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Rivian’s crucial R2 EV launch to begin with $58,000 model in spring
Rivian CEO RJ Scaringe reacts at an event to unveil a smaller R2 SUV in Laguna Beach, California, on March 7, 2024.
Mike Blake | Reuters
Rivian Automotive will launch sales of its crucial R2 all-electric vehicle this spring with a roughly $58,000 special edition model, the company announced Thursday.
The first of the R2 midsize vehicles will be a performance model with a “Launch Package” that includes a 330-mile range, dual motors, special attributes and “lifetime” access to its Autonomy+ advanced driver-assistance system. The vehicle will have 656 horsepower and 609 foot-pounds of torque, and is capable of accelerating from 0-60 mph in as quick as 3.6 seconds.
Rivian has been touting a less expensive, entry-level version of the vehicle, starting at $45,000, but it said that model, which is expected to be less profitable, won’t be available until late 2027. Its current vehicles start at more than $70,000
The R2 is considered a make-or-break moment for Rivian after the company has lost billions of dollars and seen waning demand for its current vehicles: the R1 SUV and pickup and an electric delivery van. The R2, from an exterior perspective, is essentially a smaller version of the R1 SUV, but the company has reworked the vehicle’s software, electrical system and parts in an attempt to make it more efficient and profitable.
Rivian founder and CEO RJ Scaringe has promised investors that the R2 will be a turning point for the company’s profits, sales and technologies. The EV maker is also aiming to launch hands-free, eyes-off driving to better compete against U.S. EV industry leader Tesla.
“R2 is the key transition vehicle for Rivian to transform into a scaled auto manufacturer, which in turn helps drive operating leverage across the business (including R1),” said Morgan Stanley analyst Andrew Percoco.
Morgan Stanley noted that while it’s bullish on long-term demand for the R2, it remains more “cautious in the near-term” as the company transitions to its third-generation electrical architecture that will debut on the new vehicle.
Others, such as Barclays, have questioned the demand for the R2, which Rivian has said is expected to anchor its current plant in Normal, Illinois, as well as an upcoming, multibillion-dollar plant in Georgia that’s expected to be capable of producing up to 400,000 vehicles a year.
“There is increasing uncertainty on R2’s volume outlook following the recent negative policy developments (i.e. $7.5k IRA credit expiration, reduced reg credits, tariff costs), with R2 likely launching in a period of weak US EV demand,” Barclays analyst Dan Levy said in an August investor note analyzing potential demand for the vehicle.
In addition to changing federal regulations, such as the end of up to $7,500 in federal tax credits, the R2 comes to market as many automakers are pulling back their EV plans or writing off billions of dollars in losses amid slower-than-expected adoption of the vehicles. Analysts have also significantly lowered expectations for market share growth in the years ahead.
Scaringe has said the company expects the R2 to not only compete with EVs such as the Tesla Model Y — the bestselling EV globally — but also traditional gas-powered vehicles.
The R2 is comparable to the Model Y in many key areas. It’s similar in size, mile range and its acceleration time. The Model Y, however, starts at roughly $40,000 and already offers many of the driving technologies Rivian is attempting to accomplish with the R2.
“R2 is an exceptional vehicle and I believe will be a game changer for our customers, our company and the industry,” Scaringe said last month during a call with investors on the company’s quarterly earnings results. “R2 is an extension of the experience we delivered in R1 with design elements and performance to inspire adventure but in a smaller form factor and, importantly, at an attractive lower price point.”
Shares of Rivian have been higher ahead of details of the R2 being released, buoyed by an upgrade by TD Cowen to buy based on a recent deep dive on demand trends for the new EV.
Scaringe described 2025 to investors last month as a “foundational year” for Rivian, while saying 2026 will mark “an inflection point” for the company.
Rivian’s 2026 guidance includes adjusted pretax losses of between $1.8 billion and $2.1 billion and capital expenditures between $1.95 billion and $2.05 billion. That compares with nearly $2.1 billion in adjusted pretax losses and $1.7 billion in capital expenditures last year.
Here are additional details Rivian released Thursday on its planned R2 lineup:
- Spring 2026: R2 Performance and “Launch Package,” starting at $57,990. Features all-wheel-drive, up to 330-mile range, and 656 horsepower and 609 foot-pounds of torque.
- Late 2026: R2 Premium, starting at $53,990. Includes a dual-motor AWD setup that produces 450 horsepower and 537 foot-pounds of torque and up to 330 miles in range.
- First half of 2027: R2 Standard, starting at $48,490. Features rear-wheel drive with 350 horsepower and 355 foot-pounds of torque and up to 345-mile range.
- Late 2027: R2 Standard, starting at around $45,000. The company has released limited other details about the model other than that it’s expecting to offer a more than 275-mile range.
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A year after President Donald Trump declared his “liberation day” and imposed sweeping tariffs on imports, kicking off a wave of economic and political uncertainty, some companies are still feeling the effects.
While some industries have emerged largely unscathed — having weathered twists and turns of several tariff iterations — others, such as retail, automotive, consumer packaged goods and pharmaceuticals, are navigating a new reality in global supply chains.
“Leadership at U.S. corporations really had to think about where we buy from versus whether we can import or not,” said Venky Ramesh, a supply chain expert with AlixPartners. “Around 80% to 85% of the costs were absorbed domestically, meaning either the U.S. corporations had to take the hit, or they passed it on to the customers, or a mix of both.”
On April 2, 2025, in the White House’s Rose Garden, Trump announced broad country-by-country tariffs, as well as a 10% baseline levy on countries that weren’t specifically listed in that declaration. Those tariff policies fluctuated wildly over the following months as Trump made deals and walked back some of the most extreme duties.
With ever-changing trade and tariff policies, companies have been forced to be more flexible and diversify their supply chains over the past year. Moving operations out of countries such as China, Vietnam or Mexico meant import cost savings, but for many industries, it was a tall task.
Ramesh said he saw clients in the first few months making “aggressive” changes to get ahead of the tariff costs, but because those policies kept shifting, companies begin to move slower and invest resources into scenario modeling.
“Moving supplier bases cannot happen overnight,” Ramesh said. “I think what companies are doing is they’re taking it gradually, so they want to make sure that they are well-diversified.”
On Feb. 20, the Supreme Court ruled that the country-specific “reciprocal” tariffs Trump imposed under the International Emergency Economic Powers Act of 1977, or IEEPA, were unconstitutional. But hours after the ruling, Trump announced a new “global tariff” rate of 10% under a separate statute, Section 122 of the Trade Act of 1974, for a period of 150 days. He later said he would increase global tariffs to 15%.
Meanwhile, those imposed under Section 232 of the Trade Expansion Act of 1962 — intended to target specific imports that threaten national security — remain in place. Section 232 tariffs largely affected imports of steel, semiconductors, aluminum and other products.
Still, Ramesh said, overall imports into the U.S. in 2025 were actually higher than in the previous year, especially as companies pulled forward inventory in the first few months of the year.
Ultimately, he said, he believes the past year of tariffs has culturally shifted the way U.S. companies operate.
“The things that would stick are supply chain being a very, very critical component of any company. I think that has really changed over the last year,” he said. “Corporations are not going to make the rash decisions. They’re not as susceptible to these changes as they were a year ago. They’ve stabilized more.”
As the U.S. enters its second year of Trump-imposed tariffs, here’s how some of the consumer-facing sectors have fared.
Retail
Eduardo Munoz Alvarez | Corbis News | Stephanie Keith | Bloomberg | Spencer Platt | Erik McGregor | Lightrocket | Getty Images
One year into Trump’s trade war, the retail industry has been disproportionately affected by tariffs. Mega-retailers such as Walmart, which have a range of different revenue streams and deep negotiating power, have emerged relatively unscathed, while smaller businesses have been crushed.
Several retailers said that although they initially estimated they would see significant hits to revenue and profitability after the new tariffs were imposed, they’ve since taken a new approach, aiming to not rely too heavily on any single country for imports or manufacturing. And, for the most part, they’ve managed to avoid the massive impact that many projected at the start of the trade war.
Home Depot‘s chief financial officer, CFO Richard McPhail, told CNBC in late February that the company is pressing ahead with its goal of limiting any one country outside the U.S. to 10% of the company’s purchases. More than half of what Home Depot sells is sourced in the U.S.
The retail supply chain has been forced to become more nimble in the past year, according to Max Kahn, the president of Coresight Research.
“One of the things that really started back with the pandemic is that retailers have become much better at building flexibility in their supply chains, and that got accelerated a lot last year with tariffs,” Kahn said. “Shocks to the system or unexpected events are a little bit more business as usual now.”
Tariffs have also meant higher costs for shoppers. Retailers such as Walmart, Best Buy and Macy’s have raised prices of some items, while also looking for ways to defray costs.
But as retailers reported quarterly earnings over the past few months, executives were hesitant to declare victory in the tariff back-and-forth.
While the Supreme Court’s decision earlier this year was largely a boon, especially for apparel companies that rely primarily on supply chains throughout East Asia, there’s still a lot of uncertainty, and companies were mixed on whether, and how, to size up the potential tariff impact.
Abercrombie & Fitch in March decided to explicitly incorporate the latest 15% tariff assumption into its outlook, becoming one of the first retailers to provide clarity on the new guidelines. However, the company did not predict or quantify any potential tariff refunds that it may receive after the IEEPA tariffs were struck down.
On the other hand, American Eagle Outfitters said in March that its guidance for the first quarter and full year was based on tariffs imposed under the IEEPA guidelines and did not take into account the recent Supreme Court ruling.
Gap also didn’t factor recent changes to tariffs into its 2026 outlook, but it could issue stronger guidance in the upcoming quarter because the newly enacted tariff rate is slightly below the previous rates for many countries.
Dollar Tree, too, isn’t betting on significant savings. CFO Stewart Glendinning said last month that the company already paid tariffs on its current inventory before the Supreme Court ruling.
“While there may be some upside, we remain cautious because of the potential for further near-term changes and because of the potential for negative freight and other costs related to the conflict in the Middle East,” Glendinning said.
His comment underscores a new reality for retailers: The Trump administration’s aggressive tariff policies are now a constant on the long list of factors that make the year ahead hard to predict.
Autos
The automotive industry has been, and continues to be, one of those most affected by Trump’s trade and tariff policies.
Both foreign and domestic automakers have faced billions of dollars in additional costs due to the levies. Toyota, for example, forecast a 1.4 trillion yen ($9.5 billion) impact from U.S. tariffs during its fiscal year. And the changes cost Detroit automakers General Motors, Ford Motor and Chrysler parent Stellantis a combined total of $6 billion last year, according to the companies.
Autos have been most affected by Section 232 tariffs, but the impact hasn’t been as bad as initially expected. The Trump administration last year decided to give some reprieve by “de-stacking” tariffs that were piling up on the automotive industry, so companies wouldn’t be paying overlapping duties for parts and vehicles.
“We should end up at a position where our net tariffs are actually lower in 2026 than they were in 2025,” GM CFO Paul Jacobson said Jan. 27, during the company’s most recent quarterly earnings call.
U.S. tariffs cost GM $3.1 billion in 2025, below the company’s previous expectations of between $3.5 billion and $4.5 billion, Jacobson said.
Companies including GM have said they have taken varying actions to offset the additional expenses, including redirecting and resourcing supply chains to better meet U.S. standards.
GM’s chief rival, Ford, told CNBC in February that it is continuing to work with the Trump administration on policies that “promote a strong and globally competitive U.S. auto sector.”
International companies such as Toyota — the world’s largest automaker — and its Japanese peers Nissan Motor and Honda Motor have announced plans to increase domestic manufacturing and export vehicles from the U.S. to Japan to appease the Trump administration.
Consumer packaged goods
President Donald Trump speaks about his new tariff plan at the White House, in Washington, D.C., on April 2, 2025.
Brendan Smialowski | Afp | Getty Images
Most consumer packaged goods companies manufacture their products in the U.S. but import key commodities, such as the pulp found in diapers and toilet paper and the aluminum used for soda and beer cans. Supply chain diversions aren’t an option for those resources, like they are for the retail or auto industries.
While the tariffs broadly resulted in higher costs for these manufacturers, some companies found themselves under unique pressure.
For example, spice maker McCormick initially warned investors that tariffs could cost $70 million in fiscal 2025 as prices for black pepper, cinnamon and vanilla were projected to rise. However, it managed to mitigate the impact of the import duties to just $20 million by cutting expenses, raising prices and sourcing alternatives from lower-tariffed countries when possible.
Consumer packaged goods company Procter & Gamble said in July that it had to raise prices on 25% of its products due in part to a $1 billion total annual tariff impact. Beer maker Constellation Brands said in July that it estimated a $20 million hit to its fiscal 2026 earnings due to tariffs on aluminum, a crucial material for its cans.
“At these rates, tariffs alone are a 5-point headwind to core EPS growth in fiscal 2026,” Procter & Gamble CFO Andre Schulten said on a July earnings call, referring to earnings per share. “We will look for every opportunity to mitigate these impacts, including sourcing flexibility, productivity improvements, and pricing with innovation in affected categories and markets.”
But not all consumer companies chose to pass on higher costs to consumers.
J.M. Smucker, which owns Folgers and Cafe Bustelo, originally planned to hike prices on its packaged coffee in response to the tariffs — the third increase for that fiscal year after a tough harvest. But the company reversed those plans and instead absorbed the $75 million hit to its margins.
Smucker executives cited an executive order that excluded green coffee and other agricultural products as one reason for the decision.
Pharmaceuticals
The pharmaceutical industry has fared better than some industries, thanks to recent drug pricing agreements with Trump.
Since November, more than a dozen major drugmakers have signed landmark deals with Trump to lower the prices of new and existing medicines. The drugmakers include several U.S.-based companies such as Pfizer, Eli Lilly, Merck, Gilead and Bristol Myers Squibb, as well as companies based abroad, including Novo Nordisk, GSK and Novartis.
On Thursday, the Trump administration said 13 companies have already signed those deals, and negotiations are progressing with four others.
Those agreements are part of the president’s so-called “most favored nation” policy, which ties U.S. drug prices to cheaper ones abroad. In exchange for the price cuts, Trump awarded the companies a three-year exemption from pharmaceutical tariffs, as long as they invest further in U.S. manufacturing.
The president on Thursday imposed new tariffs on branded drugs from drugmakers that did not strike deals with the administration, but that long-awaited move will likely affect only a small number of companies.
Patented medications and their active ingredients would be hit with a 100% tariff, but there are pathways for exemptions. The administration will impose a 20% tariff on companies that plan to onshore production, increasing to 100% four years from now, it said this week.
Months before the deals with Trump, tariff threats — and efforts to get into the president’s good graces — fueled a new wave of U.S. manufacturing investments from the pharmaceutical industry after years of domestic drug manufacturing shrinking.
AbbVie, for example, said last April that it will put more than $10 billion into U.S. manufacturing and other capabilities over the next decade, including building four new plants. Johnson & Johnson in March 2025 said it will spend more than $55 billion to build four plants in the U.S.
— CNBC’s Gabrielle Fonrouge, Melissa Repko, Michael Wayland, Amelia Lucas and Annika Kim Constantino contributed to this report.
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Business
Is Luka Doncic Out for the Season? Lakers Star Not Out for Season, Day-to-Day Pending MRI Results
Los Angeles Lakers superstar Luka Doncic is not expected to miss the remainder of the 2025-26 season after exiting Thursday night’s blowout loss to the Oklahoma City Thunder with a left hamstring injury, though his immediate return remains uncertain as he undergoes an MRI on Friday, April 3.
Doncic left the game in the third quarter after appearing to aggravate the same left hamstring that caused him to miss several games in February. He hobbled to the baseline, went down briefly, and was ruled out for the rest of the contest as the Lakers fell to a heavy defeat against the Western Conference leaders. Coach JJ Redick confirmed postgame that Doncic had felt discomfort in the first half, received treatment at halftime, and was cleared to continue before the injury flared up again.
The team has described the latest episode as a strain, with early indications suggesting it may be mild rather than a severe tear. Redick emphasized caution, noting that soft-tissue injuries like this require careful management to avoid a longer absence. An MRI scheduled for Friday will provide a clearer picture of the severity and help determine a precise timeline.
This marks the latest chapter in Doncic’s battle with lower-body issues since joining the Lakers. The Slovenian star missed four games in February with a similar left hamstring problem and has been listed as questionable or day-to-day at various points this season. Despite the setbacks, he has delivered elite production when healthy, averaging around 33-34 points, 8 rebounds and 8 assists per game while playing in the majority of contests.
Impact on Lakers’ Playoff Positioning
The timing of the injury is particularly challenging for the Lakers, who are battling for favorable seeding in a highly competitive Western Conference. With only a handful of regular-season games remaining, every missed contest carries weight. Doncic has already played 64 games this season and needs to appear in at least one of the team’s final five games to meet the 65-game threshold for certain end-of-season awards and statistical considerations.
In his absence, the Lakers will lean more heavily on LeBron James, Austin Reaves and supporting cast members. James, at 41, continues to defy age with strong performances, but the offensive burden shifts significantly without Doncic’s playmaking and scoring gravity. The team’s depth has been tested throughout the year, making health management critical as the postseason approaches.
History of Caution with Soft-Tissue Injuries
Lakers medical staff have taken a conservative approach with Doncic’s hamstring concerns throughout the campaign. Previous episodes were labeled “mild strains,” with recovery timelines ranging from a few days to a couple of weeks depending on response to treatment. Redick and the front office have repeatedly stressed the importance of avoiding re-aggravation, especially with the playoffs looming.
Hamstring strains are notoriously tricky in the NBA due to the explosive movements required in modern basketball. Recovery often involves rest, targeted rehabilitation, anti-inflammatory measures and gradual reintroduction to on-court activity. Experts note that rushing back from such injuries frequently leads to longer absences, a lesson many teams have learned the hard way.
Fan reaction on social media has been a mix of concern and cautious optimism. Many point to Doncic’s history of returning stronger after previous setbacks, while others worry about the cumulative toll of the long season on his body.
What Comes Next for Doncic and the Lakers
The MRI results on Friday will be pivotal. If the strain proves mild, Doncic could be listed as day-to-day with a potential return within one to two weeks, depending on how the injury responds to treatment. A more significant strain might sideline him for several games, though current reporting suggests the Lakers are optimistic it is not season-ending.
The team has not placed a firm timeline on his return, preferring to let medical evaluations guide decisions. Redick noted that the organization will prioritize long-term health over short-term availability, especially given the physical demands of the postseason.
For the remainder of the regular season, the Lakers must navigate a tough schedule without their primary offensive engine. Games against strong opponents will test their resilience and depth, potentially influencing final seeding and first-round matchup scenarios.
Doncic himself has shown resilience throughout his career, often bouncing back from injuries with impressive performances. His leadership and basketball IQ remain valuable even when sidelined, as he continues to support teammates from the bench or during recovery.
Broader Context in the NBA Season
Doncic’s latest injury adds to the list of star players dealing with ailments as the 2025-26 campaign nears its conclusion. The compressed schedule and physical nature of the game continue to challenge even the league’s most durable talents. For the Lakers, maintaining competitiveness while managing star health has been a recurring theme this year.
As the MRI results emerge and more details become available, the basketball world will watch closely. A quick recovery would boost Los Angeles’ playoff hopes significantly, while a longer absence could alter their trajectory in a conference where every win matters.
In the immediate term, focus remains on Friday’s imaging and the Lakers’ medical team’s assessment. Fans and analysts alike hope for positive news that allows one of the league’s brightest stars to return soon and help guide his team into the postseason with momentum.
Whether Doncic misses a handful of games or requires more extended rest, the priority for the Lakers is ensuring he is fully healthy when the playoffs begin. For now, the superstar is day-to-day, with the coming days expected to bring greater clarity on his status and the team’s path forward.
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LOS ANGELES — Security wait times at Los Angeles International Airport (LAX) remained relatively short on Friday, April 3, 2026, with most checkpoints reporting general boarding waits of 5 to 12 minutes and TSA PreCheck lines moving even faster at 2 to 5 minutes, according to the latest official airport data and real-time tracking services.
The Tom Bradley International Terminal (TBIT), the busiest at LAX, showed general boarding wait times around 12 minutes late Thursday evening, dropping to as low as 5 minutes in early morning updates on Friday. TSA PreCheck lanes in TBIT were processing passengers in approximately 5 minutes or less. Other terminals reported similarly light to moderate lines, with no major backups observed during overnight and early morning hours.
LAX’s official security wait times page, updated as recently as late Thursday, listed TBIT general boarding at 12 minutes and PreCheck at 5 minutes. Third-party trackers such as Takeoff Timer and Delta’s airport wait times dashboard showed comparable figures, with standard security averaging 3 to 11 minutes depending on the exact checkpoint and time of day. Historical patterns indicate that waits can spike to 20-45 minutes during peak morning (7-9 a.m.) and afternoon (3-6 p.m.) rushes, but current conditions appear calmer than typical busy travel periods.
Travelers are advised to check real-time data before heading to the airport, as conditions can change quickly with passenger volume, flight schedules and staffing levels. The MyTSA mobile app from the Transportation Security Administration provides user-reported and official wait times, while the official flylax.com website offers checkpoint-specific updates for each terminal.
Current Conditions and What to Expect
As of early Friday morning, security lines at LAX were moving efficiently in most terminals. Terminal 1, 2, 3, 4, 5, 6, 7 and 8 checkpoints were open with minimal reported delays. Some overnight hours showed near-zero waits, while early morning ramps saw slight increases but nothing approaching the long lines sometimes associated with LAX during peak holiday or summer travel.
TSA PreCheck and CLEAR members continued to enjoy significantly shorter waits, often clearing security in under 5 minutes. Standard lanes remained manageable for most passengers, though those without expedited screening should still plan to arrive at least two hours before domestic flights and three hours before international departures to account for potential fluctuations.
LAX has made efforts in recent years to improve the passenger experience through additional TSA staffing, better lane configurations and technology upgrades, including more automated screening lanes. However, the airport’s massive scale — handling over 80 million passengers annually — means that even modest surges in traffic can cause temporary backups.
Tips for Smooth Security at LAX
To minimize time spent in security lines at Los Angeles International Airport:
- Enroll in TSA PreCheck or CLEAR: These programs consistently deliver the fastest screening. TSA PreCheck costs $78-$85 for five years and is available through many credit cards as a benefit.
- Prepare in advance: Remove liquids, electronics and belts before reaching the checkpoint. Use the 3-1-1 rule for liquids (3.4 ounces or less in a single quart-sized bag).
- Check real-time data: Use the official flylax.com wait times page, the MyTSA app, or third-party sites like Takeoff Timer before leaving for the airport.
- Avoid peak hours if possible: Early morning (before 7 a.m.) and late evening (after 8 p.m.) typically see shorter lines. Midday can be more unpredictable.
- Use the right terminal: Confirm your airline’s terminal in advance, as some have dedicated checkpoints with varying efficiency.
Passengers with disabilities, families with small children or those needing extra assistance can request accommodations through TSA Cares or airport services.
Broader Travel Context at LAX
Los Angeles International remains one of the world’s busiest airports and a major gateway for both domestic and international travel. On a typical day, security processing can vary widely depending on flight banks, weather delays elsewhere and special events. Friday, April 3, falls during the Easter travel period, yet current data suggests lines have not reached the heavy congestion seen during busier holiday peaks.
The airport continues infrastructure improvements, including terminal modernizations and technology upgrades aimed at speeding up screening. Long-term projects, such as the Automated People Mover and expanded facilities, are designed to ease overall congestion, though security remains a key pinch point for many travelers.
For international flights departing from TBIT, passengers should factor in additional time for customs and immigration on arrival if connecting, though outbound security has generally been efficient in recent reports.
How to Monitor LAX TSA Wait Times Live
Several reliable sources provide up-to-date information:
- Official LAX Security Wait Times: flylax.com/wait-times
- MyTSA App: Available for iOS and Android, with user reports and official data
- Airline apps (Delta, American, United, etc.): Often include airport-specific wait time estimates
- Third-party trackers: Takeoff Timer, iFly, and Delta’s airport wait times page
Travelers are encouraged to refresh these sources close to departure time, as conditions can shift rapidly with arriving flight waves or temporary lane closures for maintenance.
LAX officials recommend arriving early and building in a buffer, especially for first-time visitors or those traveling during holidays. With Easter weekend approaching, passenger volumes may increase, potentially lengthening lines later in the day or over the weekend.
As of Friday, April 3, 2026, TSA security at Los Angeles International Airport is operating smoothly with short to moderate wait times across most checkpoints. While LAX has a reputation for occasional long lines, current real-time data indicates favorable conditions for travelers departing today. Staying informed through official channels remains the best way to ensure a stress-free journey through security.
LOS ANGELES — Taylor Swift and Travis Kelce are navigating the final stretch of wedding planning with a reported shift toward a more intimate celebration, according to multiple insiders, as the couple prepares for a highly anticipated summer ceremony.
The pop superstar and Kansas City Chiefs tight end, both 36, announced their engagement in August 2025 with a joint Instagram post captioned, “Your English teacher and your gym teacher are getting married.” Since then, rumors have swirled about details of their big day, including venue, date and guest list size. Recent reports suggest the couple has dialed back expectations for a massive event, opting instead for a more private affair capped at around 150 guests.
“They’ve gone back and forth between inviting everyone and keeping it small and private,” one source told Us Weekly. “As of now, they’ve scaled it down. It’s no longer going to be a massive blowout.” Another insider added that the event might be so intimate that Swift and Kelce “aren’t even sure they will” send out formal invitations in the mail to protect their privacy.
The reported changes come amid intense public scrutiny of the couple’s relationship, which has captivated fans since they began dating in 2023. Swift, fresh off promoting her 12th studio album “The Life of a Showgirl,” and Kelce, who wrapped his NFL season in December 2025, have kept a relatively low profile while balancing careers and wedding preparations. The pair made a joint appearance at the 2026 iHeartRadio Music Awards, where Swift playfully flashed her engagement ring during a performance.
Sources indicate the wedding is still targeted for this summer, with June 13 frequently cited as a potential date. The choice aligns with Swift’s lucky number 13 and fits Kelce’s offseason schedule, allowing time for a honeymoon before the Chiefs’ training camp begins in late July. Rhode Island remains the frontrunner location, with festivities potentially split between Swift’s $18 million beachfront mansion in Watch Hill and the nearby five-star Ocean House resort.
“The guest list grew, so the ceremony and private gatherings associated with the wedding will be split between the venues,” a source told Us Weekly. However, the insider noted that Swift “always has a plan B and C for every scenario,” leaving room for adjustments. The area is expected to be heavily secured for privacy, a priority for the couple amid past leaks and media attention.
Earlier speculation pointed to a larger celebration, with reports in late 2025 suggesting the couple considered expanding their guest list or even hosting events at alternative venues like a Tennessee property or a private island. Those ideas appear to have evolved as the couple focused on keeping things manageable and enjoyable.
“They’re both involved and making decisions together,” another source said. “They’ve been focused on actually enjoying the process rather than getting caught up in the pressure. They’re keeping things light.”
Planning has not been without challenges. Insiders describe Swift as detail-oriented, wanting to control aspects of the day while prioritizing a grounded experience. Kelce has reportedly been an active participant, which Swift finds endearing. The couple has discussed starting a family soon after marriage, with sources noting they “don’t want a long engagement” and are excited about their next chapter.
The reported scaling back of the guest list includes a mix of celebrities and close friends. Expected attendees could include Emma Stone, Gigi Hadid, Selena Gomez, Miles Teller and Patrick Mahomes with his wife Brittany. Swift’s inner circle, such as childhood friends and collaborators, is also likely to feature prominently. Bridesmaids rumors have centered on names like Selena Gomez, Gigi Hadid, Blake Lively and Sophie Turner.
Kelce’s bachelor party is reportedly set for late May in the Bahamas, described as a “chill” golf-focused getaway with his brother Jason Kelce and teammates like Mahomes. Swift is said to be planning multiple bachelorette celebrations with her friends.
For the ceremony itself, details remain closely guarded. Swift has reportedly selected a wedding gown in the final stages of tailoring, drawing from designers she has favored in the past such as Oscar de la Renta. The couple is said to favor “classic touches” and a traditional yet personal celebration.
The timeline aligns with Kelce’s NFL commitments. ESPN’s Nate Taylor reported in March 2026 that Kelce plans to marry Swift before training camp, a detail echoed by multiple outlets. Kelce has publicly stated he intends to play another season with the Chiefs, crediting Swift’s support as motivation.
Despite the adjustments, the couple appears united in their approach. Sources emphasize that nothing feels rushed or one-sided. “When it comes to wedding planning, nothing feels rushed,” a People magazine source said in December 2025. “They’re both equally involved and excited, and this isn’t something one or the other is carrying on their own. They’re approaching it as a partnership.”
Public interest remains sky-high. Fans and media outlets continue to speculate, with some reports suggesting potential clashes with other celebrity events, including rumors about Swift’s ex Matty Healy’s own wedding plans. Family members, including Kylie Kelce, have pushed back against constant questions, emphasizing the couple’s desire for privacy.
Ocean House has previously denied rumors that Swift bought out another couple’s reservation for the June 13 date, stating the venue does not allow such arrangements. The resort and Swift’s property offer a scenic, seaside setting that has inspired her music, including references in “The Last Great American Dynasty.”
As the date approaches, the couple continues to prioritize their relationship. They have been spotted on low-key outings and are said to be bonding over the planning process. A Caribbean honeymoon, possibly revisiting spots like Harbour Island in the Bahamas where they vacationed earlier in their relationship, is among the rumored post-wedding plans.
The evolution of their wedding vision—from initial ideas of a larger event to a more streamlined gathering—reflects the realities of planning under a global spotlight. Swift’s history of maintaining control over her personal narrative, combined with Kelce’s more laid-back personality, has created a dynamic that insiders describe as collaborative and fun.
No official confirmation has come from the couple or their representatives, consistent with their strategy of keeping details under wraps until closer to the event. Loved ones have reportedly been told to keep summer open but will receive specifics shortly before the wedding.
The high-profile romance has already influenced pop culture, with Swift’s music and Kelce’s on-field performances drawing crossover attention. Their engagement announcement generated millions of likes and endless fan theories, a trend likely to continue as the wedding nears.
For now, Swift and Kelce appear focused on creating a meaningful day surrounded by those closest to them. As one insider put it, the priority is celebrating their partnership in a way that feels authentic rather than performative.
With just months remaining until the rumored June timeline, any further adjustments to plans could spark new rounds of speculation. Yet the core message from those close to the couple remains consistent: Swift and Kelce are enjoying the journey together and are committed to making their wedding a private milestone amid public fascination.
Updates on the couple’s plans are expected to emerge organically, if at all, as they finalize arrangements. In the meantime, fans continue to watch closely for any subtle clues in Swift’s music, social media or public appearances.
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Yet, the current turbulence in global private credit markets is, in many ways, being misdiagnosed. The stress has not been driven primarily by borrower defaults or deteriorating credit quality. In many affected funds, underlying loans have continued to perform, covenants have held, and repayment discipline has remained intact. What has failed is not the credit, it is the structure of the funds themselves, their design, leverage, and liquidity promises.
Against this backdrop, India’s private credit ecosystem is not just a smaller version of the global market; it is built on a fundamentally different blueprint. To understand why India is resilient, we must look beyond the credit itself and focus on the architecture of how these funds are built. The scale of the opportunity here is still in its infancy. Private credit in India currently accounts for roughly 0.6% of GDP and just 1% of total bank credit. In contrast, in the US, private credit has expanded to nearly 5% of GDP. This vast difference highlights that, while the global market may be facing saturation and leverage issues, India is operating within a significant margin of safety. In this market, the structure of the fund matters just as much as the underwriting.
The primary difference lies in how funds are organised. Globally, many funds operate under perpetual or semi-liquid structures, which allow investors to withdraw their money relatively quickly. This creates a dangerous loop. When the macro environment gets tough, investors rush to withdraw their cash just as banks withdraw leverage. This forces funds to sell assets at a loss, creating acute liquidity pressure.
India learned this lesson the hard way during the shadow banking crisis of 2018. In response, the market shifted towards the Category II Alternative Investment Fund (AIF) structure. These funds are closed-ended by mandate, meaning the money is locked in for a fixed period that aligns with the maturity of the underlying loans. By aligning these timelines, the Indian framework effectively removes the risk of a “run on the fund” during volatile times.
Another major differentiator is leverage. While global funds often rely on heavy borrowing to boost their returns, a practice known as financial engineering, Indian regulations are remarkably strict. Under Sebi rules, Category I and II AIFs are generally prohibited from borrowing money to make investments. This ensures that returns in India are driven primarily by the actual performance of the companies being funded, rather than by layers of debt. Because there is no hidden leverage, a problem in one fund is unlikely to trigger a systemic collapse.
In India, we also recognise that while a financial model is a helpful map, the promoter or business owner is the actual terrain. In our market, performing credit is anchored by hard collateral and predictable cash flows. Unlike the covenant-light loans seen in some Western sectors, Indian private credit usually comes with strong protections and shorter repayment periods. While venture debt for startups carries its own risks, the core of India’s performing credit is backed by companies with healthy balance sheets and clear paths to exit through our robust public markets.An infrastructure analogy helps put this into perspective. Economies must build highways to sustain growth. The occurrence of accidents does not invalidate the need for roads, it highlights the importance of design, regulation, and discipline. Similarly, adverse events in private credit should be viewed as exceptions, not systemic failures.
We are just at the beginning of delivering performing private credit via the AIF route and becoming a reliable source of alternative capital for Indian corporates. The global private credit stress of 2026 will likely be remembered as a lesson in both market dynamics and regulatory design. Jurisdictions that embraced open-ended structures and expansive leverage inadvertently embedded fragility into their systems. India, by contrast, adopted a more calibrated approach, one that now appears prescient. The broader lesson is clear: private credit is not broken, but poorly designed structures are. In this market, architecture matters as much as underwriting.
(Sandeep Agarwal is CEO at Modulus Alternatives)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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