Gary Black Compares Rivian’s R2 Launch to Apple Product Expansion, Tesla Launch of Model Y - Rivian Autom

Rivian Automotive (NASDAQ:RIVN) stock is trading lower Friday despite reporting a double beat in the second quarter Thursday after market close.

Future Fund Managing Partner Gary Black is optimistic that the company’s R2 launch will expand the total addressable market, comparing it to several of the largest companies.

Rivian’s Brand Expansion Rivian got its start with the premium R1S SUV and R1T pickup, whose launch versions carried starting prices of $75,000 or more.

The company recently began deliveries of the R2 SUV, which could open it up to a new class of customers.

The first R2 model comes with a starting price tag of around $58,000, with the standard model coming next year with a starting price of under $45,000.