Friday, March 4, 2022

Rivian Retreats On Price Increase

Irvine-based Rivian is pulling back on planned price increases after widespread complaints from customers who had signed up to pre-order its upcoming truck and SUV. The retreat came after Rivian announced very significant price increases on both its R1T pickup truck and R1S SUV. Rivian modified its price increase, telling those who had pre-ordered the truck and SUV products before March 1st that the original price on the vehicles would be honored by the company. The company had boosted prices by more than $10,000 each, pushing the R1S base price from $70,000 to $84,000. Rivian has yet to ship its vehicles. The company blamed supply chain challenges for its price increases.