News Summary

• Rivian plans to launch a midsize SUV called the R2 next year.
• The company has added a 1.1 million-square-foot expansion to its Normal, Illinois, plant to support R2 production.
• Rivian recently cut 4.5% of its workforce, or about 600 workers.
• President Donald Trump’s tax and budget bill ended tax credits of up to $7,500 on eligible EV purchases as of Sept. 30, and EV demand is expected to cool without federal incentives.