a small interior shelf to put things on – kind of like a miniature tailgate or the edge of a truck bed. Here’s a photo of what it looks like deployed – though the tailgate was up, so you’ll have to turn your head sideways to get a sense of what it will look like when its down.
Okay, so we can have a tiny tailgate party. That’s kinda cool, and surely people will find some sort of interesting use cases for that.
But a much cooler feature, with to me much more immediately apparent uses, is the slide-out cargo floor.
Like many EVs, there’s a large well underneath the rear cargo floor for more storage. Most EVs have a removable cover that functions as a flat cargo floor, but the R2 takes that to another level. The cargo floor slides about a foot out of the vehicle, and seems like it can hold a reasonable amount of weight:
This seems like a super useful feature to me. If the shelf is like a mini-tailgate, this is closer to a full-fledged tailgate. You can sit on it (though I’d be careful not to sit on the very edge…), pull out some camping chairs and use it as a table, or, as Rivian suggested, it would be useful for changing a baby’s diapers.
Better yet, it fixes one of the few problems I have with the Rivian, which is that the frunk, while deep and large, is set rather far back in the vehicle’s already-tall front-end, creating a big lift-over area which makes it hard to lug bulky or heavy items into it. That’s still the case in the R2, but the slide-out shelf in the rear makes it a bit of a moot point, because it seems like it would be really easy to load heavy things into.
For an example, I’ve recently had to move an industrial dolly and a portable saw table into the back of a Model Y, and in both situations, there’s always the worry of hitting the back of the car in the process. Having a slide-out tray would significantly reduce this worry, and it would be a lot easier to place the item down and then slide the whole tray into the vehicle.
Going back to those fold-down seats (which have a neat removable headrest, which releases with the press of a button, necessary to make enough room to fold them down), this gives a ton of room for car camping. And the cool thing about camping in an electric car is that you’ve got a lot of energy onboard to power car systems overnight, like HVAC for example. As a result, we’ve seen various electric cars gain a “camp mode” which keeps certain systems on overnight.
Rivian has its own camp mode, with some clever Rivian-only improvements (like auto-leveling with air suspension – which the R2 won’t have). But the R2 camp mode has a neat feature which changes everything about the UI, showing basic data and turning the whole screen red.
This matters because red light has less of an effect on your night vision than other wavelengths of light does. This is why red lights are used in ships at night, or if you ever go stargazing with serious astronomy-types, they’ll only let you use flashlights with red filters on them.
We can imagine this feature might make it to other Rivians as well via software updates, but this is the first we’ve seen of it – on any car, which really shows that Rivian isn’t just thinking about neat features that work for EVs, but how they fit into the specific “adventure” ethos the company is building.
This is also apparent in Rivian’s removable flashlight, a popular feature in the R1 which returns in the R2. It’s always good to have a flashlight handy while adventuring.
But the new detail here is that there’s not just a flashlight, but on the other side in the same spot, there’s another device of similar size which has a USB-C port and can be used as a portable backup battery for devices (as if you’ll ever run out of juice, given that the car has 8 USB-C ports – 2 front, 4 rear, 2 trunk, with a 120V outlet in the trunk to boot). This also stays charged while it’s slotted in the door, just like the flashlight does, and the units are interchangeable from one side of the car to the other.
But also the phone charger has a button on it which allows it to be used as a hand warmer (which, as a native Southern Californian, is something I hear people need when they live in places that get “cold,” whatever that is). So not only did Rivian surprise us with another cool device, but they surprised us with another cool device with an additional use on top of the initial use which already impressed us.
(Note also: the door pockets have been redesigned, with door speakers moved inboard on the car, so that the pockets are now taller and can fit your tall stainless water bottle – and they’re still expandable if you need to fit something a tad too thick in them)
The one arguable miss (depending on how you look at it) is charge port placement for the NACS charge port – it’s on the rear passenger side, rather than rear driver side like on Teslas. This means that, when charging at V3 Superchargers, Rivians may end up causing conflicts (which is why we really need the new V4 superchargers with longer cables).
Rivian had good reasons for this – compatibility with its Rivian Adventure Network (R1s park nose-in, R2s would back in) and with existing owners’ home charger installations, easier charging for those who park and charge on the street, which is common in Europe where the R2 will be launching, and perhaps most importantly cheaper wire harnesses in the vehicle due to placement of components. But we still wonder if it would have been more worthwhile to go through the troubles to place new NACS-only charge port on the front passenger side for better compatibility with the much larger Supercharger network.
A blurry screengrab of the half-second where we saw the NACS port on the R2
Regardless, the net effect of all of these features, in addition to the ones mentioned in the livestream, is a car that just seems eminently usable. Just as I felt at the first Rivian R1 reveal event, it feels like the engineers and designers at the company really get it – they get the benefits that electric powertrains can bring, they get how people use their cars, they get how to make features that don’t just “surprise and delight” but actually have practical applications.
Most cars only have one or two of these neato features, the kind that you show your friends while saying “hey, look what this car can do!” This car, however, has enough of them to justify an 1,800-word article (sorry).
And all of that isn’t even about the car I liked most from the showing. I’m a small-car guy (and you should be too), so the surprise small-SUV-crossover-rally-car-hatchback-or-whatever-you-wanna-call-it R3 was extremely exciting to me. I love the form factor, I love that they got their inspiration from ’80s Group B rally cars (complete with funky interior), and I can’t wait to see more details on this vehicle.
There were hints of a few neat hidden ideas on the R3, like a (removable?) storage compartment on the back of the driver’s seat on the R3X and some kind of cool strap-down blanket thingy on the passenger’s seat, but since the doors weren’t open and that car is quite far from production, those will have to wait for another day.
Which brings up an important point – by the time production comes around, there’s always a chance that some of these features will go by the wayside. I already heard speculation that the fold-out rear quarter windows might not make it to production (CEO RJ Scaringe really likes them, but they’re a little redundant with the slide-down rear window), or that they might have to scale back plans for the haptic touch steering wheel knobs (this seems too crucial to the control of the vehicle to me – I bet it stays in, and eventually gets into the R1 too).
But the combined effect of these features is enough to show that Rivian really is at the vanguard of putting new ideas into design on their vehicles, and like other EV startups before them, they seem to be moving at a pace that traditional automakers are going to have a hard time catching up with.
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A new Tesla prototype was spotted again, reigniting speculation among Tesla shareholders, even though it’s likely just a Model Y, potentially a bit smaller, and the upcoming stripped-down, cheaper version.
It sparked a lot of speculation about it being the new “affordable” compact Tesla vehicle.
There’s confusion in the Tesla community around Tesla’s upcoming “affordable” vehicles because CEO Elon Musk falsely denied a report last year about Tesla’s “$25,000” EV model being canceled.
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The facts are that Musk canceled two cheaper vehicles that Tesla was working on, commonly referred as “the $25,000 Tesla” in early 2024. Those vehicles were codenamed NV91 and NV92, and they were based on the new vehicle platform that Tesla is now reserving for the Cybercab.
Instead, Musk noticed that Tesla’s Model 3 and Model Y production lines were starting to be underutilized as the Company faced demand issues. Therefore, Tesla canceled the vehicles program based on the new platform and decided to build new vehicles on Model 3/Y platform using the same production lines.
We previously reported that these electric vehicles will likely look very similar to Model 3 and Model Y.
In recent months, several other media reports reinforced this, and Tesla all but confirmed it during its latest earnings call, when it stated that it is “limited in how different vehicles can be when built on the same production lines.”
Now, the same Tesla prototype has been spotted over the last few days, and it sent the Tesla shareholders community into a frenzy of speculations:
Electrek’s Take
As we have repeatedly reported over the last year, the new “affordable” Tesla “models” coming are basically only stripped-down Model 3 and Model Y vehicles.
They might end up being a little smaller by a few inches, and Tesla may use different model names, but they will be extremely similar.
If this is it, which is possible, you can see it looks almost exactly like a Model Y.
It’s hard to confirm if it’s indeed smaller because of the angle of the vehicle compared to the other Model Ys, but it’s not impossible that the wheelbase is a bit smaller – although it’s hard to confirm.
Either way, the most significant changes for these stripped-down, more affordable “models” are expected to be cheaper interior materials, like textile seats instead of vegan leather, no heated or ventilated seats standard, no rear screen, maybe even no double-panned acoustic glass and a lesser audio system.
As previously stated, the real goal of these new variants, or models, is to lower the average sale price in order to combat decreasing demand and maintain or increase the utilization rate of Tesla’s current production lines, which have been throttled down in the last few years to now about 60% utilization.
If this trend continues, Tesla would find itself in trouble and may even have to close its factories.
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CANNES — Wall Street’s new plumbing is being built on Ethereum and this week its architects took over the same French Riviera villas and red carpet venues that host the Cannes Film Festival in May.
The Ethereum Community Conference, or EthCC, took over the beachside town that was swarming with crypto founders, developers, and some of the institutional giants now building atop the infrastructure.
The crypto elite climbed the iconic red-carpeted steps of the Palais des Festivals — a cinematic landmark now repurposed as the stage for Ethereum’s flagship European event.
“The atmosphere this year was palpable in Cannes,” said Bettina Boon Falleur, the powerhouse behind EthCC for the past seven years. “The prestige of the location, combined with the quality of talks, has reinforced Ethereum’s stature and purpose in the wider ecosystem.”
Private parties sprawled across cliffside estates and exclusive resorts, but the conversations were less about price action and more about the blockchain’s evolving role as the back-end of global finance.
EthCC, now in its eighth year, has tracked Ethereum’s trajectory from scrappy experiment to institutional backbone.
“That impact was unmistakable this year,” Falleur said. “From Robinhood embracing decentralized finance infrastructure via Arbitrum to local governments like the City of Cannes exploring deeper integration with the crypto economy.”
Indeed, one of the boldest moves came this week from Robinhood, which became the first publicly traded U.S. company to launch tokenized stocks on-chain.
At a product showcase held inside a Belle Époque mansion overlooking the sea, Robinhood unveiled a sweeping new crypto strategy — including the ability for European users to trade tokenized U.S. stocks and ETFs via Arbitrum, a Layer 2 network built on Ethereum.
The announcement helped push Robinhood stock past $100 for the first time, capping off a week of fresh all-time highs and a more than 30% rally since being snubbed by the S&P 500 during a recent rebalance.
Inside the Palais des Festivals, ETHCC draws founders, developers, and institutions into the same halls that host the world’s biggest film premieres — this time, for the future of finance.
MacKenzie Sigalos
Ether, the token native to the Ethereum blockchain, was up nearly 6% on the week and several public equities tied to the blockchain have rallied alongside it.
BitMine Immersion Technologies, a company that mines bitcoin, gained more than 1,200% since announcing it would make ether its primary treasury reserve asset. Bit Digital, which recently exited bitcoin mining to “become a pure play” ethereum staking and treasury company, gained more than 34% this week. And SharpLink Gaming, which added more than $20 million in ether to its balance sheet this week, jumped more than 28% on Thursday.
Ether ETF inflows are rising again too — a sign that institutional investors are warming back up.
Ether is still down more than 20% this year and lags far behind bitcoin in market cap and adoption. But funds tracking ETH have seen two straight months of mostly net inflows, according to CoinGlass data. Still, ether ETFs total just $11 billion — compared to $138 billion in bitcoin ETFs.
Institutions aren’t betting on Ethereum for hype — they’re betting on infrastructure.
Even as prices stall and the network faces headwinds from slower base layer revenues and faster rivals like Solana, the momentum is shifting toward utility.
“Ethereum is getting plugged into these core transactional systems,” Paul Brody, global blockchain leader at EY, told CNBC on the sidelines of EthCC. “Investors, savers, people moving money — they are going to start shifting from some of the older mechanisms of doing this into Ethereum ecosystems that can do these transactions faster, cheaper, but also very importantly, with significant new functionality attached to it.”
Crypto founders and developers climb the iconic red-carpeted steps of the Palais des Festivals — a familiar backdrop for the Cannes Film Festival, now repurposed for Ethereum’s flagship European event.
MacKenzie Sigalos
Deutsche Bank recently announced it’s building a tokenization platform on zkSync — a faster, cheaper blockchain built on top of Ethereum — to help asset managers issue and manage tokenized funds, stablecoins, and other real-world assets while meeting regulatory and data protection requirements.
Coinbase and Kraken are also racing to own the crossover between traditional stocks and crypto.
Coinbase has filed with the SEC to offer trading in tokenized public equities, a move that would diversify its revenue stream and bring it into more direct competition with brokerages like Robinhood and eToro.
Kraken announced plans to offer 24/7 trading of U.S. stock tokens in select overseas markets.
BlackRock‘s tokenized money market fund, BUIDL — launched on Ethereum last year — offers qualified investors on-chain access to yield with redemptions settled in USDC in real time.
Stablecoins, meanwhile, continue to serve as the backbone of Ethereum’s financial layer.
“The builders and contributors at EthCC aren’t chasing the next bull run,” Falleur said, “they’re laying the groundwork to make Ethereum home for the next billion users.”
Even as newer blockchains tout faster speeds and lower fees, Ethereum is proving its staying power as a trusted network.
Vitalik Buterin, Ethereum’s co-founder, told CNBC in Cannes that there is an assumption that institutions only care about scale and speed — but in practice, it’s the opposite.
Ethereum co-founder Vitalik Buterin delivers a keynote at ETHCC, laying out the network’s next steps — and its values test — as institutional adoption accelerates.
EthCC
“A lot of institutions basically tell us to our faces that they value Ethereum because it’s stable and dependable, because it doesn’t go down,” he said.
Buterin added that firms often ask about privacy and other long-term features — the kinds of concerns that institutions, he said, “really value.”
Tomasz Stańczak, the new co-executive director of the Ethereum Foundation, said institutions are choosing Ethereum for the same core reasons.
“Ten years without stopping for a moment. Ten years of upgrades, with a huge dedication to security and censorship resistance,” he said.
He added that when institutions send orders to the market, they want to be “absolutely sure that their order is treated fairly, that nobody has preference, that the transaction actually is executed at the time when it’s delivered.”
Those guarantees have become increasingly valuable as stablecoins and tokenized assets move into the mainstream.
Ethereum’s core values — neutrality, security, and censorship resistance — are emerging as competitive advantages.
The real test now is whether Ethereum can scale without losing its values.
“We don’t just want to succeed,” Buterin said from the mainstage of the Palais this week. “We want to be something that is worthy of succeeding.”
He said the hope is that future generations will look back and see a network that truly delivered openness, freedom, and permissionless access to the masses.
White-clad guests dance poolside at the rAAVE party in Cannes.
MacKenzie Sigalos
But the week didn’t end in the conference halls, it closed with tradition. On the balcony of Villa Montana, overlooking the Bay of Cannes, the rAAVE party lit up.
White-clad guests sipped cocktails as the DJ spun by the pool, haze curling from smoke machines.
This year, Chainlink co-founder Sergey Nazarov and DeFi icon Stani Kulechov, founder of Aave, stood atop the balcony overlooking the crowd and the light-dotted skyline of Cannes.
It was a fitting snapshot of the momentum behind Ethereum’s institutional rise and symbolic of Web3’s shift from niche experiment to financial mainstay.