Rivian eliminates less-expensive version of electric pickup

AUG 19, 2022

Electric vehicle manufacturer Rivian Automotive. has withdrawn the cheapest version of its R1T Pickup Truck.

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Thereby increasing the price of entry by approximately $5,500.

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The company informed those who ordered the $67,500 Explore package change to $73,000 Adventure package or cancel the order.

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Rivian confirmed the R1T entry-level model was no longer available as was the cheaper model of the R1S SUV. 

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It is now priced at a base price of $78,000. It was $72,000 which was $70,000 prior to March 2 and $72,500 as of March 2.

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Rivian stated that customers must wait until September. 1 to modify the order or to decide to cancel it.

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The month of March was when Rivian made an announcement of a 20% increase for both its SUV and pickup however.

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It quickly reversed its decision following a backlash from customers and announced it would honour prices for pre-orders already placed.

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Rivian had pre-orders of around 98,000 of its electronic pickups as well as SUVs by June 30.

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As per their letter sent out to shareholders back in July. The production is slow to increase because of supply chain issues the company noted that time.

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Rivian shares have increased by 21% in the year to date in comparison to the SPX of the S&P 500, +0.23% 10% decrease.

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