Rivian walks back price hike

Rivian reversed a price increase that surprised preorder customers.

Some preorder customers canceled as a result of the change. Preorder customers who weren't in the final stages of actually paying for and taking delivery of their vehicles would have had to pay the difference to have their preorder honored.

CEO RJ Scaringe said the pricing updates reflected cost increases.

"As we worked to update pricing to reflect these cost increases, we wrongly decided to make these changes apply to all future deliveries, including pre-existing configured preorders," he said. "We failed to appreciate how you viewed your configuration as price locked."

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