After announcing that R2 production will kick off in Illinois, Rivian (RIVN) is poised to earn additional incentives with plans to expand its Normal EV plant.
Meet Rivian’s more affordable R2 electric SUV
Rivian unveiled its compact, more affordable R2 electric SUV last week at its new Laguna showroom. Tapping into his inner Steve Jobs, Rivian CEO RJ Scaringe had a “one last thing” moment, shocking the crowd with the even smaller and more affordable R3.
Scaringe wasn’t done there. He took it a step further, introducing the rugged tri-motor R3X. The R3X is Rivian’s take on a high-performance electric crossover with wider wheels, more ground clearance, and a tri-motor setup.
Rivian’s R2 is essentially a smaller R1S offered at a cheaper price point. It will be based on Rivian’s next-gen EV platform designed to cut costs with maximum flexibility.
The R2 will be offered in single, dual, and tri-motor setups, with all versions boasting over 300 miles range. Rivan’s entry-level model will start at around $45,000.
Rivian R2 (Source: Rivian)
According to Scaringe, the R2 is already generating quite a bit of hype. Rivian’s CEO posted on his X Friday that the R2 received over 68,000 reservations in less than 24 hours.
Rivian revealed it would kick off R2 production at its Normal, Illinois plant to accelerate its launch. Despite initial plans to build R2 at its new $5 billion EV plant in Georgia, Rivian said the move will save $2.25 billion while speeding up R2’s launch.
Rivian R3X (Source: Rivian)
The State of Illinois is working with Rivian for additional incentives as it prepares to build R2 in the state.
According to Automotive News, Illinois looks to double down on the EV maker with new expansion plans at its Normal facility. “The elements of an economic development package are still being finalized,” the Illinois Department of Commerce & Economic Opportunity said.
Rivian production at its Normal, Ill facility (Source: Rivian)
“Once they are finalized, we will update the public on the details of the incentive package. Although Rivian is delaying its Georgia plant, it’s not expected to be significant.
The move is more to get out R2 quicker. Rivian said it will expand the plant to support up to 215,000 units of annual production capacity, up 43% from the previous 150,000 target.
Rivian has yet to say if it will expand or modify the plant for the added capacity. According to AN, an expansion may qualify Rivian for additional incentives for bringing R2 to Illinois.
Rivian family. From left to right R1T, R1S, R2, R3, R3X (Source: Rivian)
Scaringe confirmed Rivian is “absolutely dedicated to bringing our Georgia plant to life with good jobs, economic development, and a product to be proud of” in a letter to the Atlanta Journal-Constitution (AJC).
Rivian’s leader clarified, “I want to be absolutely clear we remain committed to building our future in Georgia.”
R2 production will now kick-off at the beginning of 2026. After that, the smaller and even more affordable R3 and tri-motor R3X will begin rolling out.
Rivian (RIVN) stock chart over the past 12 months (Source: TradingView)
After slipping over 45% this year and hitting a new all-time low last month, Rivian’s (RIVN) stock is up almost 20% over the past five trading days since unveiling the R2. Rivian shares are now down around 5% over the past 12 months.
Electrek’s Take
The move to begin building R2 in Illinois saves Rivian much-needed capital as it looks to expand the brand.
CFO Claire McDonough said the EV maker was confident its cash and equivalents would fund operations through 2025 last month. By bringing R2 production to Illinois, Rivian now expects to have enough funding through the start of R2 production.
Rivian expects planned upgrades in Normal this quarter to reduce material costs later this year. The EV maker sees a “modest growth profit” in the fourth quarter.
However, due to the shutdown, Rivian expects deliveries to be around 57,000, about the same as last year.
Rivian is following in Tesla’s footsteps as it looks to build its next-gen EVs in Texas, with Gigafactory Mexico running behind schedule.
Like Tesla, the move to begin production at an existing factory can help Rivian get the R2 out quicker while saving money.
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Locals call him the “Bicycle hero,” but Texas man Evan Wayne says he’s just doing what he can to help his community after it was cut off due to the recent devastating and deadly flooding tragedy.
When the local Sandy Creek flooded following torrential rains in Texas, it destroyed the only bridge into one community. Residents were cut off from access to supplies, including everything from necessities like food, water, and medicine to basic comforts.
Although the bridge was impassable to cars, volunteers who quickly organized to help the stranded residents found that the damaged bridge could still be traversed on foot. Or in the case of Evan Wayne, it could be covered by an electric bike.
Evan joined hundreds of volunteers who answered the call of grassroots organizers by working together without any official capacity. While many started by hand-pulling garden carts of supplies uphill to reach the stricken community, Evan jury-rigged a trailer to an e-bike and took on as much of the load as he could, helping shuttle much-needed food and gear into the community over hundreds of round-trip journeys.
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“This was a dog trailer 48 hours ago. I had a hacksaw, hacked the top off, grabbed some bungee cords, and here we are,” explained Evan in an interview with CBS Austin, while waiting for the next load of gear to be stacked on his trailer.
In the first two days of the operation, he made around 100 round trips each day, shuttling food and water as well as critical rescue supplies. “Right now, I’m waiting on a couple of chainsaws that I’ll bring in for a crew that’s been going at it with handsaws so far.”
In addition to delivering needed supplies, Evan has often found himself moving something even more important: information. “I’ve flagged down medics. I’ve been the guy that goes between Austin EMT and STAR Flight because I’m quicker than cell phones sometimes, people don’t have signal a lot of the time.”
Evan quickly points out that he isn’t the only one helping. “I’ve got an e-bike, but other people are pulling carts. People are walking, people are carrying things. Everyone is doing what they can.” But there’s no doubt that his ability to carry more gear at higher speeds and make hundreds of round-trip journeys so far in and out of the stricken neighborhood has helped impact countless lives.
“This is all volunteers here. They’re just taking it upon themselves to get people where they need to go. I think there’s an umbrella company coming in, taking over tomorrow, but until they get here, people are just taking care of people, which is what you’ve got to do.”
E-bikes proving their worth in emergencies
While many people consider electric bicycles just another form of recreation, they’ve proven to be potent transportation alternatives after natural disasters worldwide.
Not only do their small and efficient batteries make performing hundreds of rescue trips like Evans’ possible, but recharging can be done simply and easily with a solar panel when electricity is out after a disaster. And when gas stations are out of fuel (or simply can’t pump it with the power grid down), e-bikes can keep running while gasoline-powered motorcycles or ATVs run dry.
Electric bicycle batteries have also proven to be a handy source of emergency power after hurricanes and other disasters, often helping owners keep their phones charged up for days to remain in contact with family or rescue services.
While most hope to never need theirs for emergency purposes, electric bicycles have proven their worth in countless disaster scenarios, adding benefits far beyond just alternative transportation, recreation, or fitness riding.
E-bikes can be kept running nearly indefinitely after natural disasters with access to solar recharging equipment
Image credits: CBS Austin (screenshots), used under fair use
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Twitter CEO Jack Dorsey testifies during a remote video hearing held by subcommittees of the U.S. House of Representatives Energy and Commerce Committee on “Social Media’s Role in Promoting Extremism and Misinformation” in Washington, U.S., March 25, 2021.
Handout | Via Reuters
Block jumped more than 5% on Monday, leading a rally in shares of fintech companies as analysts downplayed the threat of JPMorgan Chase’s reported plan to charge data aggregators for access to customer financial information.
The recovery followed steep declines on Friday, after Bloomberg reported that JPMorgan had circulated pricing sheets outlining potential fees for aggregators like Plaid and Yodlee, which connect fintech platforms to users’ bank data.
In a note to clients on Monday, Evercore ISI analysts said the potential new expenses were “far from a ‘business model-breaking’ cost increase.”
In addition to Block’s rise, PayPal climbed 3.5% on Monday after sliding Friday. Robinhood and Shift4 recorded modest gains.
Broader market momentum helped fuel some of the rebound. The Nasdaq closed at a record, and crypto rallied, with bitcoin climbing past $123,000. Ether, solana, and other altcoins also gained.
Evercore ISI’s analysts said that even if JPMorgan’s changes were implemented, the most immediate effect would be a slight bump in the cost of one-time account setups — perhaps 50 to 60 cents.
Morgan Stanley echoed that view, writing that any impact would be “negligible,” especially for large fintechs that rely more on debit, credit, or stored balances than bank account pulls for transactions.
PayPal doesn’t anticipate much short-term impact, according to a person with knowledge of the issue. The person, who asked not to be named in order to speak about private financial matters, noted that PayPal relies on aggregators primarily for account verification and already has long-term pricing contracts in place.
While smaller fintechs that depend heavily on automated clearing house (ACH) rails or Open Banking frameworks for onboarding and compliance may face real pressure if the fees take effect, analysts said the larger platforms are largely insulated.
The global EV market is still charging ahead. According to new numbers from global research firm Rho Motion, 9.1 million EVs were sold worldwide in the first half of 2025, up 28% compared to the same period last year. But not every region is accelerating at the same pace.
China and Europe are doing the heavy lifting
More than half of the world’s EVs this year have been bought in China. That market hit 5.5 million sales in the first six months of 2025 – a 32% jump year-over-year. Around half of new cars bought in China are now electric.
While some Chinese cities’ subsidies have dried up, Rho Motion expects momentum to pick back up later in the year as more funding is released.
In Europe, 2 million EVs were sold in the first half of the year, up 26%. Battery electric vehicle (BEV) sales also rose 26%, thanks in part to affordable models like the Renault 4 (pictured) and 5 entering the market. Plug-in hybrids (PHEVs) weren’t far behind, growing 27% year-to-date. Chinese automakers are leaning into PHEVs as a way to work around the EU’s new tariffs on BEVs.
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Spain is leading the pack with EV sales soaring 85% so far this year. Its generous MOVES III incentive program was extended in April and has kept sales strong. The UK and Germany are also seeing solid growth – 32% and 40%, respectively. France, however, is slumping. With subsidies cut, EV sales there have dropped 13%.
North America is stuck in the slow lane
Things aren’t looking quite as bright in North America. EV sales in the US, Canada, and Mexico are up just 3% so far this year.
Mexico is the one bright spot, with a 20% boost. The US is up 6%. But Canada is down a whopping 23%.
And things could get bumpier. On July 4, Trump signed Congress’s big bill into law, which axes all the Inflation Reduction Act EV tax credits. Those consumer credits for EVs now officially end on September 30.
Just over half of the EVs sold in the US this year qualified for those credits. Rho Motion predicts a rush in Q3 before the subsidies disappear – and a decline in sales after that.
Rho Motion data manager Charles Lester said, “With Trump’s latest cuts in his ‘Big Beautiful Bill,’ the US could struggle to see any growth in the EV market overall in 2025.”
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