Well, that didn't take long. Two days after Rivian announced that it would increase prices of the R1T and R1S across the board, the burgeoning automaker walked back the hike for most reservation holders. The backtrack was a necessary one for a new automaker hot off the heels of the launch of its first vehicle and looking to gain the trust of the buying public.
Most reservation holders won't have to pay price increase
When Rivian announced price increases for the existing R1T and upcoming R1S, it set off alarm bells for a number of reasons. For one, existing order holders would have to pay more money than they expected for a vehicle that has already experienced constrained production and production delays. Second was the introduction of a dual-motor version that was available at the same previous price point of the quad-motor vehicle, but with a lot less power and range. Those dual-motor variants also won't go into production until 2024. And third was the scale of the price increase — the quad-motor R1T's base price was raised from $67,500 to $79,500, with the R1S rocketed from about $70,000 to $84,500 (all prices without destination charge) — for the same vehicle with no additional content.
Thankfully, Rivian will not subject everyone to the price increase. In a letter to reservation holders, Rivian CEO RJ Scaringe says, "For anyone with a Rivian preorder as of the March 1 pricing announcement, your original configured price will be honored. If you canceled your preorder on or after March 1 and would like to reinstate it, we will restore your original configuration, pricing and delivery timing. Our team will be sending an email in the next few days with more details."
Rivian's increased prices for the R1T and R1S still apply for those making new vehicle reservations. Thankfully, the company has walked back these increases for people who held reservations before the announcement on March 1.