Rivian has announced this week that it is increasing the prices of some of the variants of the R1T pickup and R1S SUV. The base price of the R1T has been increased from $67,500 to $79,500 for the quad motor version with large battery packs. This is a very significant $12,000 jump and will apply to people who have pre-ordered and reserved.
The R1S SUV is also seeing a similar price increase, from $72,500 to $84,500.
Quinn Nelson on Twitter said that he reserved the R1T a few months ago for $85,000 but now Rivian wants $100,000+ for the same vehicle.
YIKES!!! @Rivian with another swing and a miss. They now want over $100,000 for the truck I reserved at $85,000 a few months ago (and not honoring locked-in prices as Tesla does). Honestly, this is cancellation worthy. An extra $15K is INSANE. pic.twitter.com/TEXXz4VMRM
— Quinn Nelson (@SnazzyQ) March 1, 2022
Rivian say that the price jumps are down to inflation, increased costs as well as the current demand.
“Like most manufacturers, Rivian is being confronted with inflationary pressure, increasing component costs, and unprecedented supply chain shortages and delays for parts (including semiconductor chips).”
Rivian Chief Growth Officer – Jiten Behl
However to help with this huge price jump, Rivian is now offering cheaper dual motor versions of the R1T and R1S, with both the R1T and R1S starting at $67,500 and $72,500, which are the original prices for the quad motor versions. However, the versions will not be available until 2024. They will also have less range, thanks to smaller battery packs, down from 310 miles to 260 miles.