EV race heats up as BYD lands 100K deal and Rivian surges on R2

BYD has secured a 100,000-vehicle export order from its newly operational factory in Brazil, with shipments split evenly between Argentina and Mexico, according to Executive Vice President Stella Li.Separately, Rivian shares rose Monday after TD Cowen upgraded the stock and raised its price target, as investors focused on the company’s R2 mid-size SUV, which CEO RJ Scaringe has described as a “make-or-break product.”BYD’s Brazil plant to supply Argentina and MexicoBYD, widely seen as Tesla’s leading Chinese rival, has secured a 100,000-vehicle export order from its new Camaçari factory in Brazil, Li said. The order will be evenly split, with 50,000 vehicles bound for Argentina and 50,000 for Mexico.The shipments highlight BYD’s strategy to use Brazil as a regional export hub as production ramps up at the Camaçari facility.Rivian rallies as TD Cowen backs R2 strategyTD Cowen analyst Itay Michaeli upgraded Rivian to Buy from Hold and raised the price target to $20 from $17, citing an attractive risk-reward profile following a 20% year-to-date decline.The analysis pointed to significant potential scale for the new platform, estimating full US demand for the R2 at 212,000 to 335,000 units, well above prior market expectations.Rivian is positioning the R2 as its first true mass-market vehicle. “We know that there are just two companies in the US who know how to do it: Tesla and us,” Chief Software Officer Wassym Bensaid said.The R2 Performance Launch Package starts at $57,990, delivers 656 horsepower, and accelerates from 0–60 mph in 3.6 seconds, with deliveries set to begin in spring 2026. A lower-cost version, priced around $45,000, is expected in 2027.Rivian is targeting Tesla’s Model Y with the R2, which sold nearly 360,000 units in 2025.Market pressures and near-term catalystsRivian faces a challenging backdrop, having reported a $3.6 billion loss in 2025 alongside declining deliveries, while the $7,500 federal EV tax credit has ended.“If you could have chosen a worse time, I don’t know when it would have exactly been,” said Ivan Drury, director of insights at Edmunds.The R2’s public debut at SXSW from March 13–18 remains a key near-term catalyst, with Rivian shares rising 3.20% to $15.34 on Monday.BYD’s push into Latin America underscores intensifying global competition, while Rivian’s R2 launch represents a critical step toward attracting mainstream buyers in a challenging market. Execution on production, pricing, and demand will be the key factors investors watch next.The post EV race heats up as BYD lands 100K deal and Rivian surges on R2 appeared first on Invezz