Update 3/7/2024 1:58 PM: Rivian just revealed the R2 SUV and surprised us with an even smaller crossover, the R3. See all our coverage in the stories below.

At $74,900 before options, the Rivian R1S is not an affordable electric vehicle by any stretch of the imagination. It’s substantially more expensive than the average new car sold in the United States, which cost $47,401 in January 2024, according to Kelley Blue Book. Thankfully, the EV marque is about to take the wraps off a far cheaper model. Get ready to meet the R2, which will reportedly start at $47,500.

The world premiere happening later today should include all the technical specifications and likely confirmation of the rumored price tag. If the leaked starting price is accurate, the Rivian R2 will be about $3,500 costlier than the base Tesla Model Y. Presumably, it will qualify for EV tax credits of up to $7,500 since it'll be built at a new $5-billion, 1,800-acre manufacturing campus in Stanton Springs, Georgia. Rivian CEO RJ Scaringe confirmed it last month in an interview with Forbes. That would bring the price down to $40,000.

The alleged asking price briefly appeared in the code of the company's website. It has since been taken down, but not before eagled-eyed reards grabbed the essential number to share it on social media. In addition, the claimed sticker price came along with yet-to-be-confirmed specs that have made the rounds this week.

It is believed the Rivian R2 will have a maximum range of 330 miles and a 0 to 60 mph time of three seconds. The internal data also revealed a five-seat interior and the following physical dimensions: 185.6 inches long, 75 inches wide (84.4 inches with mirrors), and 66.9 inches wide. The smaller electric SUV is said to have a 115.6-inch wheelbase along with 25-degree approach and 27-degree departure angles.

The leaked source code also mentioned a "powered rear glass," which likely means the tailgate has an electrically sliding window. Speaking of practicality, the front trunk will offer "plenty of space to stow large items – from weekend gear to weekly grocery haul." The frunk is also big enough to store a bike mount system when not in use. Otherwise, it hooks up to the rear accessory ports, without having to use tools.

Chances are the Rivian R2 will be the first non-Tesla fitted from the factory with a Tesla-style North American Charging Standard (NACS) plug. It would allow owners to access the vast Supercharger network without having to use an adapter. You'll also be able to juice up the battery at Combined Charging System (CCS) charging stations.

You're in for a long wait as although the official debut is happening today, the R2 is not expected to hit the streets until 2026, per the same source code we mentioned earlier. That would make sense since the new factory in Georgia won't be ready until then.

Rivian's website says today's reveal will include pricing and delivery timing only for the United States and Canada. However, the company has already confirmed the R2 is also coming to Europe.

The livestream starts at 1 PM Eastern / 6 PM GMT / 7 PM CET.

Got a tip for us? Email: tips@motor1.com