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On March 1, Rivian announced a few changes to the R1T and R1S models effective in 2024. Among them were a new dual motor setup and a smaller battery option, but what really caught the eye was the insignificant price increase for the quad model. -motorcycle. That’s because the increase applies to existing reservation holders who think they have locked rates.
Apparently, it caused quite a stir in Rivian’s world. Rivian CEO RJ Scaringe issued a letter on March 3 reversing the course of rising prices for reservation holders. In the letter, he cited the increase in material costs as the reason for the increase but acknowledged the implementation of the increase and the reasons behind it could have been handled better.
“While we were working to update prices to reflect these cost increases, we incorrectly decided to make these changes apply to all future shipments, including pre-configured preorders. We failed to appreciate how you view your configuration as price locked, and we incorrectly assumed packages The announced Dual-Motor and Standard batteries will provide configurations that will provide similar price points to your original configuration. While this is logical, it is wrong and we are breaking your trust in Rivian.”
A dual-motor version with a smaller battery was announced with prices starting at $67,500 for the R1T, and $70,000 for the R1S – identical to the previous MSRP for the quad-motor model. Now, Rivian will charge $78,975 for the quad-motor R1T and $84,000 for the R1S. The increase is down between 17 and 20 percent, so it’s not hard to understand why reservation holders might be upset. Additionally, anyone who chooses to shift their reservation to a dual motor model will have another year to wait before shipping. Add it all up, and it becomes a PR nightmare for a company still trying to build a reputation.
Presumably, the pricing disaster caused some reservation holders to walk off the scene. In the letter, Scaringe promised to not only honor the original price for current reservation holders, but to refund reservations at the original price for those who canceled preorders on or after March 1.
The dual-motor Rivian model with a smaller battery, while not as powerful as the quad-motor offers, is anything but lackluster. Range is said to be around 260 miles versus 314, and 0-60 performance is about four seconds flat.
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