EV maker Rivian Automotive Inc (NASDAQ:RIVN) is eyeing driving into the European market with its upcoming vehicle R2.

What Happened: 'Rivian is coming to Europe,' the company says on its Europe website.

While the initial reveal and delivery of the R2 will be limited to the United States and Canada, Rivian will later open up reservations for the vehicle in Europe, the website said.

Rivian’s new R2 will be revealed on March 7 at 10:00 am PST.

About R2: During the third-quarter earnings call, Rivian CFO Claire McDonough announced that production of the R2 platform would commence in 2026. The R2, while retaining the brand's essence, will be more compact and available at a lower price point, they said.

“There’s an extreme vacuum of choice we feel in the sort of $45,000 to $50,000 price range for midsize SUVs,” said company CEO RJ Scaringe, emphasizing the limited options and concentrated market share held by rival Tesla. Tesla's Model 3 currently starts at $38,990, while the Model Y begins at $42,990.

Both of Rivian's R1 vehicles, the R1T truck, and the R1S SUV, however, are priced at about $70,000.