EV Startup Rivian Walks Back Price Increase, Apologizes to Customers


RIVN -5.92%

Automotive Inc. is walking back a hefty price increase for its electric trucks and SUVs that was put into effect earlier this week, saying it will now honor prices for customers who previously ordered a vehicle.

In a letter made public Thursday, Rivian Chief Executive RJ Scaringe apologized to customers for applying the price increase retroactively. He said the startup is trying to cope with rising costs of parts and materials, but it erred by applying price increases to existing orders rather than honoring the original terms.

Customers who ordered their Rivian vehicles before the Tuesday price increase will have their original price honored, the company said. The increase added around 20% to the price of some model configurations. The pickup, the R1T, previously was priced

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Rivian Plans to Spend $5 Billion on a Second EV Plant in Georgia

Rivian Automotive, an electric vehicle company that had an initial public offering last month, said on Thursday that it planned to spend $5 billion to build its second factory, in Georgia.

The announcement, which came on the same day that Rivian said it lost $1.2 billion in the three months ending in September, was the latest investment by an automaker aiming to capture a big chunk of the fast-growing electric vehicle market. Tesla, General Motors, Ford Motor and others are spending billions of dollars on new car and battery factories around the world.

Rivian’s new Georgia plant, east of Atlanta in Morgan and Walton counties, will have the capacity to produce up to 400,000 vehicles a year. The plant is expected to eventually employ 7,500 people. The company also said it would expand its Illinois plant to produce up to 200,000 vehicles a year, up from its capacity of 150,000

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Rivian Picks Up an EV Award From Edmunds. Its Stock Falls Anyway.

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The 2022 Rivian R1T.

Courtesy of Rivian

Automotive data provider Edmunds released its 2022 list of the top-rated cars, trucks, and SUVs Wednesday. Electric-vehicle maker

Rivian Automotive

picked up an award in a brand-new category.

“Every year, we test over 300 vehicles on road and track to deliver the definitive verdict,” said Alistair Weaver, editor in chief at Edmunds, in a news release. “Our winners aren’t just the best vehicles that happened to launch this year; they’re the best vehicles you can buy today.”


‘s (ticker: RIVN) brand-new pickup truck, dubbed R1T, was named the first-ever Edmunds Editors’ Choice. “Were proud to debut an award to honor a vehicle that’s exceeded our expectations and delivered something genuinely new,” said an Edmunds presenter. The R1T is, essentially, the first all-electric pickup truck being delivered in the U.S. Edmunds praised the R1T’s range, power, and handling.

It’s another

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Why Rivian Automotive Stock Keeps Running Higher

What happened

For the fourth day in a row — the fourth day since its initial public offering — shares of electric car upstart and purported Tesla-killer Rivian Automotive (NASDAQ:RIVN) marched higher Tuesday.

Through 10 a.m. EST, Rivian shares have already gained another 6.3% despite there being no new news today to explain the enthusiasm.

A green stock arrow rises higher.

Image source: Getty Images.

So what

No new news about Rivian, that is to say. As it turns out, though, one of Rivian’s competitors in the electric vehicle space, Lucid Motors (NASDAQ:LCID), just reported its third-quarter 2021 earnings last night — and it seems investors are pretty excited about that one.

Although Lucid reported wider losses and lower sales than anticipated, investors responded positively to the luxury electric car maker’s announcement that its Lucid Air sedan just won Motor Trend‘s Car of the Year award. They were also pretty pumped to learn

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