Rivian Revealed Impressive R2 Details Thursday. Why the Stock Plunged.

It’s a big day for electric-vehicle start-up Rivian Automotive which unveiled pricing and specifications for its long-awaited R2 platform on Thursday. The new truck is the key to unlocking sales growth at a very difficult time for the EV industry. There are four trims: Performance, which has dual motors and all-wheel drive, Premium, also with dual motors and all-wheel drive, and two Standard versions, one being a long-range option with an estimated 345 miles of per-charge range.