Rivian rolls again worth hike after backlash


Rivian beats Tesla, Ford, GM to construct first EV pickup automotive editor Gary Gastelu discusses the startup Rivian. 

Rivian is rolling again a just lately introduced worth hike for some prospects after the rise contributed to steep drop within the firm’s inventory worth this week.

 Rivian R1T quad-motor

The Rivian R1T quad-motor mannequin initially began at $67,500. (Rivian)

On Tuesday, the electrical car firm elevated the bottom worth of its quad-motor electrical pickups and SUVs from $12,000 to $20,000, citing elevated components prices, and initially stated the brand new costs would apply to autos that had been pre-ordered, resulting in a rash of cancelations.

Rivian CEO RJ Scaringe has now despatched a letter to prospects admitting that the corporate misinterpret the state of affairs and “broke the belief that we now have labored to construct with you.”

Rivian CEO RJ Scaringe

Rivian CEO RJ Scaringe wrote prospects apologizing for the value hike on preorders. (Patrick T. Fallon/Bloomberg)

“As we labored to replace pricing to replicate these price will increase, we wrongly determined to make these modifications apply to all future deliveries,” he wrote.

“We have to plan manufacturing prices not just for right now, but in addition for the long run.”

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Ticker Final Change Change % RIVN 47.39 -3.52 -6.91%

The unique costs have been reinstated for anybody who positioned a preorder by March 1 when the brand new costs had been posted, and canceled orders that had been positioned by then might be resubmitted with out penalty.

Rivian R1S

The Rivian R1S is an SUV that shares the R1T’s platform. (Rivian)

Rivian has additionally added a number of dual-motor trims to its lineup beginning on the quad-motor’s outdated worth of $67,500.

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