Huge Rivian Price Hike

[ElCid]

I just canceled my wife’s R1S reservation. Can’t wait to get my quantum grey GT

 

[Charley]

I also got the price increase on the R1T I ordered. My new price is 87,500.00. I had ordered a Ford Lightning in case something like this happened. I will wait and see but not sure I see the value at 87,500.00

 

[Dortreo]

I also got the price increase on the R1T I ordered. My new price is 87,500.00. I had ordered a Ford Lightning in case something like this happened. I will wait and see but not sure I see the value at 87,500.00

I think that Rivian will have a significant problem demonstrating value at the new prices. Before today’s hike, the price was good enough to forgive the outdated motors and charging technology. Not so sure that will be the case with a 2 year production horizon and at a 20% premium. And today’s price hike doesn’t rule out more in the future. Consumer trust in the company has eroded due to the manner of today’s actions. Good luck to Rivian. They’ll need it.

 

[Charley]

Will this make their stock drop like a rock ?

 

[eurekaboo]

You don't get to keep the original price of the configuration you chose? Is that because they're reservations rather than confirmed (pre)orders?

 

[hydbob]

You don't get to keep the original price of the configuration you chose? Is that because they're reservations rather than confirmed (pre)orders?

The price hike applied to everyone who's car isn't in the production queue, including all pre-orders

 

[Grnr92663]

I just got an email from Rivian announcing a major price hike. The Launch Edition which I reserved almost three years ago was until recently priced at $72,500, including quad motors and the 135-kWh battery pack. The base price of the vehicle has now increased to $78,000, a new dual-motor version has been introduced with the quad motor that was standard now becoming a $6,000 option, and ditto for the 135-kWh battery pack. My original $72,500 configuration will now cost $90,000.
And still no delivery date for a vehicle that was originally touted for late 2020 delivery.

Mine went from $80K to $96K - I'm contemplating canceling. Always thought the whole point of RSV is to lock into the price/features.

I think Rivian handles this whole price increase quite poorly - and simply gave startup EV a bad rap

I saw Elon Musk mocking Rivian for this price increase. Still wonder if he can deliver the cybertruck as originally promised (I have rsv on both, the $39K single-motor version and $49K version dual-motor) - given that Tesla have increased price $12-20K on most models in last two years (that said, it's awesome that they honor org price for the rsv holders).

 

[Grnr92663]

I am in that exact boat, Odyssey will stay for a long time, we will probably just add the Gravity to the family once available. Nothing beats a minivan for moving 3 kids around.

Try the Escalade ESV - my boys love it

 

[Coltonw011]

As expected, stock drop around 11% currently.

 

[HC_79]

I'm surprised people didn't see this coming. I saw multiple stories about how the pricing for the car didn't make sense for what it had in it. It's got one of the largest batteries in it yet costing was in the range for cars that have 70-90Kw batteries. Then you add on the tech you get with it and it seemed to be a steal for the price. It also came out recently when the woman who sued for discrimination that the pricing was never sustainable but they were waiting until after the IPO to raise it. If true, it would be interesting to see if it gets on the SEC's radar.

I'm sure if Lucid knocked 20% off its pricing before they became public they'd have a lot more than 25,000 reservations they have today. So did Rivian mislead investors by getting larger reservation numbers knowing full well they were going to up the price after the IPO.....

 

[Yugi]

I read in some forum that “most” of the deliveries they made so far are to employees and vendors. Right before they are about to deliver to real customers they increased the price. If this is true then something about the company culture is fundamentally wrong. I hope I am wrong.

 

[Grnr92663]

I think Rivian handled the price-change communication poorly. I was able to log in, and changed from quad-motor to dual-motor (still AWD anyway) and just with a bit lesser battery (300mi to 260mi), and got the price REDUCED around $2K compared to the original price! The reality is very few will need a quad-motor SUV (none exist nowadays, and the only cool about it is the tank-turn ability). As said earlier, I can't see how Rivian (or anyone) can build an EV with quad-motor and 130kWh battery for mid $70K - and they did a horrible job to communicate this to prospective buyers.

Anyway, bought a good amount of RIVN this morning - they will prevail.

This also emphasizes why what Lucid is doing is critical: vertical integration. They develop pretty much all major critical components for their cars (just like Tesla), while Rivian and most other EV makers (include legacy ICE) buy motor/inverter/battery-pack/BMS from outside sources - if the source raises price, they don't have much choice but to also raise the final price.

 

[manitou202]

I think Rivian handled the price-change communication poorly. I was able to log in, and changed from quad-motor to dual-motor (still AWD anyway) and just with a bit lesser battery (300mi to 260mi), and got the price REDUCED around $2K compared to the original price! The reality is very few will need a quad-motor SUV (none exist nowadays, and the only cool about it is the tank-turn ability). As said earlier, I can't see how Rivian (or anyone) can build an EV with quad-motor and 130kWh battery for mid $70K - and they did a horrible job to communicate this to prospective buyers.

Anyway, bought a good amount of RIVN this morning - they will prevail.

This also emphasizes why what Lucid is doing is critical: vertical integration. They develop pretty much all major critical components for their cars (just like Tesla), while Rivian and most other EV makers (include legacy ICE) buy motor/inverter/battery-pack/BMS from outside sources - if the source raises price, they don't have much choice but to also raise the final price.

I agree not everyone needs the Quad motor, myself included. My problem with the new pricing and timing is if I change my Launch Edition to a dual motor, I won't get the vehicle until 2024. So to get back to the original price I need to wait another two years. I don't trust them enough at this point to keep waiting.

 

[Tim-in-CA]

Let's hope Lucid learns from this gaffe on Rivian's part.

 

[MikeTz]

Just got the email. The previous email was to advise me of an April-May delivery window. Price now 93k and no idea if the delivery window changed as well. Given the drop in stock as a result of the announcement, I am getting a double hit due to Rivian's poor management of the situation.

 

[Dortreo]

I thought I would keep the Rivian reservation but really what’s the point? There will be plenty of better options in the 2023 to 2024 time frame.

 

[Neurio]

I thought I would keep the Rivian reservation but really what’s the point? There will be plenty of better options in the 2023 to 2024 time frame.

I'm definitely interested in seeing what the Polestar 3/Volvo XC90 have to offer in terms of power and range. Ditto for the Gravity in a couple of years.

We have an XC90 Recharge and it's a great vehicle, just lacking in electric motor power and electric range.

 

[Dortreo]

I’m thinking Kia EV9 myself. Unfortunately for Rivian, it‘s based on off the shelf 2018 technology. Polestar and Hyundai/Kia/Genesis look to be strong contenders with seriously compelling vehicles.

 

[Charley]

They fixed it......
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.

 

[Charley]

I just got that in a email.